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.
Nooruddin Azizi, Acting Minister of Commerce and Industry, met with representatives from the ministries of foreign affairs, defense and interior of Malaysia, along with other senior officials, on Wednesday and called on Malaysians to invest in Afghanistan.
The visiting delegation is being led by senior diplomat Dr. Shazelina Zainul Abidin.
According to the IEA’s foreign ministry, the two sides discussed bilateral trade, holding a business communication conference to strengthen trade relations between the two countries, the trade balance between Afghanistan and Malaysia, and creating a market for Afghan products, including carpets, cotton, and minerals.
According to the ministry, at the end of the meeting, the Acting Minister emphasized the increase of investment from regional countries in Afghanistan and called on Malaysian investors to also invest in Afghanistan.
The Ministry of Interior says that Afghanistan has started exporting goods to Turkey via the Herat-Khaf railway line.
In a post on X, the ministry said: “Afghanistan’s exports to Turkey started in a calm atmosphere through the Herat-Khaf railway line.”
The ministry added that one train will run daily for a month and then two trains will run daily.
According to the ministry, the security of Khaf-Herat railway line is provided by the guards of the National Public Protection Agency.
Khaf-Herat railway project not only connects Iran and Afghanistan by rail, but also completes a 2,000-kilometer route along the east-west rail corridor from China, through Uzbekistan, to Afghanistan, to Iran, and on to Turkey and Europe.
As a landlocked country, this railway network will provide a safe route to connect with Europe via Iran’s railway network and Iran’s southern ports.
This railway line is strategic for trade between Iran and Afghanistan and will allow six million tons of goods to be sent between the two countries.
A joint expo between Afghanistan and Kazakhstan will be held in Kabul in the next four days, officials said on Sunday.
Officials of the Ministry of Industry and Commerce said that the two-day expo will be held for the purpose of expanding and strengthening trade relations between the two countries.
“This expo will be held as a follow-up of the Kazakh-Afghan international expo, which was held in the city of Astana, Kazakhstan, with the participation of a large delegation of the government and the private sector of the Islamic Emirate of Afghanistan,” Abdulsalam Javad Akhundzadeh, the spokesman of the Ministry of Industry and Commerce, said.
“At this expo, domestic products from different sectors of Afghanistan and the Republic of Kazakhstan will be put on display for two days.”
According to officials, 40 large Kazakh companies, and 40 large Afghan companies will exhibit their products.
Mohammad Saber Latifi, head of the Afghanistan International Expo Center, said that fruits, minerals and commercial services will be displayed at the expo.
During the expo, various memorandums of understanding for the trade of goods are also expected to be signed by companies.
Red Cross official seeks ‘staggered’ return of Afghan refugees from Pakistan
Police arrest scores of pro-Palestinian protesters on US university campuses
Afghanistan qualify for FIFA Futsal World Cup for first time ever
ACL: Mawj Sahil 2-1 Sarsabz Yashlar; Sorkh Poshan 6-0 Maiwand
Fraser-McGurk’s explosive 84 helps Delhi down Mumbai in IPL
Dead body of Quran-burner found in Norway
ATN secures rights to produce, broadcast second season of KPL
Yadav hits 156.7 km/h as Lucknow trump Bengaluru in IPL match
Afghanistan’s national futsal team ‘ready for’ group stage of Asian Cup
Indian foreign ministry advises against travel to Iran, Israel
Tahawol: 32nd anniversary of Mujahidin’s Victory Day discussed
Saar: 32nd anniversary of Mujahidin’s Victory Day discussed
Saar: 46th anniversary of 7th Saur coup in Afghanistan discussed
Tahawol: Pakistan’s security concerns from Afghan soil discussed
Saar: Visits by foreign diplomats to Kabul discussed
-
World4 days agoNorth Korea officials visit Iran in a rare public trip
-
Sport4 days ago‘Serious talent’ Fraser-McGurk bonds with Warner to light up IPL
-
Latest News4 days agoOver 1,000 Afghan refugees forced out of Pakistan in one day
-
Sport2 days agoAfghanistan beat Iraq 5-3, inch closer to Futsal World Cup berth
-
Regional2 days agoNew UK sanctions target Iranian drone industry
-
Regional3 days agoTurkey accuses U.S. of double standards over Gaza in rights report
-
Latest News2 days agoEU allocates 17 million euros to support Afghans on the move
-
Latest News1 day agoPakistan extends registered Afghan refugees’ stay till June 30