اسواق الاوراق المالية : دراسة في التطبيقات الحديثة للنظم التمويلية والاستثمار المالي في السودان (الفترة من 1998 - 2003)

Abstract

ABSTRACT This research handles the modern applications of the financing systems and the financial investment in Sudan. This is done through the study of the money markets and the determination of their concepts of the operations. A further aim of the research is to present integrated information about the money markets in Sudan, especially the Khartoum State Exchange, the methods of dealings in it, the financial instruments used, the impact of same on the investment activity and the significance of the existence of investment institutions and funds which operate for benefiting from the savings for the financing of the productive projects which promote the growth of the economy. This is affected by analyzing the main research problem, about how to transfer the saved money, from the savers, to the investors, through the money markets institutions in Sudan. The research reviewed the financing instruments in the money markets, the investment process of the financial instruments, the operations of the financing institutions and their financing techniques for financing investment. Hence, the existing financial investment institutions were reviewed; together with the type of investment companies and analyzing the methods of their operation. In addition, the investment funds and their types were defined; and likewise, the definition of the investment portfolio. The research studied the Khartoum Stock Exchange. It showed the type of the financial instruments in use in this money market and the analysis of its activities. This required yielding to the Annual Reports of the Khartoum Stock Exchange and the analysis of primary market and the secondary market. The latter market supervises the issue of the stocks and shares of the newly incorporated public share company; the existing public share companies which wish to increase their capital and the exchange operation inside the Market for the financial assets. The case study for this research was the Financial Investment Bank. Thus, its objectives, activities and experience in making funds and financial portfolios were reviewed. Likewise, the experience of the Sudan’s Financial Services Company was studied and analyzed. This was done through the analysis of “Musharka” certificates with the Central Bank ‘shamum’ and the Government Musharaka certificates (shahama). This experience was evaluated as being an indirect mechanism for the monetary policy and the management of liquidity.