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MoU signed between Bank-i-Mili Afghan and Afghan Industrialists Association

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MoU signed between Bank-i-Mili Afghan and Afghan Industrialists Association

Bank-i-Milli Afghan (BMA) has agreed to grant USD 100mn in Islamic loans and USD 100mn in ordinary loans to Afghan industrialists.

A Memorandum of Understanding (MoU) was signed between the Bank and the Head of the Afghanistan Industrialists Association, Abdul Karim Arif, on Sunday in Kabul.

The loan services provided by the bank are an attempt towards boosting the ailing industrial sector of Afghanistan.

As per the agreement, the industrialists will not receive any cash. Instead, they will propose to buy raw materials from a company, and the bank will buy the materials from the company with loans provided under the Islamic banking system.

BMA Chairman, Ahmad Khusraw Zia, said the loan receiver would have to pay for the material and its interest after three months.

The ordinary loans would be subject to 6.5% to 9.5% interest rate, he added.

Chairman Zia regarded development of the industrial sector as a necessity for Afghanistan to help the nation tackle its trade deficit and become an exporting country.

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