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Government
Musharaka Certificates - GMCS
What
Are GMCs ?
The GMCs (The Arabic acronym is Shahama) are securities
representing the capital shares of public sector most profitable and
efficient productive units. They have been designed according to
Sharia’ principles and are issued by the Ministry of Finance and
National Economy.
GMCs are instruments designed to manage liquidity, encourage
private savings and investments in addition to secure real resources
for the General Budget. The Sudan Financial Services Company Ltd. is
the agency responsible for selling the GMCs through open auctions in
the Khartoum Stock Exchange Market.
Each certificate has a fixed par value in Sudanese Dinars and
GMCs are as well issued in multiple values as follows:
o
Shahama (1) of a par value of SD 500,000 with a 12 month
maturity period.
o
Shahama (2) of a par value ranging between SD 50,000 and
SD 500,000 as well as between SD 100,000 and SD 200,000 with maturity
periods ranging between 3, 6, 9 and 12 months.
Payment
of the Principal Amount of GMCs and Profits:
The Ministry of
Finance may, at maturity date and if a holder so desires, retains back
the certificates and pay the original value of his rights as per the
final accounts of each respective enterprise during 45 days of the
maturity date.
Government
Musharaka Certificates in Figures:
Issuance
of Shares
|
Year
|
No.
of GMCs
|
Par
Value in SD Million
|
Rate
of Increase %
|
|
1999
|
2944
|
1.5
|
ــ
|
|
2000
|
15353
|
7.7
|
421
|
|
2001
|
88661
|
44.3
|
477.5
|
Numbers in Billion Sudanese
Dinars
GMCs
Holder’s Accrued Rights During the period 2000 - 2001
|
Year
|
Original
Value of Shares
|
Profits
of Shares
|
Total
Accrued Rights
|
Rate
of Return
|
|
2000
|
1.5
|
0.4
|
1.9
|
26.0%
|
|
2001
|
7.7
|
2.1
|
9.8
|
27.3%
|
|
