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Bank of Sudan 50 Qirsh Sudan Authentic Coin Money for Jewelry and Craft Making (Islamic Banking)

Bank of Sudan 50 Qirsh Sudan Authentic Coin Money for Jewelry and Craft Making (Islamic Banking)

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Bank of Sudan 50 Qirsh Sudan Authentic Coin Money for Jewelry and Craft Making (Islamic Banking)

Obverse: The building of the Central Bank of Sudan and the issuer name below
Lettering: بنك السودان
Translation: Bank of Sudan

Reverse: The denomination and the dates below
جمهورية السودان
خمسين قرشا
١٤٠٩ه ١٩٨٩مـ
Republic of Sudan
Fifty Qirsh
1989 1409

Issuer Sudan
Type Standard circulation coin
Year 1409 (1989)
Calendar Islamic (Hijri)
Value 50 Piastres (0.50 SDP)
Currency First pound (1956-1992)
Composition Copper-nickel plated steel
Weight 5.96 g
Diameter 24 mm
Thickness 1.95 mm
Shape Round
Orientation Medal alignment ↑↑
Demonetized 06-08-1992
Number N# 12560
References KM# 109, Schön# 86, CBOS# BOS-F-89-4

When Sudan achieved independence in 1956, the creation of a central bank was a priority. A 3-man commission of experts from the United States's Federal Reserve, worked with Sudanese government and finance specialists to create the Law of the Bank of Sudan for 1959, and in 1960 the Bank of Sudan began operations. To establish the bank, the Sudanese government nationalized the National Bank of Egypt's operations in the Sudan (some seven branches), and combined them with the Sudanese currency board.

In addition to the normal duties of a central bank, which may include minting coins and issuing banknotes, managing a country's internal and external accounting, and setting monetary policy and interest rates, Sudan's central bank is also responsible for fostering Islamic banking.

After Sudan introduced Islamic law (Sharia) in 1984, the banking and financial industry changed its practices to conform with Sharia. In 1993 the government established the Sharia High Supervisory Board (SHSB) to ensure compatibility of financial practices with Islamic principles. In compliance with the SHSB, the government is no longer selling treasury bills and government bonds; instead, the Bank sells "Financial Certificates" that comply with Islamic financial principles.

Islamic banking or Islamic finance (Arabic: مصرفية إسلامية‎) or sharia-compliant finance is banking or financing activity that complies with sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (profit-sharing and loss-bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost-plus), and Ijara (leasing).

The Qur'an prohibits riba, which literally means "increase". Technically riba is the increase when liquid or fungible assets (cash, debt, grains, etc.) are exchanged other than at par value. The most prevalent example in today's economy is lending money at interest, for example an exchange of $100 cash now for $110 payable in a year's time, an increase of $10 (some Muslims dispute whether there is a consensus that interest is equivalent to riba). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("restricted, or excluded").

These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revival of Islamic identity, a number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community. Their number and size has grown, so that by 2009, there were over 300 banks and 250 mutual funds around the world complying with Islamic principles, and around $2 trillion was sharia-compliant by 2014. Sharia-compliant financial institutions represented approximately 1% of total world assets, concentrated in the Gulf Cooperation Council (GCC) countries, Pakistan, Iran, and Malaysia. Although Islamic banking still makes up only a fraction of the banking assets of Muslims, since its inception it has been growing faster than banking assets as a whole, and is projected to continue to do so.

The industry has been lauded for returning to the path of "divine guidance" in rejecting the "political and economic dominance" of the West, and noted as the "most visible mark" of Islamic revivalism, its most enthusiastic advocates promise "no inflation, no unemployment, no exploitation and no poverty" once it is fully implemented. However, it has also been criticized for failing to develop profit and loss sharing or more ethical modes of investment promised by early promoters, and instead selling banking products that "comply with the formal requirements of Islamic law", but use "ruses and subterfuges to conceal interest", and entail "higher costs, bigger risks" than conventional (ribawi) banks.

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Customer Reviews

Based on 10 reviews
Shannon Smith
Very nice coins! So glad to have these in...

Very nice coins! So glad to have these in my collection now!!

Rodney S
I absolutely love this company they are Aw...

I absolutely love this company they are Awsome

Crystal B
5 stars review from Crystal

5 stars review from Crystal

Crystal B
5 stars review from Crystal

5 stars review from Crystal

Roger Stillman Stillman
Sudan coin

A nice coin,as I expected.The service is always good,& the coins are of good quality.