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Islamic Banking
EXCLUSIVE: Maiwand Bank
First time in afghanistan with Islamic Banking services.


Afghanistan is a country that has been in conflict for the last 23 years. The prolonged conflict in Afghanistan has resulted in large-scale deterioration particularly in the economic structure of the country. The new government has been taking lot of initiatives since the year 2001, to restore the same into the track again, and one of those initiatives is allowing for new private banks with strong financial and sound principles. A sound banking system is the back bone for any country’s economic progress, and to contribute in the economic restructuring process of the country.

The existing banking system prevailing in the country needs to be further strengthened by strict implementation of the banking laws and regulations. And the banking facilities need to be spread across the country in order to bring economic progress all over the country. The traditional Hawala system (typical cash based system) of financial transactions prevailing in this country should be substituted by a strong and stable banking industry to enable all the financial transactions to put through normal banking channel as a professional tool for monitoring and controlling the inflation and also to avoid unauthorized financial transactions.


Maiwand bank, in the light of the above with strong capital base and sound management, is aimed to focus on the financial needs of private and public sector in Afghanistan. The bank is well aware of the urgent need for banking services and strongly believes that this sector is crucial for supporting the reconstruction and developmental efforts of the Afghanistan’s economy as a whole.

Maiwand Bank, promoted by Afghan Nationals with strong Capital Base of $ 15 Millions, is aimed to provide innovative products and services for the Afghanistan general public. The Bank will function as an international commercial banking institution in Afghanistan and act as a strong catalyst for economic growth and business prosperity in the economic reconstruction process of Islamic Republic of Afghanistan. It will create a true partnership with the private and public sectors in establishing a modern international commercial bank to meet Afghanistan’s financial services needs.

Maiwand Bank, with professional promoters in the back ground supported by well qualified and experienced international banking professionals in the management, will be established as one of the strongest commercial bank of Afghanistan. Maiwand Bank is committed to expand its coverage of its targeted market segments and offer its diversified products more effectively and efficiently.
An international corresponding banking relationship with a reputable multinational commercial bank will be established in order to facilitate international payments and financial services. Maiwand Bank will be managed by an international team of bankers, experienced in operating under sub continental economic and social conditions. Afghan talents will be utilized to the maximum extent possible and training programs will be established in order to bring local employment into the bank as it’s operations grow.

Maiwand Bank is the fastest emerging strong Commercial Bank in Afghanistan, established & commenced Banking Business from 1st January, 2009, promoted by Afghan Nationals and managed by International Banking professionals. Within the short span of 12 months, the Bank has a Branch Net Work of 18 branches with US $ 67 Million Business level. Another 7 branches will be opened with in next 15 days. Further licenses for opening of 12 more branches are under process. Thus targeted Net Work of branches by end of First year of operations is 37. Also, the Da Afghanistan Bank (the Central Bank) has issued No Objection Certificate for opening of an Overseas Branch in Tajikistan. We expect to have this branch operational in the very near future.

Vision Statement: To emerge as one of the strongest international commercial banking institutions in Afghanistan with state of art technology and innovative products & services to act as a strong catalyst for economic growth and business prosperity in the economic reconstruction process of Islamic Republic of Afghanistan. By leveraging the technological innovations, Maiwand Bank will certainly create a true partnership with the private and public sectors in establishing a modern international commercial bank to meet Afghanistan’s financial services needs in strict compliance of laws and regulations by international banking standards and best practices.

Mission Statement: To become one of the strongest player in the market with professional promoters in the back ground supported by well qualified & experienced international banking professionals in the management and to raise the capacity and maintain a team of committed and motivated national talent with high work ethics for providing excellent customer satisfaction in order to make value addition to all the stake holders viz Share holders, customers, staff and ultimately to the society at large.

