In October 1991 the idea was resurfaced and a committee was
formed in the Central Bank of Sudan comprising representatives of
commercial Banks and insurance companies, in order to establish an
institution for deposit insurance in accordance with Islamic principles.
The Committee presented a study stressing the importance of establishing
an institution for deposit insurance.
The study was reviewed by the senior
monetary and financial authorities and then presented to a public seminar
in January 1993. Subsequently the legal Department of the Central Bank of
Sudan was added to the membership of the committee in order to transform
the study into a draft law based on the observations and comments provided
by different parties, including the Ministry of Finance, the Shari'a High
Supervisory Board of the Banking system, and the financial institutions.
These are, in brief, some of the main steps and efforts that led to the
establishment of the Bank Deposit Security Fund (BDSF) in the Sudan and
brought it into existence with the approval of BDSF Act by the President
of the Republic in February 1996.