Business
Conference on Islamic microfinance kicks off in Kabul
The four-day conference will discuss topics related to Islamic finance in Afghanistan, microfinance, job creation, poverty reduction, and financial inclusion.
![](https://www.ariananews.af/wp-content/uploads/2024/07/Conference.jpg)
A conference focusing on Islamic microfinance under the title ‘Islamic Finance Week of Afghanistan’ got underway in Kabul on Monday.
The conference, organized by the United Nations Development Program (UNDP) has brought together representatives of Da Afghanistan Bank (DAB), the Ministry of Industry and Commerce, UNAMA, ambassadors from some countries, representatives of the private sector, commercial banks, microfinance institutions, and representatives of various other financial and banking institutions, DAB said in a statement.
The four-day conference will discuss topics related to Islamic finance in Afghanistan, microfinance, job creation, poverty reduction, and financial inclusion.
Sidiqullah Khalid, the Director General of the Governor’s Office of DAB, said that despite many challenges, the Islamic banking sector is still in a developing and stable condition.
He added that guidelines and frameworks for transitioning from conventional banking to Islamic banking, adapted to Afghanistan’s conditions, have been developed by utilizing the experiences of other Islamic countries.
According to him, the level of public trust in banks is increasing day by day, and significant steps will be taken soon in the area of financial development.
“DAB has relations with several international institutions that work in the field of Islamic finance and banking, and DAB will also utilize the standards, financial products, and training programs of these international institutions, along with the experiences of other Islamic countries, to further strengthen the Islamic banking in the country,” he said.
Khalid also stated that microfinance institutions play an important role in diversifying financial products, particularly in providing access to financial products for small businesses, agricultural growth for farmers, facilitating business opportunities for small entrepreneurs, reducing poverty levels, creating job opportunities, and overall contributing to the economic growth and development of the country.
He added that the bank has developed and finalized a framework for the regulation and supervision of this sector. Individuals in all provinces of the country who wish to provide services to the citizens through microfinance institutions can obtain a license from DAB.
Related stories:
Doha meeting on Afghanistan to focus on private sector, finance, banking, drugs: IEA
Afghanistan’s central bank chief upbeat over stable AFN
Business
Baradar hails Termez Trade Center as a ‘new chapter’ in Afghan-Uzbek partnership
This will positively impact the economic relations between the two countries and establish the center as a key economic hub and commercial gateway for Central and South Asian nations, he said.
![](https://www.ariananews.af/wp-content/uploads/2024/08/Baradar-Termez.jpg)
In a ceremony to inaugurate an international trade center in Uzbekistan’s border city of Termez on Thursday, Mullah Abdul Ghani Bardar, Deputy Prime Minister for Economic Affairs, said that the center marks a new chapter of friendship, cooperation and partnership between Afghanistan and Uzbekistan, laying the groundwork for long-term prosperity and development of both countries.
Baradar noted that the center will enhance investment opportunities, commercial relationships, and job creation in both nations, and will introduce new markets for products and goods, and, overall, accelerate economic growth, according to a statement released by his office.
Highlighting the importance of this center, Mullah Baradar mentioned that the center’s inauguration would facilitate the production, processing, and export of goods, making it easier to access regional and global markets.
This will positively impact the economic relations between the two countries and establish the center as a key economic hub and commercial gateway for Central and South Asian nations, he said.
Furthermore, the trade center will strengthen joint cooperation between the two countries in the fields of technology and innovation.
According to Mullah Baradar, the center will create essential facilities and opportunities for Afghan and Uzbek traders, enabling them to find suitable markets for their products and actively contribute to the region’s economic development.
He called on the international community to establish appropriate reciprocal economic and trade relations with the Islamic Emirate of Afghanistan, in line with its economy-focused policies, and assured that the Islamic Emirate is committed to providing all necessary support and facilitation in this regard.
The ceremony was also attended by senior officials of Uzbekistan, Azerbaijan, Kazakhstan and Kyrgyzstan.
Business
Bayat Power in talks with Afghan officials for Phase 2 of gas to electricity project
Sahibzada said Bayat Power’s natural gas to electricity generation project will eventually produce up to 250 megawatts of electricity once Phase 3 is complete.
