Islamic banking in Sudan: a quick history

Until 1956 Sudan was a British colony, and its banking system was designed in the English style. The first foreign bank branch operated in Sudan was the National Bank of Egypt in the year 1903. Barclays Bank followed in 1913, the Ottoman Bank came in 1949, and Misr Bank and Credit Lyonnais arrived in 1953. The National Bank of Egypt branch had been carrying out the duties of a central bank in the Sudan up to independence. From 1956 to 1960 the Sudan Currency Board took over the responsibilities of local currency issuance. The central Bank of Sudan was established on February 1960. During the 1962-69 period, a series of national commercial and development banks were established. In 1970 the foreign bank branches and foreign companies in Sudan were nationalized. Three years later, some foreign bank branches were allowed to operate again in Sudan such as Abu Dhabi Bank in