The governor of Da Afghanistan Bank (DAB), has called on global Islamic financial institutions for assistance across a number of areas in the country’s banking sector.
Addressing a conference in Bahrain, Agha appealed for help in capacity building, training programs, better management of Zakat and Waqf, and the conversion of conventional banks to Islamic banking systems.
Speaking at the 19th annual Islamic banking and finance conference of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which was held in Bahrain on November 3 and 4, Agha also appealed for assistance in attaining a sustainable, efficient, and resilient Halal banking system and the establishment of a robust financial and economic sector in Afghanistan.
The conference was attended by the central banks of Islamic countries and nearly 300 representatives from Islamic commercial banks.
DAB governor emphasized the significance of establishing institutions dedicated to better regulating and managing affairs related to Zakat, Waqf, Infaq, and Sadaqah, highlighting the vital role of such institutions in the fair distribution of wealth in society, according to a statement released by DAB on Thursday.
He also raised the issue of Riba-based banking, the development of Islamic banking, and the stability of the banking system in Afghanistan.
Riba is commonly used to refer to excessive charges for borrowing money. Charging interest for loans is deemed riba, or an unjust, exploitative gain, and is forbidden under Islamic law.