![](https://www.ariananews.af/wp-content/uploads/2024/08/Bayat-Power.png)
Bayat Power officials say they are hoping to start work soon on Phase 2 of Bayat Power-1 in northern Jawzjan province in order to increase electricity production output for Afghanistan.
Company officials said Tuesday they have started discussions with relevant government departments to start the project.
Mohammad Shoaib Sahibzada, the technical head of Bayat Power, said that once Phase 2 is complete, electricity production will increase from 40 to 100 megawatts.
Sahibzada said Bayat Power’s natural gas to electricity generation project will eventually produce up to 250 megawatts of electricity once Phase 3 is complete.
“Currently, it has a production of 40 megawatts, and in the second phase, it will produce 100 megawatts. Bayat Power is in contact with the relevant officials regarding the start of the second phase, the discussions are ongoing,” said Sahibzada.
Bayat Power has produced one billion kilowatt hours of electricity in under five years after starting commercial operations in late 2019.
Sahibzada said that over the past five years, the company has also worked on capacity building of its technical employees.
After 40 years, Bayat Power is the first private company to produce electricity from natural gas in the country and the multi-million dollar plant uses Siemens Energy’s SGT-A45 mobile gas turbine for its economic efficiency, flexible deployment, and power density.
Currently providing electricity to hundreds of thousands of end-users and generating more than 300 million kWh annually, the project was structured as an innovative public-private partnership between Bayat Power, Siemens Energy, and Afghanistan government entities such as the Ministry of Mines and Petroleum, the Ministry of Energy and Water, and the General Directorate of Afghan Gas Corporation Company, Da Afghanistan Breshna Sherkat (DABS), and international partners.
The Bayat Group is the largest private investor in Afghanistan and Bayat Power is currently the only gas-powered plant in the country. The Siemens Energy’s SGT-A45 mobile gas turbine used by the company is the only one in operation in the world.
The former head of DABS Amanullah Ghalib said this week that Bayat Power was a good example of Afghanistan being able to implement big projects.
“To achieve self-sufficiency, one of the most important resources for Afghanistan is natural gas. Afghanistan has a lot of natural gas resources in the north and northeast, from which it can become self-sufficient for electricity production and reduce its dependence on its neighbors,” said Ghalib.
“Bayat Power project is one of the very effective and good examples that Afghanistan can use its experience and implement bigger projects in the future,” Ghalib added.
Related Stories:
Bayat Power blazes ahead as it hits the one billion kWh of energy production milestone
Afghanistan’s Bayat Power the Proud Winner of Asian Power Award 2023
Business
Iran reports 33% increase in exports to Afghanistan in first 3 months of 2024
Ruhollah Latifi, the spokesman for Iran’s chamber of industry and trade, said the total volume for this period was worth $520 million.
![](https://www.ariananews.af/wp-content/uploads/2023/03/Afghanistan-export.jpg)
Iran reported Monday its exports to Afghanistan increased by 33 percent in the first three months of this year.
Ruhollah Latifi, the spokesman for Iran’s chamber of industry and trade, said the total volume for this period was worth $520 million.
He also said Iran’s exports to Afghanistan could surpass $2 billion by the end of 2024, IRIB news agency reported.
Although Iran does not yet officially recognize the Islamic Emirate government, the country continues to develop trade links with its neighbor.
-
Sport4 days ago
Afghanistan beats Guatemala 5-4 in five-a-side futsal tournament match
-
Regional5 days ago
Helicopter of Iran’s late president Raisi crashed due to weather, final report says
-
World5 days ago
Israel, Hamas agree to brief pauses in fighting for polio vaccinations
-
Latest News4 days ago
Farmers struggle to make a living in former key poppy farming district
-
Sport3 days ago
Kuwait beats Afghanistan 4-3 in five-a-side Futsal tournament match
-
World4 days ago
US researchers find probable launch site of Russia’s new nuclear-powered missile
-
Latest News3 days ago
UN Security Council members ‘divided’ over Afghanistan issue
-
World4 days ago
Biden says Netanyahu not doing enough to secure hostage deal