AVA- The Islamic Bank of Afghanistan (IBA) was officially launched on Tuesday – the first fully-fledged Islamic Bank in the country.
IBA is now the only bank in Afghanistan where all its services are based on Islamic laws.
The IBA was previously known as Bakhtar Bank and operated under a conventional banking license since it was acquired by Azizi Bank in 2009.
The central bank, Da Afghanistan Bank, granted IBA an Islamic Banking license on April 9 after the it completed the conversion of its balance sheet, said Faizan Ahmed, chief financial officer and member of the IBA management board.
Chief Executive Abdullah Abdullah said on Tuesday at the launch ceremony that Islamic Banks will encourage people to open accounts, which will play a significant role in growing the country’s economy.
Abdullah said Islamic banking should be managed correctly to ensure people gain confidence in the system.
“Every resident of the country should get familiar with banking services and systems and use the servi