<p>In Sudan, Sharia-compliant microfinance is the government-mandated rule, not the exception. That’s because the country’s banking system went fully Islamic in the 1980s, legislating Sharia principles. In 2007, the Central Bank of Sudan established a dedicated microfinance unit to foster a conducive policy environment, a regulatory framework, and the intellectual, human, and financial capital to provide those services effectively. Moreover, the Central Bank introduced various Shariah-compliant products, such as musharaka, mudaraba, salam financing and istisna, to meet specific needs of potential customers. Banks were required to channel at least 12% of their total loan portfolio toward microfinance clients. Out of this have emerged several exciting programs that are offering early evidence that the country’s strategy is paying off.</p>
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<p><a href="http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-sudan?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+cgap%2FUaRp+%28Prod+-+CGAP+Microfinance+Blog%29" title="http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-sudan?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+cgap%2FUaRp+%28Prod+-+CGAP+Microfinance+Blog%29">http://www.cgap.org/blog/national-experiment-sharia-compliant-finance-su...</a></p>
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