USD
THB
EUR
AUD
VND
CAD
LAK
JPY
GBP
CNY
navigate_nextMedianavigate_nextOur Newsnavigate_nextACLEDA Bank Plc. Signs MoU with Cambodian Amanah Takaful Association on Implementation "RIBA Clearance" Program
ACLEDA Bank Plc. Signs MoU with Cambodian Amanah Takaful Association on Implementation "RIBA Clearance" Program
April 7, 2025
Phnom Penh, April 7, 2025, ACLEDA Bank Plc. "ACLEDA Bank", the first listed Commercial Bank in Cambodia, hereby announces that it signed a Memorandum of Understanding (MoU) with Cambodian Amanah Takaful Association (CATA), on implementation of "RIBA Clearance" Program today.
The MoU signing ceremony was presided over by H.E. Oknha Datuk Dr. Othsman Hassan, Senior Minister in Charge of Special Mission and Chairman of CATA and Dr. In Channy, President & Group Managing Director of ACLEDA Bank as well as management of CATA and ACLEDA Bank.
Dr. In Channy, President & Group Managing Director of ACLEDA Bank, said that "ACLEDA Bank is pleased to sign MoU with CATA on implementation of "RIBA Clearance" Program.
He would like to highlight the importance of this MoU that it is in line with ACLEDA Bank's vision and mission, "to be Cambodia's leading and the most trusted commercial bank serving all segments of the community. Our mission is to provide our customers with secured and innovative products and services to manage their financial resources efficiently. At all times, we observe the highest principles of ethical behavior, respect for society, the law and environment. By doing so, we aim to contribute to improving the quality of lives, ensuring a sustainable and growing benefits to our stakeholders, and to support the socio-economic development of the society as a whole.
He add that This MOU outlines the commitment of both parties to provide financial services in accordance with the relevant laws and regulations of banking and finance which Islamic principles (Sharia-compliant) can adopt and to be able to manage the funds of all CATA members without the burden of RIBA. This partnership also provides a transparent and secured financial solutions, in accordance with the principles of RIBA Clearance (Wealth Purification Program) of CATA, which allows Cambodian Muslim to deposit savings with interest-free, and the interest earned will be donated voluntarily and automatically transferred into the CATA account, a special account in ACLEDA Bank Plc. for the "RIBA Clearance" program, which will be used for community projects and charitable activities in accordance with Islamic laws."
About ACLEDA Bank Plc.
ACLEDA Bank has 4 subsidiaries including ACLEDA University of Business Co., Ltd.; ACLEDA Securities Plc.; ACLEDA Bank Lao Ltd.; and ACLEDA MFI Myanmar Co., Ltd. and a representative office in the Republic of the Union of Myanmar.
As of the end of December 2024, ACLEDA Bank had US$10.83 billion in total assets and US$8.36 billion in total savings deposits with over 5.52 million customers.
ACLEDA Bank had more than 0.55 million business partners and 4.56 million subscribers for ACLEDA Super App.
Mr. Phal Sokchamroeun,
Head of Marketing Division, ACLEDA Bank Plc.
Phone: 015 800 903
E-mail: phal.sokchamroeun@acledabank.com.kh