Promoters and share holding pattern

Name of Subscriber Address Number of Equity Shares Taken
Dr Fraidoon Noorzad Mukroryam, No. 4, Kabul, Afghanistan 50%
Haji Naseer Macroryam No.3, Kabul, Afghanistan 20%
Haji Abdul Qayoom Pardis Shas-Darak, Kabul, Afghanistan 10%
Eng. Allauddin Kulola Pushta Kabul, Afghanistan 10%
Haji Abdul Samad Kalai Fatullah, Faisnoor building Kabul, Afghanistan 10%
Total number of equity shares taken 100%

Strong Capital base:

Maiwand Bank, with the strong capital base of USD 15 million (increased from $ 11 Million to $ 15 Million by injecting fresh capital of $ 4 million), contributed purely by Afghan promoters, as against the minimum capital requirement of USD 10, millions (equaling to AFS 500 million) as per the licensing regulations of DAB. The Authorised Capital of Maiwand Bank is set to USD 30 Million as a provision to increase the capital for future expansion of the Bank.
In addition to the above, In order to strengthen the financial capabilities of the bank to meet the future branch as well as business expansion plans, it is the Endeavour of the bank to pump additional capital from time to time. Accordingly the authorized capital of the bank had been increased to USD 30 Million from USD 15 Million to facilitate for increasing the Capital over a period of 4 years. The projected capital injection plan is as under.

Year DescriptionAmount of Issued Capital Amount in USD Total Cumulative Capital Amount in USD
2008 Initial start up capital USD 11,000,000 USD 11,000,000
2009 Injection of Capital USD 4,000,000 USD 15,000,000
2010 Proposed Injection USD 5,000,000 USD 20,000,000
2011 Proposed Injection USD 5,000,000 USD 25,000,000
2012 Proposed Injection USD 5,000,000 USD 30,000,000

Accordingly, an additional capital of USD 4 Million was injected during the month of December 2009. Even though we planed to inject additional capital of USD 5 Million during the year 2010, we could not mobilize the same due to unfavorable financial market conditions, in light of the recent financial turmoil in Afghanistan banking industry. However the management and Board of Supervisors are confident to inject the additional capital of USD 5 Million by end of March 2011 and another USD 5 Million by the end of December 2011 to meet capital plan targets.

Board of Supervisors / Directors

The Board of Supervisors is elected by the Share holders of the bank as per the corporate governance to conduct the banking business in a more prudent manner to protect the interest and enhance the share holder’s value with proper planning and controlling of the affairs of the bank. The Board of Supervisors for Maiwand Bank is as under.

Name of the Directors Position Brief Profile Remarks
Dr. Fraidoon Noorzad Chairman and Managing Director The founder promoter of the bank with major share holding (Share holder’s Representative) Duly approved by Da Afghanistan Bank
Mr. Mohomed Ismail Director – Member of the Board Qualified and experienced Banker (not from the share holders) Duly approved by Da Afghanistan Bank
Dr. Ferozuddin Feroz Director – Member of the Board Reputed citizen of Afghanistan, held various key positions like Dy. Minister and CEO of an Afghanistan NGO (not from the share holders) Duly approved by Da Afghanistan Bank
Mr Muslim-Ul-HaqDirector – Member of the BoardQualified and experienced Banker (not from the share holders)Duly approved by Da Afghanistan Bank
Eng AllauddinDirector – Member of the BoardOne of the promoters of the bank with 10 % of share holding (Share holder’s Representative)Yet to be approved by DAB

Management Team:
The Management Team of Maiwand Bank comprises of qualified and experienced banking professionals from the neighbouring countries, with specific focus in the relevant areas of banking, who will take the responsibility of execution and management of the banking activities in strict compliance of the Banking and other laws in providing the guidance to the Board of Supervisors in the right direction towards the Vision and Mission of the Bank.

Name of the Executive Position Brief Profile Remarks
Mr. P V V Rama Raju President & CEO Qualified and experienced Banker with over 25 years of banking experience Duly approved by Da Afghanistan Bank
Mr. G. Deva Das Chief Credit Officer Qualified and experienced Banker with over 21 years of banking experience Duly approved by Da Afghanistan Bank
Mr. Bipul Datta Chief Operations Officer Qualified and experienced Banker with over 36 years of banking experience Duly approved by Da Afghanistan Bank
Mr A K Aggarwal Chief Finance Officer Qualified and experienced banker Duly approved by Da Afghanistan Bank
Mr Md Abdul Basit Chief Internal Auditor Qualified Chartered Accountant Duly approved by Da Afghanistan Bank

2.5 Audit Department of the Bank The bank had a full-fledged internal AUDIT system to ensure the compliance of the policies of the bank as well as the Banking laws of Afghanistan with international Audit standards.

