Kabul, Afghanistan, July 24, 2024 – The United Nations Development Programme (UNDP) Afghanistan Country Office, in collaboration with the UNDP Istanbul Center for Private Sector in Development (ICPSD), organized the Afghanistan Islamic Finance Week (AIFW) from 22 to 25 July 2024 in Kabul, Afghanistan. The launch of Afghanistan Access to Finance Project was the focus of the AIFW. The four-day event featured a high-level policy discussion, a panel discussion, a validation session, a public hearing of the exposure draft of AAOIFI standards, and a training program. A forum for women entrepreneurs concluded AIFW on its final day.

The event began with a high-level policy dialogue, which included welcoming remarks from Ms. Roza Otunbayeva, the Secretary-General’s Special Representative (SGSR) for Afghanistan, Mr. Sadequllah Khalid, Director General of Governors Office, Da Afghanistan Bank (DAB), Mr. Stephen Rordiques, Resident Representative of UNDP Afghanistan, Mr. Nassrullah Sahibzada, the representative of the Ministry of Commerce and Industry, and Mr. Omar Ansari, Secretary General of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).  The significance of the microfinance and financial sectors in fostering economic and social growth was universally acknowledged.  

Following the high-level dialogue, a panel discussion on “Landscaping the Current Microfinance Market, Changes in the Ecosystem, and the Implications for the Sector in Afghanistan” was held. The panel was attended by Dr. Muniruddeen Lallmahomood (UNDP ICPSD Islamic Finance Portfolio Lead), Dr. Muhammad Yusuf Saleem (Director General of the Islamic Banking and Finance Department of DAB), Mr. Mohammad Akbar Sarwari (Executive Director of the Afghanistan Microfinance Association – AMA), and Mr. Ziauddin Haidari (CEO of FMFB-A). The microfinance ecosystem in Afghanistan was the subject of discussion among the panel members, with a particular emphasis on the regulatory requirements and best practices of fintech and microfinance.

During the afternoon sessions of the first day, the validation of three reports conducted by the UNDP was carried out. The title of these reports are: (i) “Islamic Microfinance Products Development and Implementation”, (ii) “Islamic Microfinance Fintech Solutions for the Least Developed Countries (LDCs): Afghanistan, Bangladesh, and Djibouti”, and (iii) “Shariah Governance Assessment of Afghanistan Finance Sector” and “Shariah Review and Audit Manual”. During the same session Dr. Hilal Hossein of the Islamic Development Bank Institute (IsDBI) presented the most recent advancements in Fintech industry.  

The second day included a public hearing in the morning and a “Ethics for Islamic Finance Professionals (EIFP) Workshop” in the afternoon, which was organized in partnership with the AAOIFI.

On the third day, a training program was conducted on the topics of Shariah and business governance. The objective of this training program was to provide Shariah supervisory board members, consultants, experts and professionals in the financial sector with the essential information and skills they need.

Day four of the event, “Empower Her: Financial and Digital Literacy Day for Women”, focused on providing a thorough discussion and interaction in financial and digital literacy specifically for women. This day of the event was participated by 70 Afghan women entrepreneurs, Delegates of financial institutions, including banking and and microfinance institutions such as MISFA, Ghazanfar Bank, Oxus, ADF, and FMFB-A, showcased their range of financial products and services specifically tailored for women entrepreneurs. A networking session facilitated a direct and interactive discussion between attendees and industry professionals.