Bank-e-Millie Afghan (BMA) was the first

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...

Afghanistan Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is bordere ...

, which opened in 1933 by

Herat Herāt (; Persian: ) is an oasis city and the third-largest city of Afghanistan. In 2020, it had an estimated population of 574,276, and serves as the capital of Herat Province, situated south of the Paropamisus Mountains (''Selseleh-ye Safēd ...

i businessman

Abdul Majid Zabuli 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-e-Mili Afghan ). Early life and education ...

. It was established as a public-private partnership, with a 72 percent share held by the

private sector The private sector is the part of the economy, sometimes referred to as the citizen sector, which is owned by private groups, usually as a means of establishment for profit or non profit, rather than being owned by the government. Employment The ...

. BMA was instrumental in introducing formal

banking service Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

s to the people and government. In 1976, BMA was fully

nationalized Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to pri ...

by the government of Afghanistan. BMA has 15 city

branches A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...

Kabul Kabul (; ps, , ; , ) is the capital and largest city of Afghanistan. Located in the eastern half of the country, it is also a municipality, forming part of the Kabul Province; it is administratively divided into 22 municipal districts. Acco ...

, along with 22 provincial branches.

History

In 1933, the Bank-e-Millie Afghan (BMA) became Afghanistan's first financial institution. Likewise, it was the first financial institution to be founded as part of a public-private partnership, with the private sector owning 72 percent of the shares. As the country's first bank, BMA provided formal banking services to the citizens and government of the Islamic Republic of Afghanistan. Since then, the bank has relied on its solid capital basis and established trustworthiness to maintain its competitive strength and market leadership ideology. It was totally nationalised by the Afghan government in 1976. BMA has been a leader in offering innovative and safe financial services since its inception. The bank's top priority is to protect depositor funds. Simultaneously, the bank is making a contribution to the country's industry, agricultural, services, and international trade development. In Kabul, BMA has 15 city branches, 22 provincial branches, two counters, and equity investments in the United States and England. It is also commemorating its 89th anniversary of fame.

External links

Official Website

References

Banks of Afghanistan Banks established in 1933 {{Asia-bank-stub