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Draft law on Islamic banking sent to justice ministry

Draft law on Islamic banking sent to justice ministry

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Dec 18, 2011 - 17:40

KABULinfo-icon (PANinfo-icon): Da Afghanistaninfo-icon Bank, central bank, on Sunday asked private banks not to open new accounts for customers under Islamic banking until a draft law in this regard was approved.

Of 17 banks, including three state-run, nine banks, including two state-run, are currently offering Islamic banking services, according to the central bank.

Efforts to introduce a law for Islamic banking were launched three years ago, but still it could not be enacted so far.

The central bank chief Norullah Delawari at a conference said a draft law was being sent to the Ministry of Justice today.

He said the draft was prepared in consultations with renowned Islamic scholars from Islamic countries in order to introduce a comprehensive Islamic banking system in Afghanistan. He viewed Islamic banking system as vital for the country's development.

Asking bankers to support the law, he demanded banks providing Islamic banking services should not open new accounts for customers until the draft was approved.

He said currently Ghazanfar, Afghan United, Bakhtar, Maiwand, Azizi, Al Falah and three stat run banks, including Afghan Milli Bank, Pashtani Bank and New Kabul Banks offered Islamic banking services.

Head of the state-run Afghan Milli Bank, Khan Afzal Hadawal, voicing support for the law, said they would accept Delawari's demand.

The justice ministry would send the draft to the cabinet before being approved by the Wolesi Jirgainfo-icon and endorsed by the President.

Islamic banking prohibits usury and gambling.

frm/ma

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