Wednesday, 5 October 2016

Islamic banking system in Afghanistan

According to Afghanistan Bank Association (ABA), over 10% of Afghans have deposited about 30 billions AFN (1 US dollar = 67 AFN) in cash in banks.

Demands for Islamic banking system is on the rise in Afghanistan. 

With the availability of Islamic banking service, more people will deposit money in banks and boost money circulation.Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shari’ah, known as Fiqh al-Muamalat (Islamic Rules on Transactions).

Islamic banking activities must be practiced consistent with the Shari’ah and its practical application through the development of Islamic economics.

Many of these principles upon which Islamic banking is based are commonly accepted all over the world, for centuries rather than decades.

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