Sudan invites Malaysia to Set up Islamic Banks Category: Home, Industry News UK & World

Tags: Islamic financial banks | Malaysia | Sudan

12/8/12 news.sudanvisiondaily.com

By SUNA

Kuala Lumpur – Sudan has invited Malaysia to set up Islamic financial banks in the country in a move that can go a long way in facilitating trade and investment financing between both countries.

Sudan’s Ambassador to Malaysia Nadir Yousif El-tayeb said Sudan welcomes three Islamic banks to set up branches in Sudan, said Malaysia’s national News Agency (Bernama).
Speaking at a press conference on Business Opportunities in Sudan here Thursday, he said more than 50 Malaysian companies are expected to invest in the country, in selected sectors.
Among these are electrical and electronics, small medium enterprises and halal products, he explained.
There is abundant land in Sudan, and therefore, we would like to focus on agriculture. Sudan is seeking expertise from the Malaysian Agricultural Research and Development Institute (MARDI) and the Federal Agriculture Marketing Authority (FAMA),” Ambassador Nadir said.
The country, which is a major supplier of beef and lamb to Saudi Arabia, also plans to export its meat products to Malaysia, especially during the festive season.
Nadir said Malaysian investors need not worry about the country’s stability as PETRONAS had managed to do its business there for the past 15 years.
A Malaysia-Sudan Trade and Investment Forum will be held in Khartoum from Nov 4-5 to highlight business opportunities in the country.
Last year, total trade between Malaysia and Sudan stood at US$94.4 million, an increase of 5.9 per cent from 2010.