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| '''Abdul Majid Zabuli''' (August 14, 1896 – November 23, 1998) was the founder of ]'s banking system. He founded the Ashami company in 1932, which eventually became the Afghan National Bank (Bank-i-Milli Afghanistan). |
'''Abdul Majid Zabuli''' (August 14, 1896 – November 23, 1998) was the founder of ]'s banking system. He founded the Ashami company in 1932, which eventually became the Afghan National Bank (Bank-i-Milli Afghanistan). | ||
| ==Personal history== | ==Personal history== | ||
| Line 7: | Line 7: | ||
| ==Early attempts to establish a national bank== | ==Early attempts to establish a national bank== | ||
| Until 1930, both public and private trade and banking in Afghanistan occurred through financing provided by money bazaars. When trade was disrupted due to a revolt against ], Zabuli suggested the establishment of a national bank. This had been previously suggested by Amanulla and had been rejected on religious grounds. However, Zabuli was given permission by ] to establish a joint stock company in its place. Even though the company was given a monopoly over imports of sugar, petroleum and motor vehicles as well as exports of cotton, karakul and wool it was not a |
Until 1930, both public and private trade and banking in Afghanistan occurred through financing provided by money bazaars. When trade was disrupted due to a revolt against ], Zabuli suggested the establishment of a national bank. This had been previously suggested by Amanulla and had been rejected on religious grounds. However, Zabuli was given permission by ] to establish a joint stock company in its place. Even though the company was given a monopoly over imports of sugar, petroleum and motor vehicles as well as exports of cotton, karakul and wool it was not a successful venture.<ref name="Revolutionary Afghanistan">{{cite book | title=Revolutionary Afghanistan: a reappraisal | author=Male, Beverley | year=1982 | publisher=Croom Helm Limited | location=London | pages=229 | isbn=0709917163}}</ref> | ||
| ==Establishment of the Afghan National Bank== | ==Establishment of the Afghan National Bank== | ||
| In 1931 Abdul Majid Zabuli was able to use the investment capital he had accrued through the cotton trade with ] to establish Afghanistan's first investment bank.<ref name="Arnold">{{cite book | title=Afghanistan's two-party communism: Parcham and Khalq | author=Arnold, Anthony | year=1983 | publisher=Hoover Institution Press | location=Stanford University, Stanford, California, USA}}</ref> While privately owned, the Bank-i-Melli was given power over currency regulation and acted as a de facto government organisation. |
In 1931 Abdul Majid Zabuli was able to use the investment capital he had accrued through the cotton trade with ] to establish Afghanistan's first investment bank.<ref name="Arnold">{{cite book | title=Afghanistan's two-party communism: Parcham and Khalq | author=Arnold, Anthony | year=1983 | publisher=Hoover Institution Press | location=Stanford University, Stanford, California, USA}}</ref> While privately owned, the Bank-i-Melli was given power over currency regulation and acted as a de facto government organisation.<ref name="Angelo" /> | ||
| ==Political career== | ==Political career== | ||
| Zabuli was a supporter of the Wikh-e-Zalmayan movement which began in 1946. It called for the youth of Afghanistan to work for the common good of their country without recourse to outside interference, the |
Zabuli was a supporter of the Wikh-e-Zalmayan movement which began in 1946. It called for the youth of Afghanistan to work for the common good of their country without recourse to outside interference, the eradication of bribery and oppression, legal rights for women and the furtherance of the national economy.<ref name="Arnold" /> | ||
| In 1948 Abdul Majid Zabuli visited Washington in his role as Minister of National Economy.<ref name=twsJanEib>{{cite news | In 1948 Abdul Majid Zabuli visited Washington in his role as Minister of National Economy.<ref name=twsJanEib>{{cite news | ||
| Line 24: | Line 24: | ||
| |url= http://www.institute-for-afghan-studies.org/Foreign%20Affairs/Foreign%20Affairs.htm | |url= http://www.institute-for-afghan-studies.org/Foreign%20Affairs/Foreign%20Affairs.htm | ||
| |accessdate= 2010-01-05 | |accessdate= 2010-01-05 | ||
| }}</ref> He requested that the US provide arms and financial assistance to Afghanistan to allay concerns in Afghanistan regarding possible Soviet |
}}</ref> He requested that the US provide arms and financial assistance to Afghanistan to allay concerns in Afghanistan regarding possible Soviet aggressions following the ] withdrawal from ].<ref name=twsJanEia>{{cite news | ||
| |author= Omar Zakhilwal | |author= Omar Zakhilwal | ||
| |title= The Helmand Valley Project | |title= The Helmand Valley Project | ||
Revision as of 15:26, 6 February 2011
Abdul Majid Zabuli (August 14, 1896 – November 23, 1998) was the founder of Afghanistan's banking system. He founded the Ashami company in 1932, which eventually became the Afghan National Bank (Bank-i-Milli Afghanistan).
