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Islamic banking regulation to be implemented in Afghanistan

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H.E. Abdul Qadir Fitrat, governor of the Central Bank Afghanistan, says the regulation of Islamic banking in Afghanistan should be implemented in the country within next two months.

Speaking at the International Conference on Prospects of Islamic Banking and Finance in Afghanistan, he said that currently seven banks are offering Islamic banking services through window operations and some banks have submitted their applications for the conversion of their conventional systems into Islamic operative systems.

The Central Bank of Afghanistan is in the process of analysing the Islamic banking laws of Pakistan, UAE, Indonesia and Malaysia.

Muhammad Zubair Mughal, chief executive officer of AlHuda CIBE Pakistan, said Afghanistan is a developing market for Islamic banking and finance where the trend of Shairah complaint banking is rapidly ascending.

Along with Islamic banking and finance potential, Afghanistan has Takaful, Sukuk and Islamic funds. By releasing Sukuk bonds, Afghanistan can generate financing for road development, infrastructure development and energy development. Mughal said Pakistan, Malaysia, UAE, Kuwait and other countries have various options for the development of Islamic financial organisations in Afghanistan which will further strengthen the Islamic banking and finance industry of Afghanistan.

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