Saturday, 31 July 2021 12:55 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."

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