Objectives of the BDSF:

The 1996 BDSF Act stipulates the establishment of a fund which is autonomous with corporate identity for the following purposes:

• To guarantee the deposits of the guaranteed banks, in accordance with the provisions of section19.

• To protect the rights of depositors and the stability and safety of guaranteed banks, and consolidate trust therein.

• To remedy losses upon occurrence thereof, in co-operation and mutual support among the monetary authorities, the banks and the depositors themselves.

Establish and manage the below Mutual support funds:

• Takaful fund for the guarantee of current deposits and the like.

•  Takaful fund for the guarantee of investment deposits and the like.

It is worth noting that at establishment of the Fund, there were three portfolios, the above two beside a third portfolio for remedy of cases of financial insolvency which was liquidated based on a ruling (Fatwa) from the Sharia' Supervisory Board.

Functions of the BDSF:

In order for the BDSF to achieve its objectives, it is mandated according its Act to:

• Register and cancel the registration of guaranteed banks, in accordance with the provision of its Act.

• Obtain secured and unsecured financing, in accordance with Islamic Modes of financing.
  

• Conclude contracts with anybody, or person inside and outside the Sudan, as may be stipulated in the regulations.
  

• Invest the surplus or unemployed funds, in accordance with the requirement of financial soundness.
  

• Request the Central Bank of Sudan to furnish data and information necessary for the study of the financial status of guaranteed banks.
  

• Request the Central Bank to conduct especial audits of any insured banks, in accordance with the provisions of section 28(1), of the banking business (organization) Act, 1991.
  

• Request the Central Bank of Sudan To inspect accounting records of any guaranteed bank.
  

• Any such other powers, as may be essential or necessary to achieve the objectives thereof.