The Central Bank of Afghanistan is forming a Shariah council which will provide Shariah advisory services to the central bank to better govern Islamic banking in Afghanistan.
Bakhtar Bank of Afghanistan is planning to convert into a fully-fledged Islamic bank with Afghanistan Islamic Finance and Consulting Co (AIFC)/Almaali assisting and helping with the conversion process.
Afghan United Bank, which has new shareholders, is also planning conversion from being a conventional bank to a fully-fledged Islamic bank.
The Central Bank of Afghanistan (Da Afghanistan Bank) and the Afghan Ministry of Finance are going to launch an Islamic capital market in Afghanistan for the first time in the country’s history. They have requested AIFC/Almaali to provide a concept and proposals for the Islamic capital market’s establishment.
Dr Alam Khan Hamdard is the president/director of Afghanistan Islamic Finance and Consulting Co. He can be contacted at [email protected]