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Sudan’s Central Bank Approves License for National Bank of Egypt

June 13 (Bloomberg) -- Sudan’s central bank gave a license to the National Bank of Egypt to operate in the African country, Central Bank Governor Mohamed Khair al-Zubair told parliament today in Omdurman, a suburb of the capital, Khartoum.

The license was awarded to the Cairo-based bank last month, al-Zubair said. The bank also approved a request by Abu Dhabi Islamic Bank to open a branch in the country, the central bank said on May 25.

The financial industry will be fully run according to Islamic law when oil-rich Southern Sudan is declared independent on July 9, parliamentary speaker Ahmed Ibrahim Al-Tahir said today. The central bank allows a conventional banking system in the south, while banks in northern Sudan must adhere to Islamic law.

The country had 39 operating banks at the end of last year, al-Zubair said.

To contact the reporter on this story: Maram Mazen in Khartoum at mmazen@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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