Name of the Executive Position Brief Profile Remarks
Mr. S Satyamoorthy Chief of Audit Committee Qualified and experienced with international Audit experience of over 35 years Duly approved by Da Afghanistan Bank
Mr Md Abdul Basit Chief Internal Auditor Qualified Chartered Accountant Duly approved by Da Afghanistan Bank
Mr. Md Nasim Azimi Manager – Internal Audit Experienced Afghan National, who had been trained in the field of internal auditing. NOT required

Senior Advisor:

In order to bring professionalism to the Board with more transparency, Maiwand Bank appointed Mr. P K Khanna, well qualified and internationally experienced banker as a Senior Advisor to the Board. His knowledge and experience, at various key positions in international banking, will be useful for the bank in identifying territories for various business equations with strategic out look.

Banking Industry Scenario:

Currently, there are about 2 state owned Banks, 7 foreign bank branches and 7 local new private banking institutions established in Afghanistan. Since the installation of Democratic Government in 2001, the banking industry has started growing day by day under the controlling regulations of Da Afghanistan Bank (central Bank) with the support of various international monetary agencies and expatriates.

Products & Services:

  • Deposits
  • Loans & Advances
  • Trade Finance
  • Remittances – Foreign as well as Inland
  • Multi Currency Transactions in Afghani, US $, Euro, GBP & PKR
  • ATM, Debit Card & POS services
  • Internet Banking
  • SMS / Mobile Banking
  • Islamic Banking on Profit Sharing basis

Maiwand Bank, fully equipped with the latest art of technology in a secured environment, will definitely differentiate itself, as a newly emerging strong bank, from the competitors by offering diversified products lines, excellent customer service, student loan programs, Sharia compliant products, and other services with accessibility to the rural population, through a transparent, sound and quality management.

Banking is defined as “accepting the deposits from the public for the purpose of lending / investing or otherwise withdrawable on demand by the customers by cheque or other acceptable instrument”. Products of the bank are widely divided basically into three kinds, Asset products, Liability products and service products.

The management of the Maiwand bank will design both the asset products as well liability product at a reasonable pricing in order to get good spread between the interest income and interest expenses. Apart from the above, the bank will customize it’s service products to meet the present day to day market requirement to maximize the non interest income, which could be butter for the bank earnings

Founding Principles:
  • Sharing social responsibility in reconstruction of our Great Nation which suffered a two decade long internal conflict & external wars.
  • To transform the belief and remove ignorance about banking from the Society.
  • To encourage the habit of Savings.
  • To help the needy with financial support.
  • To serve the customers with sense of Service and Dedication.
  • To spread the Banking & Financial services across all the provinces of Afghanistan.
  • To focus on development of under privileged segments of economy.

Our Business Principles and operational ethics
  • We invest in our clients and with our clients.
  • We treat our clients as our business partners.
  • We provide the best training to our employees.
  • Never speculate with client’s money and trust
  • Always fulfill our promises.
  • We never promise what we can not deliver.
  • We respect money and money respects in turn to those who respects money.
  • We always remember our obligation to shareholders and never forget our moral responsibility to the people who put trust on us.
  • We always thrive to enhance the value for all the stake holders.
  • We never discriminate regardless of skin color, language, religious and gender.
  • We are very scrupulous in selection of our clients.
  • We must know sources of their income and be sure about legality of their business.
  • We are strict in following procedure and compliance of the laws.

Special features – USP
  • Strong Capital Base with dedicated international management team.
  • Any where any time banking facilities through Centralised Banking Services.
  • Fully techno savvy with the latest software and secured environment.
  • Innovative product line driven with technological innovations.
  • Successful product delivery with latest delivery channels viz ATM, Net Banking and mobile banking etc.
  • Strong commitment towards the society to provide the support for the Governmental activities of collection of Taxes and other utility payments.

Business Highlights as at 31.12.2010

Within the short span of 2 years of operations, Maiwand Bank was able to set solid standards in the banking industry with sustainable growth and measurable parameters. Maiwand Bank largely concentrating and targeting on Business segment with an aim to capture the current account clients by catering to their special needs of settlement of payment for their Export and Import businesses.

  • Total business of the bank stands at USD 208.72 millions
  • Deposits of the Bank stands at USD 152.62 millions
  • Advances of the Bank stands at USD 56.10 millions
  • No of customers around 88500
  • Current account deposits constitutes 74% of the total deposits

    • Techno Savvy Bank:

      The Maiwand Bank offers “Any Where Banking” through Core Banking Solutions. The Bank also has Internet Banking and also has plans to introduce SMS / Mobile Banking services for Corporate as well as individuals in the near future; hence, providing 24 hour, 365 days banking right from the PC / mobile of the user, which will offer world class banking services and account access anytime, anywhere, complete details of transactions, and statement of account, online information of deposits, loans overdraft account etc.

