The Balad Bank (
Arabic
Arabic (, , or , ) is a Central Semitic languages, Central Semitic language of the Afroasiatic languages, Afroasiatic language family spoken primarily in the Arab world. The International Organization for Standardization (ISO) assigns lang ...
: مصرف البلد), founded in 1983 as Al Shamal Islamic Bank, is one of the major financial institutions of
Sudan
Sudan, officially the Republic of the Sudan, is a country in Northeast Africa. It borders the Central African Republic to the southwest, Chad to the west, Libya to the northwest, Egypt to the north, the Red Sea to the east, Eritrea and Ethiopi ...
, and one of the leading
Islamic bank
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), 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 ...
s worldwide. The bank changed its brand to Balad Bank the 3rd of August 2018.
In 2019 the bank has changed its name to "Balad Bank".
Shareholders
According to public records, among the investors in the Al Shamal Islamic Bank include a Geneva-based financial services conglomerate headed by
Mohammed al Faisal, son of the late
King Faisal.
The bank itself that among its five "main founders" and principal shareholders is another Khartoum bank, the
Faisal Islamic Bank of Sudan. According to public records, 19 percent of the
Faisal Islamic Bank is owned by the
Dar Al-Maal Al-Islami Trust
Dar al-Maal al-Islami Trust () ("The House of Islamic Money"), founded in Switzerland in 1981, is a leading Islamic financial institution with affiliates on four continents and assets under management of over US$3.6 billion, operating in accordan ...
, or simply
DMI Trust, also headed by
Prince Faisal. The $3.5 billion DMI Trust, whose slogan is "Allah is the purveyor of success," was founded in 1981 to foster the spread of Islamic banking across the Muslim world. Its 12-member board of directors includes
Haydar Mohamed Bin Laden, a half-brother of Osama bin Laden, according to a DMI spokesman.
Other shareholders include:
*
Adel Batterjee, also chairman as recently as 2002.
*
Al Baraka Investment and Development Corporation
See also
*
List of banks
Lists of banks are contained in the following articles:
By continent
* List of banks in Africa – Each country in Africa has a list of banks operating in that country
* List of banks in Asia – Each country in Asia has a list of banks oper ...
*
List of banks in Sudan
References
External links
CooperativeResearch link on Al-Shamal Islamic Bank
1983 establishments in Sudan
Banks established in 1983
Companies based in Khartoum
Islamic banks of Sudan
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