Azizi Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | June 13, 2006 in Kabul, Afghanistan |
| Founder | Mirwais Azizi |
| Headquarters | Kabul , Afghanistan |
Area served | Afghanistan |
Key people | Farhad Azizi (Chairman) |
| Products | Commercial banking services |
Number of employees | 1,326 |
Azizi Bank ranks among Afghanistan's largest commercial banking institutions, with a network comprising 56 branches and around 88 ATMs distributed throughout the country. Founded on June 13, 2006, its main office is situated in Kabul’s Wazir Akbar Khan area. The bank was initiated by Mirwais Azizi and currently employs approximately 1,326 individuals, of whom 12% are women. During the 2021 Taliban offensive, female staff members in Kandahar encountered work-related limitations.
Farhad Azizi
Farhad Azizi (born 1982) is a billionaire entrepreneur and investor based in the UAE, serving as CEO of Azizi Developments. He is also the chairman of Azizi Bank, which he launched in 2006 with an initial equity investment of $7.5 million; this capital has since expanded to nearly $80 million. Farhad oversees the Azizi Group, founded in 1989, which operates across diverse sectors including real estate, banking, investments, and hospitality.
Acknowledged as one of the most affluent Afghan-born business figures, Farhad Azizi has been recognized among the "100 Inspiring Leaders in the Middle East" by Arabian Business. His business interests extend to petroleum products and real estate development in Dubai through Azizi Developments. The company is noted for significant projects such as mixed-use developments and retail expansions throughout Dubai, bolstering its position in the regional property market.
Early life
After moving from Afghanistan to Dubai with his father, Mirwais Azizi, they established the Azizi Group in 1989. Farhad Azizi holds an MBA specializing in finance management from Boston-Suffolk University and graduated from the University of Tulsa. Following his academic pursuits and time spent in Europe, he returned to reside in the UAE.
Career
Azizi Developments was founded in 2007, shortly after Azizi Bank’s inception in 2006—now recognized as Afghanistan’s largest commercial bank. The group also acquired Bakhtar Bank (currently known as Islamic Bank of Afghanistan), a well-established financial institution in Afghanistan.
Prior to the global financial downturn of 2008 and Dubai’s housing market collapse in 2009, Azizi Developments sold numerous off-plan properties; however, many purchasers defaulted on payments, prompting the company to reimburse deposits. Construction activities recommenced in 2013. Today, Azizi Developments manages over 200 projects across Dubai with a portfolio exceeding AED 45 billion in value.
His petroleum enterprise, Azizi Hotak Group, initiated with an $80 million investment, operates across ten countries.
Companies
The Azizi Group’s business divisions include:
- Azizi Hotak General Trading Group
- Azizi Investments
- Azizi Developments
- Azizi Bank
- Bakhtar Bank (now Islamic Bank of Afghanistan)
- Azizi Hospitality
- Azizi Foundation
See also
Further reading
- Capitalism Comes to Afghanistan, Time, December 4, 2006
- Life's a lottery in the new Afghanistan, Sydney Morning Herald, September 18, 2006