Pakistan-based Bank Alfalah has completed its exit from Afghanistan after 20 years of operations, transferring its local banking business to Ghaznfar Bank, the lender said in a notice to shareholders on Friday.

The bank said the transaction was completed on November 5 after the signing of final agreements, approval from the State Bank of Pakistan and Da Afghanistan Bank, and fulfilment of other required conditions.

The deal allows Bank Alfalah to sell and transfer its operations in Afghanistan to Ghaznfar Bank, following approval from the regulatory authorities in both countries.

“Bank Alfalah has acco­rdingly ceased its banking operations in Afghanistan and will complete the closure of its Afghanistan bra­nches in accordance with applicable regulatory req­u­ir­ements,” the notice said.

Bank Alfalah began operating in Kabul in 2005, offering both conventional and Islamic banking services. 

Abdul Haq Wasiq, head of Afghanistan’s General Directorate of Intelligence (GDI), has said that Daesh uses social media platforms, including Telegram and TikTok, to communicate, secure financial resources and promote ideological diversion.

Wasiq made the remarks at the First SCO Plus Expert Dialogue on Security Issues in Samarkand, Uzbekistan.

He said the Islamic Emirate of Afghanistan (IEA), based on its beliefs and convictions, is at the forefront of the fight against Daesh. However, he added that Afghanistan faces serious constraints in dismantling the technical capabilities of the group.

According to Wasiq, technology companies and operators of Telegram and TikTok do not cooperate with Afghanistan in efforts to counter Daesh activities, a situation he said allows the group greater room to operate around the world.

The intelligence chief added that Daesh causes significant civilian casualties each year through its activities in different countries.

The First SCO Plus Expert Dialogue on Security Issues was held in Samarkand on November 5 and 6. Representatives from 24 countries and five international organisations attended the event to discuss counterterrorism, extremism and emerging security threats.