Faisal Islamic Bank (Sudan)

Although the costs and taxes of the Faisal Islamic Bank of Sudan increased substantially during the year 1409 AH, the bank's earnings increased by 38%. There has been a substantial rise in its short and medium-term investments. It gave out £1 million in zaka and donation funds. The world's economy in 1988 performed better than expected. Sudan's economy grew an estimated 6.1%. The government is striving to advance the country's mining sector. The trade deficit rose 132%, the money supply 37%. Faisal Islamic Bank's assets and liabilities grew 29.1%. Deposits in both local and foreign currency increased. The shareholder dividend is a proposed 10% this year, up from 3% last year. The investment-deposit dividend rose from 7% to a suggested 8%. The shari`a board approved all the bank's activities and issued several fatawa during the year.