INSUBCONTINENT EXCLUSIVE:
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.The post IEA Islamizing Afghanistan&s banking system first appeared on Ariana News.
