The Central Bank of Sudan (CBS) will give technical assistance and auditory services to ABC investment's overall Islamic Finance services.
Assistant Governor of Central bank of Sudan, Osman Hamad Mohd Kair said at the meeting with the Deputy Chairman, ABC Investment Shiran Dissanayake on working together in development projects with various capacities that CBS is working on developing various innovative Islamic financial instruments, specifically some financial derivatives.
"We are also planning to work on micro-financing under the umbrella of ABC Group," he said.
"We have some experience in Sri Lanka, when we worked on Tsunami projects, there are some small projects,yet to complete. We will also join ABC in future to work on some more development projects," Deputy Secretary General, Alzubair Charity Foundation, Tariq Abdul Fattah said. Sudan has plans to assist ABC Investments by giving technical assistance on Islamic Financing, where Sudan has a long history.
The Assistant Governor said the Central Bank of Sudan has a strong experience in managing the overall liquidity of the country and it has improved Sudan's Gross Domestic Production from 170 per cent to 7 per cent in a short time period.
"We can share our experiences with Sri Lankan conditions on the GDP improvement as well. In future we will be taking action to build good development programmes with the technical assistance.
We have ideas to interact with people to develop awareness of this matter with the support of ABC Group, he said.
"This partnership will develop good practices of savings and investments within the country. Government Investment certificate, Ijara Certificates and Musharaka Certificates are issued by the Central Bank of Sudan to manage the overall liquidity of the country. These principal techniques can be shared with Sri Lanka by joining with ABC Group," Osman said.
He said that the ABC Group will be able to set up business in Sudan in future under this strategic partnership. "We can find opportunities to bring financial institutions of Sudan to serve Sri Lanka, too," he said.
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