Afghan Islamic bank joins UAE major free zone| MENAFN.COM

Tuesday, 04 October 2022 04:12 GMT

Afghan Islamic bank joins UAE major free zone

(MENAFN) UAE's Dubai Multi Commodities Center (DMCC) free zone was announced to have been joined with Islamic Bank of Afghanistan as a member.

DMCC explained the bank to be using its service facilities to carry out multi-currency trades that are aligned with Islamic law.

The central bank of Afghanistan has licensed the bank in April in line with interest-free, speculation-free Sharia principles.

Executive director of commodities at DMCC Sanjeev Dutta said "our partnership will facilitate the bank's Murabaha transactions to develop a wide range of new Islamic financial institutions."

CEO of Islamic Bank of Afghanistan Amer Khalil-ur Rehmanm said that the membership "will enable us to offer a broader range of Sharia-compliant financial products and services, and reach to the unbanked customers within our country."


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.