Abdul Majid Zabuli

The father of Afghanistan’s modern banking system — founder of Bank-e-Milli Afghan, the country’s first bank, a private institution handed public currency-regulation powers.

Born in 1896 in Ghazni province; educated in Tashkent and Berlin. He built capital through the cotton trade with Russia and in 1931–32 founded the Ashami company, which became Bank-e-Milli Afghan — Afghanistan’s first bank, privately owned yet given de-facto currency-regulation powers. He served as Minister of National Economy in 1948 and later directed the bank from Nahant, Massachusetts. The bank was nationalised in 1975 by President Daoud; Zabuli died in 1998, aged 102.

Notable achievements

• Founded Bank-e-Milli Afghan (1931–32), Afghanistan’s first bank.
• Established the country’s modern banking and financial system.
• Built capital through the cotton trade with Russia.
• Served as Minister of National Economy (1948).

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