Deal inked to promote Islamic banking

KABUL Chamber of Commerce and Industries (ACCI) on Monday signed an agreement with two companies to promote Islamic banking in the country.

The agreement was inked between ACCI and the Kabul-based Islamic Finance and Advisory Company and Almaly Advisory Group of the United Arab Emirates (UAE).

Khan Jan Alkozai, deputy head of ACCI, said based on the agreement they would conduct seminars, training workshops and dialogues to inform the private sector about the Islamic banking system. Seminars will also be conducted for religious scholars.

According to Alokozai, the banking system in Afghanistan was based on an international regime and was not favorable to some because it involved interest/profit.  Almost 60 percent of Afghan businessmen do not use banking services for this purpose.

“Islamic banking is vital to boosting our economy. Banks in the country should try to promote this system otherwise ACCI will have no choice but to invite banks with Islamic system,” he added.

Mohammad Bolaef of the Almaly Advisory Group said that Islamic banking would help boost the Afghan economy and it was one of the fastest growing systems in the world.

hg/rm/mud