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DAB asks banks to facilitate Islamic financing

DAB asks banks to facilitate Islamic financing

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Oct 14, 2015 - 20:40

KABULinfo-icon (Pajhwok): All banks in Afghanistaninfo-icon should provide Islamic banking services with effect from Wednesday (October, 14, 2015) in compliance with a legislative decree of the president, the central bank (Da Afghanistan Bank) said.

In a joint press conference with representatives of HARAKAT organization and private banks, Da Afghanistan Banl (DAB) first deputy governor Khan Afzal Hadawal said the project to establish rules and regulations and legal framework for Islamic banking and development of small and medium entrepreneurise though access to Islamic financing had been completed in the country.

He said the regulatory framework for Islamic banking had been approved by the recently established Monitoring Shariahinfo-icon Board of the DAB, and there was nothing un-Islamic in the framework.

According to the framework, individuals and private entrepreneurs could refer to Islamic banking and window banks for Islamic financing.

Out of the total 16 banks in Afghanistan, seven banks offered Islamic financing in the country; he said, adding the presence of Islamic banking could help in develop entrepreneurship, national economy and increase employment in the country.

Islamic Banking Project manger with HARAKAT organisation, Mohammad Harron Wafa, said they had assisted the DAB with $1.2 million for implementation of the Islamic banking.

According to Haroon, the lack of awareness about Islamic banking prevented people from investments in the country.

myn/ma

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