Name: |
Dr Alam Khan Hamdard
Chief of Islamic banking Kabul Bank Afghanistan 39 Afghan |
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Could you provide a brief journey of how you arrived where you are today? Here I worked on the commercial banking promotion and operation side as well as on segregation of commercial functions from the central bank, focusing on its core and basic functions as specified by the banking law of Afghanistan and central bank. Because of my enthusiasm and firm belief in Islamic solutions for finance and economics, I approached banks to start Islamic banking, beginning with the central bank’s first draft of Islamic banking law in Afghanistan. I then became the head of Kabul Bank, where I started on Islamic banking liability products. We are now on the verge of successfully introducing Islamic banking to the country. There were numerous challenges, but they were overcome by the brilliant support of Da Afghanistan Bank. Kabul Bank has now introduced up to nine investment products. What does your role involve? What is your greatest achievement to date? Other achievements include the introduction of Islamic banking and finance concept to the public and decision makers and maintaining the Shariah compliances in banking operations. Which of your products / services deliver the best results? What are the strengths of your business? Also, having a separate and independent department which has the authority to make decisions and implement the policies and procedures. We also have a huge network of branches, well trained staff, and Islamic banking within the core banking system. What are the factors contributing to the success of your company? What are the obstacles faced in running your business today? Where do you see the Islamic finance industry in, say, the next five years or so? Also, Islamic banking will extend to Central Asian countries including Tajikistan, Uzbekistan, Turkmenistan, Azerbaijan as well as Kyrgyzstan. Globally Islamic banking will be the leading force to overcome the current economic and financial crisis. Name one thing you would like to see change in the world of Islamic finance. In addition, the attitude and concept that Islamic banking is only for Muslims must be changed. Islamic financial institutions must also target non-Muslims in their marketing strategies. Cost effective and easily accessible trainings must be in place to overcome the challenge of low capacity. The media coverage of Islamic banking and Takaful activities globally is very low and we must work to raise the level of media coverage for Islamic banking activities worldwide. |