Business
IEA Islamizing Afghanistan’s banking system
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.
Business
Iraqi intelligence report alleges oil smuggling network supplying Afghanistan and Turkey through Iran
The report highlights broader challenges facing regional authorities in combating illicit oil trade and enforcing international sanctions.
An Iraqi intelligence report obtained by Sky News Arabia has revealed alleged large-scale crude oil smuggling operations from northern Iraq into Iran, where the oil is reportedly refined and later sold in regional markets, including Afghanistan and Turkey.
According to the report, shipments of crude oil are transported through land routes and unofficial trade channels into Iranian territory, where they undergo refining and processing before being re-exported to foreign markets.
The intelligence findings suggest that the alleged network is designed to bypass international sanctions and facilitate the movement of petroleum products outside official trade and financial monitoring systems.
The report further indicates that smuggling networks rely on informal transportation routes and cross-border commercial channels to maintain the collection, processing and distribution of oil products while avoiding regulatory oversight.
The revelations have raised concerns over cross-border smuggling, the loss of national resources and the potential impact of illicit oil trade on regional economies.
Security and political observers say the reported activities could put additional pressure on Iraqi authorities to strengthen border controls, monitor oil transportation routes and improve coordination with regional and international partners.
However, the allegations outlined in the intelligence report have not been independently verified, and further details about the networks involved, the quantities of oil transported and the scale of supplies reaching Afghanistan and Turkey remain unclear.
The report highlights broader challenges facing regional authorities in combating illicit oil trade and enforcing international sanctions.
Business
$30 million pharmaceutical investment launched in Herat as new production line opens
Meanwhile, the newly inaugurated serum and injectable production line is capable of producing up to 100,000 packages of serum per day.
The foundation stone has been laid for three new pharmaceutical production blocks at Ovison Pharma in Herat, with an investment of $30 million, while the factory’s new serum and injectable production line has also been inaugurated.
The new production blocks will be constructed on a 3,000-square-metre site, with each facility planned to have five floors. Equipped with advanced machinery and designed to meet international standards, the expansion is expected to significantly increase the factory’s pharmaceutical production capacity.
Meanwhile, the newly inaugurated serum and injectable production line is capable of producing up to 100,000 packages of serum per day.
The expansion marks a significant step toward strengthening Afghanistan’s pharmaceutical industry, increasing domestic production and reducing the country’s reliance on imported medicines.
The investment is also expected to support the development of local manufacturing capacity and improve access to domestically produced pharmaceutical products.
Business
Afghanistan approves new foreign investment policy in bid to attract international investors
The decisions have been forwarded to the office of the Supreme Leader of the Islamic Emirate for final approval.
Afghanistan’s Economic Commission has approved a new foreign investment policy aimed at attracting international investors, improving investment opportunities and supporting the country’s economic growth.
The decision was made during the commission’s regular meeting, chaired by Mullah Abdul Ghani Baradar, Deputy Prime Minister for Economic Affairs, at the Marble Palace on Monday.
According to the Deputy Prime Minister’s Office for Economic Affairs, the proposed policy was presented by a committee established under the leadership of the economic deputy office. Following a comprehensive review and consideration of the commission’s recommendations, the policy was approved.
The policy aims to regulate foreign investment activities, facilitate investment procedures, create a favourable environment for investors, ensure investment security and promote Afghanistan’s economic growth and development.
During the meeting, the commission also approved a proposal concerning the payment of fixed taxes by commercial import companies at the country’s customs offices.
Officials said implementing the proposal would create additional facilities and simplify procedures for importing businesses.
The decisions have been forwarded to the office of the Supreme Leader of the Islamic Emirate for final approval.
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