DAB High Level Delegation Participates in 18th AAOIFI - IsDB Conference in Bahrain 

A delegation chaired by Mr. Hedayatullah Badri, Acting Governor of Da Afghanistan Bank, participated in a two-day conference titled “Strategies for the Impending Economic Slowdown and a Post Oil World: Through Economic Diversification and Leveraging Islamic Finance” held on November 29 and 30 in Bahrain.

The Acting Governor of Da Afghanistan Bank, Mr. Hedayatullah Badri, stated during a speech at the meeting that the DAB is committed to fully Islamizing Afghanistan’s banking and financial sector, with the aim of eliminating interest and other illicit practices. Presently, all forms of interest-based transactions are prohibited, and all the conventional banks will be converted into Islamic banks.

In addition, Mr. Badri added that diligent efforts are being made to make interest-free banking and financial sector in Afghanistan. These efforts involve drawing upon the experiences of other Islamic countries as well as leveraging the expertise and knowledge of international Islamic institutions.

Furthermore, Mr. Badri elaborated on the importance of ensuring that financial products offered by Islamic banking adhere to Sharia standards not only superficially in terms of their form, but also fundamentally in terms of their types. Mr. Badri underscored the significance of conducting banking and finance activities in areas that yield benefits for the people and contribute to the realization of Sharia goals. He further expounded that particular attention and funding should be directed towards projects that generate job opportunities, alleviate poverty, ensure socio-economic justice, and enhance environmental protection.

On the sidelines of this meeting, the Acting Governor of Da Afghanistan Bank met with several international financial institutions, central bank governors from Islamic countries, and diplomats. Additionally, he had a dedicated meeting with H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, focusing on Islamic banking and fostering bilateral relations. Subsequently, he held discussion with the Turkish ambassador in Bahrain, sharing insights on banking and economic matters.

It is worth mentioning that the Acting Governor of Da Afghanistan Bank also conducted meetings with the board of directors of Islamic banks, religious scholars, and members of Sharia committees associated with Islamic banks. In these meetings, he provided detailed briefings on the implementation of Islamic banking in Afghanistan in accordance with Sharia principles, as well as the monetary policy formulated by Da Afghanistan Bank.

During another segment of the meeting, the Acting Governor of Da Afghanistan Bank engaged in a discussion with the representative of the Ulema (religious scholars) of Bangladesh. The focus of their conversation revolved around the banking and economic situation in Afghanistan, with special emphasis on the factors contributing to the stability of the Afghani currency. The representative of the Ulema of Bangladesh expressed that the Ulama and people of Bangladesh are proud that the Afghani is regarded as the most stable currency in Asia.