ACLEDA Bank Plc., one of Cambodia’s leading commercial banks, has collaborated with the Cambodian Amanah Takaful Association (CATA) to implement the “RIBA Clearance” programme. The new initiative will allow members of the Cambodian Muslim community to save money in accounts that do not accrue interest, in accordance with Muslim principles.

A signing ceremony for a Memorandum of Understanding (MoU) on the implementation of the of “RIBA Clearance” programme was held between In Channy, President & Group Managing Director of ACLEDA Bank, and Sen Saman, Executive Director of the Cambodian Amanah Takaful Association (CATA) at ACLEDA Bank's headquarters on the morning of April 7.

Channy emphasised that the MoU reflects the commitment of both parties to provide financial services that comply with Islamic (Sharia) principles. The initiative will help strengthen the financial management of CATA members and increase their trust. He also highlighted that the programme allows the Muslim community to save money securely and without interest, while also helping protect their assets.

“This partnership provides transparent and secure financial solutions, as ACLEDA Bank will offer Sharia-compliant banking services that allow Cambodian Muslims to deposit interest-free savings, or automatically transfer deposits into CATA accounts, which will be used for community projects and charitable activities, in accordance with Islamic law,” he stated.

He noted that ACLEDA Bank adheres to the highest ethical, professional, social, legal and environmental standards, with the goal of improving the living conditions of people and increasing benefits for all parties involved, while promoting national economic development.

Channy explained that the procedure for opening an account in the “RIBA Clearance” programme is simple: account holders need only inform an ACLEDA Bank staff member, who will assist them in completing the necessary forms.

The Senior Minister in Charge of Special Missions and Chairman of the Board of Directors of CATA, Mr. Othsman Hassan, who witnessed the MoU signing ceremony, told reporters that the “RIBA Clearance” programme has long been a wish of the Cambodian Muslim community.

They wanted a financial institution that would allow them to save “clean money” without interest or other factors that might conflict with their religious principles.

He added that the programme would also provide an opportunity for Muslims who wish to contribute interest-free savings to CATA, which will use the funds for joint benefits in line with Islamic law, such as building roads, hospitals and schools.

Hassan explained that CATA currently has over 2,000 members and expressed hope that many more would open accounts under the “My Clean Money” program.

Currently, Cambodia is home to more than 800,000 Muslims.

As of the end of December 2024, ACLEDA Bank held total assets exceeding $10.83 billion, with total savings deposits of $8.36 billion and about 5.52 million customers. The bank has more than 550,000 business partners and over 4.54 million users of its ACLEDA Bank Super App.