BDSF Objectives

About BDSF

Objectives of the BDSF

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

To guarantee the deposits of guaranteed banks in accordance with the provisions of Section 19.
To protect the rights of depositors, maintain the stability and safety of guaranteed banks, and strengthen public confidence in them.
To remedy losses upon their occurrence through cooperation and mutual support among monetary authorities, banks, and depositors themselves.

Establishment and Management of Takaful Funds:

The Fund shall establish and manage the following Takaful funds:

Takaful Fund for the Guarantee of Current, Savings, and Similar Deposits.
Takaful Fund for the Guarantee of Investment and Similar Deposits.

It is worth noting that at the time of the Fund’s establishment, there were three portfolios. In addition to the two portfolios mentioned above, there was a third portfolio dedicated to remedying cases of financial insolvency. This portfolio was subsequently liquidated based on a Fatwa issued by the Sharia Supervisory Board, which determined that there was no justified reason for its continuation.

About BDSF

Functions of the BDSF

In order for the BDSF to achieve its objectives, the Fund is empowered under its Act to:

Register and cancel the registration of guaranteed banks in accordance with the provisions of its Act.
Obtain secured and unsecured financing in accordance with Islamic modes of financing.
Conclude contracts and agreements with any entity or person, inside or outside Sudan, as stipulated in the regulations.
Invest surplus or idle funds in accordance with the requirements of financial soundness.
Request the Central Bank of Sudan to provide the data and information necessary to assess the financial condition of guaranteed banks.
Request the Central Bank to conduct special audits of any guaranteed bank in accordance with the provisions of Section 28(1) of the Banking Business (Organization) Act, 1991.
Request the Central Bank of Sudan to inspect the accounting records of any guaranteed bank.
Exercise any other powers deemed essential or necessary to achieve its objectives.