Afghanistan to replace conventional banking with Islamic banking

In a statement, Da Afghanistan Bank said various issues related to the Islamic banking system were discussed at the meeting.

During the meeting, the second deputy of Da Afghanistan Bank said the Islamic banking system in the country is growing and it is expected that conventional banking will soon change to Islamic banking.

He pledged to say that the leadership of Da Afghanistan Bank is ready for any cooperation with the “Sharia Supervisory Board” for the development of Islamic banking in the country.

On the other hand, the second deputy director of Da Afghanistan Bank said that work is underway to change conventional banking to Islamic banking, as a result of which Islamic banking will be further developed in the country and people will invest in it with full confidence.

“Conventional banking” means the activity of receiving money in current accounts, saving, paying, or receiving a check from a customer, or it means providing a loan to the customer in the form of a fee or a single fee. On the other side “Islamic banking” is based on the principle of no usury (profit) and partnership. (ILKHA)