      Risk Management:

      The bank implemented all the tools for the risk management to mitigate the operational risk, credit risk, market risk and exchange risk. Bank had established the Asset Liability Management Committee to assess and measure the risk parameters of the banking operations by proper liquidity and fund management. The bank had also established various other committees viz Credit Committee, Audit Committee, Budget Committee for proper monitoring and controlling the various activities of the bank in a more prudent manner.

      Banking Software (CBS)

      The Maiwand Bank offers “Any Where Banking” through Core Banking Solution. The Bank also plans to introduce shortly the, ATM / POS, Internet Banking / SMS Banking services for Corporate clients as well as individuals providing 24 hours, 365 days banking right from the PC / mobile of the user, which will offer world class banking facilities like anytime, anywhere access to account, complete details of transactions, and statement of account, online information of deposits, loans overdraft account etc.

      IT Department:

      Maiwand Bank established an independent IT department to cater to all the IT needs of the Bank viz networking and connectivity with strong IT professionals. The data of the bank is maintained at a central location with the connectivity to all the branches providing anywhere, anytime banking facilities to the clients in a more secured manner.

      SWIFT facility (MWBKAFKA)

      Maiwand became the member of SWIFT within a short span of a month from the date of its operations. Maiwand Bank, with the SWIFT facility, is able to provide international remittance facilities. Maiwand Bank has been able to exchange the SWIFT exchange keys with international banks for the purpose of establishing Letters of Credit and other related products. We have built in AML compliance filtering software installed in our SWIFT connectivity to ensure the strict compliance of AML.

      Independent Functional Departments:
      • Operations
      • Credit
      • Internal Audit
      • Finance
      • IT
      • AML - KYC compliance
      • HR
      • Admin and Logistics
      • SWIFT – Remittances
      • Marketing & Advertisement
      • Islamic Banking
      • Western Union
      • ATM / POS


      Maiwand Bank became the member of the Western Union agent community to provide Western Union branded money transfer services by fastest and safest manner.

      Future Plans:

      Maiwand Bank, with a clear Vision and Mission to become one of the strongest commercial bank, is planning to expand it’s wings by spreading the network allover the Afghanistan in a phased manner. It is also committed to provide all the latest techno savvy products by leveraging the latest technological innovations to meet the present day challenges.

      Islamic Banking: Maiwand bank is the first Afghan Bank to have expressed interest in Islamic Banking and had submitted its application to the regulatory authorities for permission to provide the Islamic financial services and products under Shariah principles. On obtaining the permission, the bank will provide the Islamic financial products through its branch net work.

      Ladies Banking: Maiwand Bank recognized the need to provide special products and services of banking to ladies community through a special branch for ladies. Maiwand bank is the first bank in the country to introduce “Ladies Banking” a dedicated banking branch only for ladies in Shar-e-Naw, the commercial place of Kabul and the most preferred and secured location for shopping etc.

      “Maiwand Bank by opening special branch for ladies, intend to set milestone for the local banking industry. The bank is looking enthusiastically to provide banking services to the ladies by professional and well trained female banking staff at the Bank’s Ladies Branch. This ladies branch is fully equipped to serve ladies and attend to their banking needs quickly and efficiently in complete privacy, confidentiality and convenience that they really deserve. This special branch provides an exclusive banking to ladies by dedicated ladies staff.

      Superior Service: Maiwand Bank will differentiate itself from the competitors with the offering of diversified products and qualitative service to the general public of Afghanistan. In addition, Maiwand Bank offers diverse product lines, excellent customer service, and accessibility to the women community through special ladies branch.

      Master Card: Maiwand Bank obtained principle membership from Master Card international. The integration process with Master Card is in it’s final stage for SIT and UAT, and planning to launch Master Card Debit cards shortly.

      Location of Head Office:

      Maiwand bank headquarters is strategically located at Turabaz khan Square, Share-e-naw, Kabul, Afghanistan, the most commercial part of Kabul, the capital city of Afghanistan,. This provides a central location accessible from different parts of Kabul. And as per the Vision and Mission statement of the Bank, it is planning to open in most of the commercial areas of Kabul along with in all provincial capitals of the country to provide the banking services across the country.

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Ahmad Jawed Shukury