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Agricultural Development Fund offers Islamic financial products of Mudarabah and Musharakah
Officials of the ministry reported that last year, more than 1.3 billion afghanis was distributed to farmers and livestock owners from the Agricultural Development Fund, and this year, more than 2 billion afghanis is expected to be used from this fund to finance and help farmers and livestock owners.
The Agricultural Development Fund (ADF) of the Ministry of Agriculture, Irrigation and Livestock on Sunday introduced two new Islamic financial products, namely Mudarabah and Musharakah, with an aim to develop the agriculture and livestock sector.
Officials of the ministry said that farmers, livestock owners and businessmen can invest in the agriculture and farming sectors using the new products.
“Mudarabah is a valid and permissible contract according to Sharia, such that one party owns the capital and the other party works with that capital, and they share the profit, but if there is a loss, it will affect the investor on the condition that the loss is reasonable and is not due to negligence and lack of information about Mudarabah,” said Abdul Ghafoor Ghafari, the head of ADF.
Officials of the ministry reported that last year, more than 1.3 billion afghanis was distributed to farmers and livestock owners from the Agricultural Development Fund, and this year, more than 2 billion afghanis is expected to be used from this fund to finance and help farmers and livestock owners.
Meanwhile, Deputy Minister of Agriculture, Irrigation and Livestock Sadri Azam Osmani highlighted efforts to standardize the agriculture and livestock sector in Afghanistan, and called on the private sector and international organizations to cooperate with the Ministry of Agriculture in this regard.
An estimated 80 percent of the Afghan population work in the fields of agriculture and farming.
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Karzai condemns Pakistani airstrikes on Kunar and Helmand
In a statement, Karzai expressed condolences to the families of those killed and wished a swift recovery to those injured.
Former Afghan President Hamid Karzai has strongly condemned recent Pakistani airstrikes on residential areas in Kunar and Helmand provinces, saying the attacks resulted in civilian casualties, including women and children.
In a statement, Karzai expressed condolences to the families of those killed and wished a swift recovery to those injured.
Karzai described the actions by Pakistani forces as a violation of Afghanistan’s sovereignty and territorial integrity, stressing that Afghans would stand united in defending their country against foreign aggression.
He also called on Pakistan’s leaders to review what he described as confrontational and hostile policies toward Afghanistan, urging Islamabad to avoid actions that harm Afghan civilians.
Karzai further called for an end to the promotion of extremism and division, and urged Pakistan to engage with Afghanistan on the basis of good-neighborly relations and civilized cooperation.
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Moscow to host 8th meeting of Afghanistan consultations on October 5
Russian Foreign Minister Sergey Lavrov is expected to address the participants during the consultations.
The eighth round of the Moscow Format consultations on Afghanistan will be held in Moscow on October 5, Russian Foreign Ministry spokesperson Maria Zakharova said Wednesday.
The meeting will bring together special representatives and senior officials from Afghanistan, Russia, China, Iran, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
Belarus and Egypt have also been invited to participate as guest countries, Zakharova said during a briefing.
Russian Foreign Minister Sergey Lavrov is expected to address the participants during the consultations.
According to Zakharova, the Afghan delegation will be led by Afghanistan’s foreign minister, who is also scheduled to hold a separate meeting with Lavrov on the sidelines of the event.
The bilateral talks are expected to focus on current issues related to cooperation between Russia and Afghanistan.
At the broader consultations, participants are expected to discuss political and economic cooperation between Afghanistan and regional countries, as well as efforts to strengthen regional cooperation in combating terrorism and drug trafficking.
A joint statement is expected to be adopted at the conclusion of the meeting, Zakharova said.
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Da Afghanistan Bank reports increase in public bank deposits
Da Afghanistan Bank (DAB) says public deposits in the country’s banks have increased this year, with significant progress also recorded in the banking sector.
Sediqullah Khalid, First Deputy Governor of DAB, made the remarks at a meeting of the bank’s Supreme Council, saying the increase in deposits reflects greater stability in the banking sector and increased public confidence in the country’s banking system.
The meeting discussed the country’s monetary policies, the current condition of the banking sector, the development of Islamic banking, the expansion of electronic banking, and broader public access to financial services.
Khalid emphasized the implementation of effective monetary policies, assessment of the banking sector, continued efforts to develop Islamic banking, expansion of electronic banking, and improving public access to financial services.
He also highlighted the stability of the Afghan afghani, saying that despite global economic challenges, the currency had maintained its stability over the past year compared with many regional and international currencies.
According to Khalid, the stability of the afghani reflects the effectiveness of DAB’s well-calibrated and targeted monetary policies.
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