Afghanistan's Financial Industry in an Existential Crisis: Chief Executive Officer of Islamic Bank of Afghanistan

Syed Moosa Kaleem Al-Falahi, Chief Executive Officer at the Islamic Bank of Afghanistan, has said that Afghanistan’s financial industry is in the midst an existential crisis amid customer panic.

Why it Matters?

Al-Falahi, who is temporarily based in Dubai, United Arab Emirates (UAE), owing to the chaos in Kabul, Afghanistan’s capital, noted that there were significant withdrawals from banks occurring at present in the country. He also remarked that most banks are not functioning or providing full services. It is believed the country’s banking system is close to collapse. Since the Taliban takeover In August 2021, country’s access to international funds has been frozen. These funds and foreign assistance are critical to the sur...