Afghan central bank to implement Islamic Banking System

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Afghanistan’s central bank is planning to implement an “Islamic banking system”, IANS reported a spokesman as saying.

Sabir Momand, the spokesman of Da Afghanistan Bank (DAB), however did not elaborate on the details of the new system, reports TOLO News.

“The implementation of the Islamic banking system will be a long process and it is being enforced in many foreign countries and it will come into effect gradually in Afghanistan as well,” he said.

Analysts said that changes in the banking system will create hurdles in operations.

“Before an evaluation of the banking system and markets, the implementing of an Islamic banking system will affect the economy,” TOLO News quoted Seyar Masoud, an economist, as saying.

“The change of (the current banking system) into an Islamic banking system could create problems because many of the banks are using the current banking system. ”

After the Taliban came to power last August, the Afghan banking system faced severe crisis in part caused by international sanctions that restricted the transfer of funds abroad.

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