Abdul Majid Zabuli
Encyclopedia
Abdul Majid Zabuli 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).
in 1896. 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.
, 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.
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.
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.
Afghanistan
Afghanistan , officially the Islamic Republic of Afghanistan, is a landlocked country located in the centre of Asia, forming South Asia, Central Asia and the Middle East. With a population of about 29 million, it has an area of , making it the 42nd most populous and 41st largest nation in the world...
'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 HeratHerat
Herāt is the capital of Herat province in Afghanistan. It is the third largest city of Afghanistan, with a population of about 397,456 as of 2006. It is situated in the valley of the Hari River, which flows from the mountains of central Afghanistan to the Karakum Desert in Turkmenistan...
in 1896. He was then educated in Tashkent
Tashkent
Tashkent is the capital of Uzbekistan and of the Tashkent Province. The officially registered population of the city in 2008 was about 2.2 million. Unofficial sources estimate the actual population may be as much as 4.45 million.-Early Islamic History:...
before spending some time in Berlin. Mohammed Nadir Shah
Mohammed Nadir Shah
Mohammed Nadir Shah was King of Afghanistan from 15 October 1929 until his assassination in 1933. Previously, he served as Minister of War, Afghan Ambassador to France, and as a general in the military of Afghanistan...
'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 KhānAmanullah Khan
Amanullah Khan was the King of the Emirate of Afghanistan from 1919 to 1929, first as Amir and after 1926 as Shah. He led Afghanistan to independence over its foreign affairs from the United Kingdom, and his rule was marked by dramatic political and social change...
, 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
Mohammed Nadir Shah
Mohammed Nadir Shah was King of Afghanistan from 15 October 1929 until his assassination in 1933. Previously, he served as Minister of War, Afghan Ambassador to France, and as a general in the military of Afghanistan...
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 RussiaRussia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
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
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
withdrawal from India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. Both these requests were denied.