Islamic finance a boost for USAID’s Afghan farm fund

Sharia-compliant loans are beginning to play a role in Afghanistan's farm sector through a U.S.-funded aid programme. In 2010, the U.S. Agency for International Development (USAID) set up the Agricultural Development Fund (ADF) which offers both conventional credit and Islamic financing. About $11 million of its loans approved between May 2011 and
April 2012, or 70 percent of them, were sharia-compliant. Juan Estrada-Valle, acting chief executive of the ADF, hopes that the credits will enable commercial farmers and other agribusinesses to grow at a rapid pace and contribute to the
growth of rural communities.

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