Awards for Excellence country winners: Afghanistan

Afghanistan International Bank (AIB) has once again proven its resilience and adaptability in the midst of severe economic challenges, demonstrating its crucial role as a financial lifeline connecting the country with the world.

Despite the appreciation of the Afghani currency negatively impacting expenses and earnings, AIB managed to maintain its pre-tax profit in 2023, matching its performance from the previous year. AIB’s effective cost control measures played a significant role in its success, with total costs increasing by just 3% despite 34% of operating costs being US dollar denominated.

Under the leadership of chief executive Joseph Carasso, AIB proactively responded to economic headwinds in 2023 by introducing several initiatives.

In line with national requirements, AIB has continued its transition towards becoming a fully Islamic bank, ensuring all new transactions and accounts opened in 2023 were Shariah compliant. The bank launched Shariah-compliant credit and debit card products, including Visa and Mastercard, allowing customers to access services without disrupting their experience.

AIB remains a vital channel for processing payments for essential imports and humanitarian aid transfers. It has introduced a pioneering biometrics capability to support humanitarian aid inflow. Biometrically linked cards ensure secure aid distribution from international donors and NGOs, guaranteeing funds are used as intended. AIB is piloting this system to expand it nationwide, even in areas with limited telecommunications and internet access.