Want to Islamize Afghanistan banking, financial sectors: Badri

KABUL (Pajhwok): Da Afghanistan Bank (DAB) acting head Hidayatullah Badri says they want to make Afghanistan’s banking and financial sectors fully Islamic and riba-free.

Badri and his accompanying delegation left Kabul for Bahrain to attend the annual conference of the Accounting and Auditing Organization for Islamic Financial Institutions and Islamic Development Bank on November 28.

In a statement, DAB said Bardi told the conference that DAB had a firm intention to completely Islamize Afghanistan’s banking and financial sector and clean it from interest and other un-Islamic practices.

He said that currently all usurious transactions were prohibited and introduced or usurious banks were being converted to Islamic banking under a plan.

Badri added: “In this regard, by benefiting from the experience of other Islamic countries and the expertise and knowledge of Islamic institutions around the world, we want Afghanistan’s banking and financial system to be made in such a way that it is free from interest and other usurious transactions.”

He said financial products of Islamic banking should not only be in form, but also in essence and should be compatible with Shari’a principles.

“Banking funds should be given in those areas that benefit the people and help us achieve the objectives of Sharia,” Badri added.

According to him, attention should be paid to projects which create jobs, reduce the level of poverty, provide socio-economic justice and are effective in the improvement of the environment.

kk/ma

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