Personal history
Zabuli was born in Herat in 1986. He was then educated in Tashkent before spending some time in Berlin. Mohammed Nadir Shah's government requested that Zabuli return to Afghanistan to assist with economic affairs of state.
Early attempts to establish a national bank
Until 1930, both public and private trade and banking in Afghanistan occurred through financing provided by money bazaars. When trade was disrupted due to a revolt against Amānullāh Khān, Zabuli suggested the establishment of a national bank. This had been previously suggested by Amanulla and had been rejected on religious grounds. However, Zabuli was given permission by Mohammed Nadir Shah to establish a joint stock company in its place. Even though the company was given a monopoly over imports of sugar, petroleum and motor vehicles as well as exports of cotton, karakul and wool it was not a successful venture.
Establishment of the Afghan National Bank
In 1931 Abdul Majid Zabuli was able to use the investment capital he had accrued through the cotton trade with Russia to establish Afghanistan's first investment bank. While privately owned, the Bank-i-Melli was given power over currency regulation and acted as a de facto government organisation.
Political career
Zabuli was a supporter of the Wikh-e-Zalmayan movement which began in 1946. It called for the youth of Afghanistan to work for the common good of their country without recourse to outside interference, the eradication of bribery and oppression, legal rights for women and the furtherance of the national economy.
In 1948 Abdul Majid Zabuli visited Washington in his role as Minister of National Economy. He requested that the US provide arms and financial assistance to Afghanistan to allay concerns in Afghanistan regarding possible Soviet aggressions following the British withdrawal from India. Both these requests were denied.
References
- Saikal, Amin; et al. (2006). Modern Afghanistan: a history of struggle and survival. London, New York: I.B. Tauris & Co ltd.
{{cite book}}: Explicit use of et al. in:|author=(help) - Male, Beverley (1982). Revolutionary Afghanistan: a reappraisal. London: Croom Helm Limited. p. 229. ISBN 0709917163.
- ^ Arnold, Anthony (1983). Afghanistan's two-party communism: Parcham and Khalq. Stanford University, Stanford, California, USA: Hoover Institution Press.
- ^ Rasanayagam, Angelo (2007). Afghanistan: A Modern History. London, New York: I.B. Tauris.
- "Afghan - U.S. Relations". Foreign Affairs. Retrieved 2010-01-05.
Negotiations between Abdul Majid Zabuli and Washington in late 1940's.
{{cite news}}: Italic or bold markup not allowed in:|publisher=(help) - Omar Zakhilwal. "The Helmand Valley Project". Institute for Afghan Studies. Retrieved 2010-01-05.
In 1949 Abdul Majid Zabuli (the Minister of National Economy) asked the Export-Import Bank (EIB) in Washington D.C. for a $55 million loan. After an initial refusal, the EIB finally approved a $21 million loan.
{{cite news}}: Italic or bold markup not allowed in:|publisher=(help)