The "My Pure Money" Program
Introduction
The “My Pure Money” program is an initiative by the Cambodian Amanah Takaful Association (CATA)
to provide its members with a banking solution that aligns with the principles of Shariah law. As interest (Riba) is prohibited in Islam, this program offers a platform for members to save and manage their money without engaging in interest-based transactions. The program is implemented through a collaboration between CATA and Local Bank.
Objectives
- Interest-Free Banking: To offer CATA members a banking service that allows them to save money without earning or paying interest, thus adhering to Islamic principles.
- Automatic Donation System: To establish a system where any potential interest generated is automatically redirected to CATA as a permissible donation, relieving members of any concerns regarding Riba.
- Financial Peace of Mind: To provide CATA members with peace of mind, knowing that their economic activities fully comply with Islamic law.
Roles and Responsibilities
- Cambodian Amanah Takaful Association (CATA):
- Administration and Oversight: CATA will oversee the program, ensuring it operates according to Islamic principles.
- Member Education: CATA will educate its members about the program, its benefits, and how it complies with Islamic law.
- Account Management: CATA will manage the process of allocating the automatically redirected interest payments to charitable activities or other permissible uses within the organization.
- Collaboration with Local Bank: CATA will work closely with Local Bank to ensure smooth implementation of the program.
- CATA Members:
- Enrollment: Members who wish to participate in the “My Pure Money” program must sign an agreement with CATA, authorizing the automatic redirection of any interest payments to the association.
- Required Documentation: Members must provide the following documents:
- A valid bank account number with a Local Bank.
- A copy of their ID card.
- A signed letter of agreement authorizing the terms of participation in the program.
- Account Usage: Members will use their Local Bank accounts as usual but will be assured that any interest generated will not be credited to them personally.
- Financial Literacy: Members are encouraged to participate in educational sessions provided by CATA to better understand the financial system of Islamic law.
- Free Scan: For those members who do not want to submit the requirement document above; they also make their Interest (RIBA) transfer by CATA’s or scan the QR Code as below.
3. Local Bank:
- Interest-Free Accounts: Local Bank will establish and manage special accounts for CATA members that either do not accrue interest or automatically redirect any generated interest to CATA.
- System Implementation: The Local Bank will set up the necessary technical and administrative systems to ensure the automatic redirection of interest payments to CATA.
- Reporting and Transparency: The Local Bank will provide regular reports to CATA regarding the total amount of interest redirected and ensure transparency in the process.
Terms of Agreement
- Account Setup: The Local Bank will establish special interest-free accounts for CATA members or set up a system where interest is automatically donated to CATA.
- Automatic Interest Redirection: Any interest generated from these accounts will be automatically transferred to CATA. Members will not receive any interest payments directly.
- Permissible Use of Interest: CATA agrees to use the redirected interest solely for permissible activities under Islamic law, such as charity, community projects, or other non-personal uses.
- Transparency and Reporting: The Local Bank will provide quarterly reports to CATA, detailing the amount of interest redirected and how it has been used.
- Compliance with Shariah Law: All parties involved must ensure that the program operates in full compliance with Islamic principles.
- Duration of Agreement: This agreement is valid for [specified duration] and can be renewed or terminated by mutual consent with [specified notice period].
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