Afghanistan, now named as Islamic Emirate of Afghanistan does not own many banks. There are a small number of Afghanistan banks and the majority of them are trying to follow the sharia-based method.
Afghanistan is not an economically developed country. Still, the banks in Afghanistan try to contribute to the development of social and economic sectors through their several services such as giving loans, and money laundering.
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About Banks In Afghanistan
Afghanistan has a banking sector that has been growing and evolving in recent years, but still faces many challenges. The country’s banking industry is relatively small, with a handful of major players and several smaller banks.
The Central Bank of Afghanistan, known as Da Afghanistan Bank (DAB), is the country’s central bank and regulates the banking industry. It was established in 1939 and re-established in 2002 after the fall of the Taliban regime.
The major banks in Afghanistan include Afghanistan International Bank, Azizi Bank, Bank-i-Milli Afghan, Ghazanfar Bank, and New Kabul Bank. These banks offer a range of financial services, including savings and current accounts, loans, and money transfers.
One of the major challenges facing the banking sector in Afghanistan is the country’s unstable security situation, which can deter foreign investment and make it difficult for banks to operate. Additionally, a large portion of the population remains unbanked, and there is a lack of trust in the banking system due to past instances of fraud and mismanagement.
Overall, while the banking sector in Afghanistan has made progress in recent years, there is still much work to be done to build a stable and trusted financial system that can support the country’s economic development.
Central Banks In Afghanistan
The central bank is a main or official bank in a country that plays a vital role whether controlling all private or commercial banks or as an economic advisor to the state.
Da Afghanistan Bank
Da Afghanistan Bank: Da Afghanistan Bank is the central bank of Afghanistan briefly known as DAB. The government bank has 46 branches all over the country. Da Afghanistan Bank holds major power & control over other commercial banks. DAB has missions like executing monetary policy, issuing banknotes, acting as an advisor, and more.
Top Banks In Afghanistan
Afghanistan has quite a few successful bank services. Among the top banks in Afghanistan are:
Afghanistan International Bank
Afghanistan International Bank – Afghanistan International Bank is one of the largest Afghanistan banks based in Kabul. It was founded in 2004 and is called the biggest lender in Afghanistan. The private bank has 37 branches all over the country, and works as a wholesale bank focused on making various organizations as clients. And offers AIB online banking service also.
Islamic Bank Of Afghanistan
Islamic Bank of Afghanistan – Islamic Bank is one of the most popular Afghanistan banks in Afghanistan. The bank works under Azizi Bank. It has now 62 branches all over the country and fully offers Shariah-based service.
Bank-e-Millie Afghan
Bank-e-Millie Afghan – Bank-e-Mille Afghan is the first-ever financial institution established in 1933 in Afghanistan. It was once a national bank in 1976 and turned into a private bank that has 21 branches throughout Afghanistan.
First MicroFinane Bank
First MicroFinance Bank- Afghanistan – First MicroFinance Bank provides loans to Afghan poor people, especially women. The bank is now one of the leading institutions in Afghanistan in spite of starting in 2004.
New Kabul Bank
New Kabul Bank – New Kabul Bank previously known as the Kabul bank is the first private bank in Afghanistan. The bank is now under the control of DAB & its headquarter is in Kabul.
Pashtany Bank
Pashtany Bank – Pashtany Bank is a financial service founded in 1954 in Afghanistan. It has around 20 branches all over the country.
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Local Banks In Afghanistan
Some popular local banks in Afghanistan situated in Kabul are given below:
- Azizi Bank: Aziz Bank is one of the leading Afghanistan banks. It has nearly 80 branches all over the country.
- Arian Bank: Arian Bank is a local bank in Afghanistan headquarters situated in Kabul.
- Brac Afghanistan Bank: Brac Afghanistan Bank, a bank that provides loans to poor people in Afghanistan.
- Habib Bank Limited: Habib Bank Limited, is another Pakistani branch bank in Afghanistan situated in Kabul.
- Punjab National Bank: Punjab National Bank is a foreign branch bank in Afghanistan situated in Kabul.
- Standard Chartered Bank: Standard Chartered Bank is an international bank that has also a branch in Afghanistan.
Afghan Commercial Banks
Afghanistan commercial banks and foreign branch banks are also gaining people’s trust & popularity.
- Bank Al Falah Limited – Bank Al Falah Limited is a foreign branch bank in Afghanistan. The bank offers loans and various services to the Afghan people.
- Asia Development Bank of Afghan – Asian Development Bank of Afghan provides different kinds of services of development in social & economical sectors.
- Afghan United Bank – Another private bank is called Afghan United Bank. The bank is situated in Kabul & works under the direction of Ashok Kumar.
- Ghazanfar Bank – Ghazanfar Bank, is a common private bank in Afghanistan. The Afghan bank’s license date is March 1, 2009, & the CEO is Jayanta Roy.
- Maiwand Bank – Maiwand bank is a private bank in Afghanistan licensed in 2008. Mukesh Verma is the CEO of the bank.
- National Bank of Pakistan (Kabul Branch) – National Bank is the Pakistani branch bank in Afghanistan. Gohar Ali Shah is the CEO of this Afghan bank.
- Banks in Afghanistan-Wikipedia
However, at present Afghanistan banks are terribly suffering due to political instability happening in the country.
FAQs
Q: What are the major banks in Afghanistan?
A: Some of the major banks in Afghanistan include Afghan United Bank, Azizi Bank, Afghanistan International Bank, Kabul Bank, and First Microfinance Bank.
Q: Are Kabul banks safe?
A: The safety of banks in Afghanistan varies depending on the bank and the location. However, the Central Bank of Afghanistan regulates all banks in the country to ensure their safety.
Q: What types of accounts can I open at the Afghan united bank?
A: Banks in Afghanistan typically offer savings accounts, checking accounts, and fixed deposit accounts.
Q: Can foreigners open a bank account in Azizi bank?
A: Yes, foreigners can open a bank account in Afghanistan, but they may need to provide additional documentation such as a valid passport, visa, and proof of residence.
Q: What is the currency used in Afghanistan?
A: The official currency of Afghanistan is the Afghan Afghani (AFN).
Q: What services does Kabul bank offer?
A: Banks in Afghanistan offer a range of services including deposits, loans, money transfers, foreign currency exchange, and ATM services.
Q: What are the banking hours in Afghanistan?
A: Banking hours in Afghanistan vary depending on the bank and location. However, most banks are open from Sunday to Thursday from 8:00 AM to 2:00 PM.
Q: Can I use my international debit or credit card at Afghanistan international bank?
A: Some banks in Afghanistan may accept international debit or credit cards, but it is recommended to check with your bank before traveling to Afghanistan.
Q: Are there any fees for using ATMs in the afghan united bank?
A: Yes, some banks may charge a fee for using their ATMs in Afghanistan. It is recommended to check with your bank for their fee structure.
Q: How do I report a lost or stolen credit/debit card in Afghanistan?
A: If your credit or debit card is lost or stolen in Afghanistan, contact your bank immediately to report the incident and block your card.