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In the Name of Allah, the Gracious, the Merciful
The Banking Business (Organization) Act, 2003

Be it hereby made, by the President of the Republic, and passed, by the National Assembly, in accordance with the provisions of Article 90, of the Constitution of the Republic of the Sudan , 1998, the following Act:
                                        
                                                                    Chapter I

Preliminary Provisions
Title and commencement

This Act may be cited as the, “Banking Business ( Organization) Act, 2003”, and shall come into force, as from the date of Signature.
Repeal and saving
The Banking Business (Organization) Act, 1991 shall be repealed; provided that all the regulations, decisions and measures, made under the provisions thereof shall remain in force, until revoked, or amended under this Act.

Provisions of the Act to prevail
In case of existence of inconsistency, between the provisions of this Act, and any other law, the provisions of this Act shall prevail, to the extent of removing the inconsistency, between both of them.
Interpretation In this Act, unless the context otherwise requires:
“Bank”
means the Bank of Sudan, established under the provisions of section 4, of the Bank of Sudan Act, 2003;
“bank”
means any company, registered under the provisions of the Companies Act, 1925, or an institution , or corporation, established by law, or any foreign bank, licensed to practise banking business, under the provisions of this Act;
“Banking business”
means opening accounts, of the types thereof, accepting deposits, conducting remits, opening letters of security, of the types thereof, and what relates thereto of procedure, issue of letters of credit, payment and collection of bonds, orders, payment vouchers and otherwise of stocks for value, and dealing in foreign exchange, investment, providing financing, to clients, and otherwise of the business of banks, as the Bank may specify, and may not be inconsistent with a Sharia ordinance;
“Banks owned by the State”
mean the banks owned by the Government, and the Bank of Sudan jointly, or severally;
“Branch, or subsidiary office”
means the branch, or subsidiary office of any bank, whether called agency, or any other name, which practises banking business;
“Certified auditor”
means the person, qualified by a professional association, internationally recognized, and enrolled, in the Certified Auditors Roll, who are permitted to practise the profession, in the Sudan, and the auditor subordinate to the Audit General  Chambers;
“Commission”
means the Sharia Control Higher Commission, established in accordance with section 15, hereof;
“Controler”
means the person assigned by the Governor, on full, or part time basis, to control the performance of any bank, as to such conditions and period, as the decision may specify;
“Convertible currency”
means any currency capable of circulation, or remission, without a term, or condition, at the international currency exchanges, as the Bank may specify;
“Financing”
means employment of money, in accordance with Islamic forms;
“Financial institution”
means any company for employment of money, or for purposes of investment, or a corporation, or institution, which practices any one of the banking business;
“Foreign bank”
means any bank, registered , or instituted outside the Sudan, and practices banking business, in the Sudan, in accordance with the provisions of this Act;
“General manger”
means the general manager of every bank, or whoever may take his place;
“Governor”
means the Governor of the Bank of Sudan;
“Loan”
means effecting ownership, by another, of money, or thing; provided that he shall restitute the specified thereof, in amount, type and character , to the lender, upon the expiry of the loan period;
“Minister”
means the Minister of Finance and National Economy;
“Obligations at sight”
means the total obligations of any bank, which are due for payment, upon demand;
“Obligations for a term”
mean any obligations, other than obligations at sight;
“Person”
means any natural, or corporate person;
“Representation office”
means the office representing the bank;
“Sufficient interest”
means acquiring, by a person, his spouse, son, son-in-law, or partner, or whoever may take their places, of a share, not less than 10% , of the capital of any company, partnership or business;
“Supervisor”
means the person appointed by the Governor, at the head of any bank, to administer the executive business thereof, as to such conditions, powers and period, as the decision may specify.

 

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