Issue 8 2020

42 Acquisition International - Issue 8 2020 Mar20058 Any bank must adapt to meet the needs of its clients. The team at Ghazanfar Bank, one of Afghanistan’s most highly regarded institutions, has always done this. Serving people better is how it has been recognised in Acquisition International’s Global Excellence Awards as Best Sharia-Compliant Commercial Bank, Afghanistan – 2020. We look more closely at this leading firm to find out more. ommencing operations in 2009, Ghazanfar Bank has quickly become a staple of Afghanistan’s financial scene. Under the guidance of the Ghazanfar Group, the Ghazanfar Bank offers its clients key financial services under conventional banking and Islamic banking. With a strong business backing the firm, the bank has become a major player across the region. The team behind the Ghazanfar Bank ensure that expertise drives every decision. With such a talented group of qualified Bankers, Financial Experts, Accountants and Risk Managers, clients can be assured that their finances are in safe hands. Thanks to this dynamic team, it has proven possible for the bank to offer specialized skills in areas such as counseling and advising on any financial matter, handling of foreign exchange transactions, handling of investments in a depository account, Islamic banking transactions, lending/ corporate banking transactions, SME lending transactions, money transfer transactions, retail banking transactions and international trade related transactions. The ability of the Ghazanfar Bank to offer these services at such a high level is one of the many reasons behind the firm’s continued success. While still a relatively young business, it has managed to open branches across Afghanistan. Key locations such as Mazar Sharif, Hairatan, Kunduz, Takhar, Pule- Khumri, Jalalabad, Herat have now been reached, with another six branches at Kabul in Sarai Shahzada, Shar-e-Naw, Karte Naw, Kote Sangi, Lase Maryam and Wazir Akbar Khan. As the firm continues to establish itself, it’s little wonder that it has been able to prove itself of worth to those it serves in the community. As the firm is based in Afghanistan, it’s worth considering how this has affected the business decisions made by the Ghazanfar Bank. The choice to provide Islamic banking is one that is specific to the region, and is one of the factors that has allowed the bank to flourish. Islamic banking involves the team taking slightly different risks to counterparts that handle purely commercial banking. An example of this would be Musharakah. This means that a relationship is established under a contract by mutual consent of the parties for sharing of profit and losses in the joint business. It is agreement under which the Ghazanfar Bank Islamic Banking Window provides fund which is mixed with the funds of the enterprise and others. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by every partner strictly in proportion to their respective capital contribution. Many banks wouldn’t be able to offer this sort of service, but the ability of the Ghazanfar Bank to tackle this issue makes it a very appealing partner. Of course, the decision to offer these Sharia-Compliant services is one that is guided by the shareholders, and many of the shareholders C Leading Business House Company: Ghazanfar Bank Contact: Mohammad Naweed Hamidi Web Address: www.ghazanfarbank.com at the Ghazanfar Bank are part of the larger the Ghazanfar Group. These people are involved in many of the key business sectors that Afghanistan’s economy runs on including the import and distribution of Petroleum/Gas and other various important industrial sectors. The involvement of this team allows the Ghazanfar bank an advantage over the competition, drawing on an incredible amount of business acumen. Looking forward, the Bank hopes to expand even further, with more branches in Kabul as well as more locations throughout Afghanistan. The success of the Ghazanfar Bank is impossible to argue with, with new branches opening all the time. It offers a service that people want to access, and this is the primary reason behind its incredible achievements to date. The success of the Ghazanfar Bank is impossible to argue with, with new branches opening all the time. It offers a service that people want to access, and this is the primary reason behind its incredible achievements to date.