October 25, 2014

Afghanistan Plans to Create Stock Market: AISA

By Sayed Jawad - Wed Dec 05 2012, 2:16 pm

Officials in Afghanistan Investment Support Agency (AISA) on Wednesday announced the formation plan for stock market in Afghanistan.

Head of the Afghanistan Investment Support Agency (AISA) Wafiullah Iftikhar told reporters they have started survey regarding the development of stock market from various organizations and companies based in the country.

He said every company and corporation will be ale to sell its share in stock market which will enable individuals to purchase shares of the companies.

According to Wafiullah Iftikhar the stock market will boost the economy of the country. The stock market is expected to start its operations within the next six months.

In the meantime Afghanistan’s top bankers are considering plans to set up a financial centre to house its 17 banks and its first-ever stock market in a Dubai-inspired free zone.

“We are hoping to create a free zone-financial district, with the banks and the stock market all in the same facility,” Ahmad Bassam, a partner at Afghanistan Stock Exchange quoted by The National said. .

“It’s a very ambitious plan, to create the equivalent of the DIFC [Dubai International Financial Centre]. It will be a symbolic building zone and will stand for the country.”

The budget for the project is expected to be finalised by the last week of next month. Officials are already eyeing property developers in the Middle East and Turkey. Apart from banks and the bourse, the buildings will feature retail shops, food and beverage outlets, offices for accounting, advisory and legal firms, and brokerage companies.

The Afghanistan Stock Exchange will be designed by top architectural students in the country through a competition. A commission will select the top three drawings and let the public vote on what the exchange building should look like.

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