Afghanistan Economic Growth through Islamic Banking
date: September 19, 2017
Afghanistan Economic Growth through Islamic Banking Conference was held in Kabul on September 19, 2017 by EmendGroup with co-support from Afghanistan Chamber of Commerce and Industries (ACCI) and contribution of following entities.
• Bakhtar Bank - Lead Sponsor
• Etisalat Afghanistan - Platinum Sponsor
• Ariana News - Media Sponsor
• Afghanistan Banks Association (ABA) - Event Partner
• Afghanistan Microfinance Association (AMA) - Event Partner
The objective of this conference was to link business with the Islamic Banking services and to exchange ideas, introduce Islamic banking preferences and benefits as reasonable source for growth of business/individual financing and ultimately economic growth. The agenda of the conference mainly focused on below points.
1. Introduction to Banking
2. Benefits of banking for General Business
3. Introduction to Islamic Banking
4. Products of Islamic Banking
5. Difference between Islamic Banking and Conventional Banking
6. Panel Discussion
Questions and answer sessions for problems in dealing with banks
Afghanistan Bank Association (ABA) played event partner role, coordinated with member banks (Islamic as well conventional) to represent the sector.
The conference was attended by high officials from The Ministry of Commerce and Industry (MoCI), Afghanistan Chamber of Commerce and Industries (ACCI), Da Afghanistan Bank (DAB), Islamic Scholars, Afghanistan Banks Association (ABA), Afghanistan Microfinance Association, Afghanistan Industrial Association, business companies and individuals.
Delegates from the Ministries of Commerce & Industries, ACCI, DAB, ABA & Shariah Scholars, Bakhtar Bank and Emend Group presented their views on the Importance of Islamic banking for the growth & prosperity of Afghan Economy.
Mr. Fareedun Rostai - Director EmendGroup
Awareness, bridging understanding gap & capacity building are the most demanded areas for promoting and strengthening Islamic banking and finance in those countries where the subject is in its introductory phases; Afghanistan being no exception. EmendGroup has focused on the same areas and has established the first specialized institute for capacity building of Islamic banking and finance.
Mr. Khanjan Alkozai - First Vice Chairman ACCI
Mr. Alkozai started his speech with highlighting the importance of Islamic banking for the promotion and growth of Commerce & Industries in Afghanistan. Emphasize shall be put in place by the Central Bank, the Law Makers and the Commercial bankers to ensure that proper policies & systems are there to restrict the potential infringement of trust of different stakeholders, Mr. Alkozai suggested.
Mrs. Kamila Siddiqi - Deputy Minister of Commerce & Industries
Majority of industrialists and businessperson of Afghanistan restrain from engaging with banks for their financial needs, largely due to the Prohibition of Riba. A workable model of Islamic banking has the potential to bring the businessperson to banking channels thus strengthening the overall economy.
Mr. Wahidullah Nosher - First Deputy Da Afghanistan Bank
Mr. Nosher re-emphasized on the importance of Islamic banking for the Financial Inclusion of the Afghanistan, growth of business and strengthening of Afghan economy. Mr. Nosher invited the members of private sector to His office to discuss the main issues faced by them.
Mr. Najibullah Amiri ABA Executive Director
Delivered a speech on importance of the Islamic Banking, opportunity for growth of the Islamic banking and encouraged business to expand their business by using Islamic banking services. He further added that, ABA formed Islamic Banking Standing Committee which has regular internal meeting and external meeting with Da Afghanistan Bank (DAB) in order to address Islamic Banking obstacles.