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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). Until the 1990s, the Bank had seven branches in the Afghan capital of Kabul, and 10 additional provincial branches. It also had offices in Pakistan, Germany, England, and the United States. Other banks Zabuli founded include the Da Afghanistan Bank, and the Industrial 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 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 to establish a joint stock company in its place. This proved unsucessful.
Political career
In 1948 Abdul Majid Zabuli visited Washington in his role as Minister of National Economy. He requested the US provide arms and financial assistance to Afghanistan to allay concerns in Afghanistan regarding possible Soviet agressions following the British withdrawal from India. Both these requests were denied.
References
- Abdul Majid Zabuli short bio at Afghanistan Online
- Male, Beverley (1982). Revolutionary Afghanistan: a reappraisal. London: Croom Helm Limited. p. 229. ISBN 0709917163.
- "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) - Rasanayagam, Angelo (2007). Afghanistan: A Modern History. London, New York: I.B. Tauris.