ACI Godrej Agrovet to collect sales proceeds through Al-Arafah Islami Bank

Al-Arafah Islami Bank PLC has signed a memorandum of understanding (MoU) with ACI Godrej Agrovet Private Limited.

Md Abdullah Al Mamun, deputy managing director of Al-Arafah Islami Bank, and Md Mohiuddin, chief financial officer of ACI Godrej Agrovet Private Limited, signed the MoU at the bank's head office in Dhaka on Sunday, according to a press release.

Under the agreement, ACI Godrej will collect sales proceeds from its distributors through the bank's branches, sub-branches, and other distribution channels connected via an application programming interface (API).

The partnership aims to ensure more efficient and secure collection management for corporate clients through the innovative use of banking technology, the release added.

Mohammed Hossain, deputy managing director of the bank; Md Zahid Hossain, vice-president; Md Emdadul Haque, senior assistant vice-president; and Abu Kawsar, assistant vice-president, along with other senior officials from both organisations, were also present.