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Central bank inks pact to promote Islamic banking

Central bank inks pact to promote Islamic banking

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On
May 06, 2014 - 21:20

KABULinfo-icon (Pajhwok): The central bank has signed an agreement with a non-profit organisation, Harakat, to intensify efforts at promoting Islamic banking across Afghanistaninfo-icon.

Da Afghanistan Bank governor Noorullah Dilawari signed the agreement of $1.2 million with Harakat organisation’s chief Nasim Akbar, his deputy Khan Afzalhahwal told Pajhwok Afghan news.

He said the money would be spent on the promotion of Islamic banking in conventional banks by encouraging customers towards Sharia-based financing system.

Based on the Islamic banking perception, money received from people would be invested in different projects based Islamic rules, he said.

“People who don’t trust conventional banking system can invest in Islamic banking industry,” the deputy central bank chief said.

He said the Islamic banking system would be under direct observation of the central bank.

mrh/ma

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