| Afghanistan plans to issue licenses for three Islamic banks, the first to offer a range of services that comply with religious law in a country where 99 per cent of the population is Muslim. Afghan United Bank, Ghazanfar Bank and Maiwand Bank are seeking permission to provide products that meet Shariah principles. Currently, there are seven local banks can offer Islamic services through dedicated tellers at branches. The products are limited to Islamic loans. The governement wants to expand Islamic finance to draw more assets into the financial system and help reduce the nation's reliance on overseas aid for reconstruction following 30 years of war and insurgency. The country has received more than US$32 billion in international aid since U.S.-led forces toppled the Taliban in 2001. |
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