Afghanistan’s central bank, Da Afghanistan Bank, has approved a new law on Exchange and Money Services. This law could affect dozens of small money-changing businesses across the country.
The new Exchange and Money Services Law stipulates that no one can provide money services without a license. These services include Hawala, an informal money transfer system.
The central bank’s statement highlights that licensed businesses will receive more facilities, while authorities will take action against illegal businesses.
This is the latest step by the Islamic Emirate to bring banking and money-related laws in line with Sharia in the country.
Two years ago, the central bank banned online foreign exchange trading, declaring it “illegal” in Islam and warned that anyone engaging in it would face prosecution.
Also in 2022, the central bank banned cryptocurrency trading – also on the grounds of it being sinful.
Also See: 80% of Women’s Rights Secured, Says Islamic Emirate Official
This news is sourced from [Ariana News] and is for informational purposes only.
