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IEA Islamizing Afghanistan’s banking system

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A delegation chaired by Hedayatullah Badri, acting governor of Da Afghanistan Bank, participated in a two-day conference titled “Strategies for the Impending Economic Slowdown and a Post Oil World: Through Economic Diversification and Leveraging Islamic Finance” on November 29 and 30 in Bahrain, DAB said in a statement.

At the conference, Badri said that DAB is committed to fully Islamizing Afghanistan’s banking and financial sector to eliminate interest and other illicit practices. Presently, all forms of interest-based transactions are prohibited, and all conventional banks will be converted into Islamic banks, read the statement.

In addition, he stated that diligent efforts are being made to make the banking and financial sectors in Afghanistan interest free.

These efforts involve drawing upon the experiences of other Islamic countries as well as leveraging the expertise and knowledge of international Islamic institutions.

Furthermore, Badri elaborated on the importance of ensuring that financial products offered by Islamic banking adhere to Sharia standards not only superficially in terms of their form, but also fundamentally in terms of their types.
He underscored the significance of conducting banking and finance activities in areas that yield benefits for the people and contribute to the realization of Sharia goals.

He further stated that particular attention and funding should be directed towards projects that generate job opportunities, alleviate poverty, ensure socio-economic justice, and enhance environmental protection.

On the sidelines of this meeting, Badri met with several international financial institutions, central bank governors from Islamic countries, and diplomats. Additionally, he had a dedicated meeting with Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, focusing on Islamic banking and fostering bilateral relations. He also met with the Turkish ambassador in Bahrain and shared insights on banking and economic matters.

He also conducted meetings with the board of directors of Islamic banks, religious scholars, and members of Sharia committees associated with Islamic banks. In these meetings, he provided detailed briefings on the implementation of Islamic banking in Afghanistan under Sharia principles, as well as the monetary policy formulated by Da Afghanistan Bank.

During another segment of the meeting, the Acting Governor of Da Afghanistan Bank engaged in a discussion with the representative of the Ulema (religious scholars) of Bangladesh. The focus of their conversation revolved around the banking and economic situation in Afghanistan, with special emphasis on the factors contributing to the stability of the Afghani currency. The representative of the Ulema of Bangladesh expressed that the Ulema and people of Bangladesh are proud that the Afghani is regarded as the most stable currency in Asia.

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Mujahid: Trade with Iran through Khaf–Herat railway operating normally

He urged national traders to refrain from unjustified price increases in order to maintain market stability.

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Zabihullah Mujahid, spokesperson for the Islamic Emirate of Afghanistan, has announced that commercial transportation through the Khaf–Herat railway is continuing without interruption.

According to Mujahid, all relevant departments overseeing the railway are carrying out their routine operations, and there have been no delays in the movement of commercial goods.

He confirmed that a freight train carrying commercial goods has arrived at the Rozanak station in Herat province, transporting 42 wagons of cement and two wagons of MDF boards.

Another cargo train carrying food and fuel supplies is expected to arrive later.

Mujahid also noted that, based on information from Iranian railway authorities, around 900 wagons currently in Iran are en route to Afghanistan and will enter the country as scheduled.

He urged national traders to refrain from unjustified price increases in order to maintain market stability.

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Afghanistan records 33% rise in railway cargo transport

The bulk of cargo passed through the key rail links at Hairatan, Aqina, Torghundi, and the Khawaf–Herat railway connecting Afghanistan with Iran.

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Afghanistan has recorded a sharp increase in rail freight activity, with cargo transported through the country’s railway network rising by more than 33 percent in the first 11 months of the current year compared to the same period last year, officials said.

Mohammad Ashraf Haqshenas, spokesperson for the Ministry of Public Works, said more than five million metric tons of goods were moved through four major railway ports during the reporting period.

According to Haqshenas, shipments included fuel, non-oil commercial goods and other materials entering and transiting the country via the northern and western corridors.

The bulk of cargo passed through the key rail links at Hairatan, Aqina, Torghundi, and the Khawaf–Herat railway connecting Afghanistan with Iran.

The rail network plays a critical role in Afghanistan’s trade infrastructure, offering a cost-effective alternative to road transport for bulk imports such as petroleum, construction materials and food supplies.

As a landlocked country, Afghanistan relies heavily on transit routes through neighboring states to sustain its economy.

Haqshenas said that since the return to power of the Islamic Emirate of Afghanistan, several railway development and expansion projects have been initiated to improve connectivity and increase freight capacity. Some projects have been completed, while others remain under construction.

Officials say the growth in rail cargo reflects gradual improvements in transit coordination with regional partners, including Uzbekistan, Turkmenistan and Iran.

The government views railway expansion as central to its broader strategy of turning Afghanistan into a regional trade and transit hub linking Central Asia to South Asia and the Middle East.

The ministry added that continued investment in rail infrastructure is expected to strengthen economic activity, generate revenue and facilitate greater regional integration in the years ahead.

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Afghanistan and Uzbekistan emphasize expanding economic and trade cooperation

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Nooruddin Azizi, Minister of Industry and Commerce of the Islamic Emirate of Afghanistan (IEA), during his official visit to Termez, Uzbekistan, met with Jamshid Khodjayev, Deputy Prime Minister of Uzbekistan, to discuss expanding bilateral economic ties.

The meeting was attended by Mohammad Yousuf Wafa, Governor of Balkh, Abdul Ghaffar Bahr, Afghan Ambassador to Tashkent, and several representatives from Afghanistan’s private sector. The two sides held extensive talks on enhancing trade relations, increasing trade volumes, expanding transit routes, removing trade barriers, and promoting joint economic initiatives.

Minister Azizi emphasized the growing partnership between the two countries and stressed the need to accelerate the implementation of agreements while providing greater support and facilities for traders and investors.

Deputy Prime Minister Khodjayev welcomed the Afghan delegation, highlighting the interest of Uzbek investors in sectors such as agriculture, mining, transport, infrastructure, and health. He also announced Uzbekistan’s readiness to deploy technical teams to support the execution of joint projects.

Azizi expressed Afghanistan’s full commitment to cooperating on shared economic initiatives, while representatives from the Afghan private sector shared their proposals, emphasizing the importance of closer collaboration between the two countries’ private sectors.

The meeting also included participation from Uzbekistan’s Ministers of Transport, Agriculture, Energy, and Health, the First Deputy Minister of Foreign Affairs, and several provincial governors, who joined online.

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