The Islamic Bank of Afghanistan has joined the DMCC Tradeflow platform for Shari’ah compliant multi-currency transactions.
The collaboration will enable the Islamic Bank of Afghanistan to carry out Shari'ah-compliant Murabahah transactions using Dubai Multi Commodities Centre’s (DMCC) platform to take multi-currency trades from across the globe.
“We are pleased to mark our collaboration with DMCC this will enable us to offer a broader range of Shari'ah-compliant financial products and services, and reach to the unbanked customers within our country”, said Amer Khalil ur Rehman, CEO of the Islamic Bank of Afghanistan.
The Islamic Bank of Afghanistan sees Shari'ah-compliant finance as a unique feature that could help attract more people into the country’s financial system having paid-up capital of $25 million and held $187 million of deposits as of December 2017, offering its services across a network of 59 branches.
DMCC Tradeflow enables banks, financiers and suppliers to manage and mitigate potential risks across the commodity value chain by providing a transparent, regulated platform for registering possession of commodities, which are stored in DMCC’s UAE-based facilities.