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Islamic bank

Afghanistan approves first full-fledged Islamic bank

KABUL: Afghanistan’s central bank has granted a license to the Islamic Bank of Afghanistan (IBA), the first lender in the country to apply the interest-free principles of Islamic finance in all its operations, a senior bank official told Reuters. The IBA was previously known as Bakhtar Bank and operated under a conventional banking license since it was acquired by Azizi Bank in 2009. The central bank, Da Afghanistan Bank, granted the license on April 9 after the IBA completed the conversion of its balance sheet, said…