This study is based on a dataset of household interviews collected by Chaturvedi and Greeley (2007), across 1,019 households: comprising 616 clients, 304 non-clients and 99 dropouts of ten out of twelve partner microfinance institutions (MFIs) of the Microfinance Investment Support Facility for Afghanistan (MISFA).  Their sampling data was randomly accumulated across seven provinces: Kabul, Nangarhar, Laghman, Herat, Balkh, Baghlan and Kunduz.  The purpose of their research was to estimate a baseline database of clients and an initial impact assessment of the microfinance intervention in Afghanistan.  By utilising this dataset, in this study, I attempt to analyse poverty and vulnerability, in terms of economic well-being, in Afghanistan through an asset-based approach.  The crucial challenges of this study are to identify the most vulnerable people; to what extent and why they are vulnerable.  I will discuss a framework of an asset-based approach, followed by construction of asset index, recognition of the poor and vulnerable, their coping strategies against shocks, and possible interventions, in order.