Bank Alfalah Exits Afghanistan After Two Decades of Operations

News Desk

KARACHI: Bank Alfalah has officially exited the Afghan market after 20 years, completing the sale of its assets to Ghaznafar Bank, the bank announced to its shareholders on Friday.

The transaction, finalized on November 5, followed the signing of definitive documents and received approvals from both the State Bank of Pakistan and Da Afghanistan Bank.

The bank confirmed that it has ceased all banking operations in Afghanistan and will proceed with the closure of its branches in compliance with regulatory requirements.

Established in 2005, Bank Alfalah offered a range of conventional and Islamic banking services in Kabul. Its exit marks a significant shift in the banking landscape of Afghanistan, reflecting the ongoing economic challenges and regulatory environment in the country.

As Bank Alfalah transitions out, stakeholders are keenly observing the implications for the Afghan banking sector and the potential for future foreign investment. The closure of its operations may lead to a reevaluation of banking services available to Afghan citizens.