Other key features include profit sharing: profits shared between bank and depositor based on a pre-agreed ratio and withdrawal
By Muhammad Ibrahim, Sokoto
A delegation from the National Hajj Commission of Nigeria has visited Sokoto State Pilgrims Welfare Agency to advocate for the Hajj Savings Scheme.
Alhaji Halidu Awal Kazaure, the leader of the delegation, said the scheme is a fantastic initiative that enables Nigerian Muslims to save for Hajj expenses overtime.
According to him, the scheme is a collaboration between the National Hajj Commission of Nigeria (NAHCON) and several banks, including Jaiz Bank, Taj Bank, Alternative Bank, and Lotus Bank.
This partnership allows individuals to deposit funds gradually until they reach the required amount for Hajj.
Head of Information and Communication of the Agency, Faruk Umar said the Hajj Savings Scheme boasts several key features as Queue-based system: First-come, first-served basis, Mudaraba principle: Islamic principle of partnership, with profits shared between the bank and depositor, Eligibility: Open to all Muslims, regardless of age or social status, Deposit options: Over-the-counter, electronic channels, or agency banking.
Other key features include profit sharing: profits shared between bank and depositor based on a pre-agreed ratio and withdrawal: depositors can withdraw funds, but this may affect Hajj eligibility.
He maintained that the scheme aims to make Hajj more accessible and affordable for Nigerian Muslims, especially those with limited financial resources. By providing a structured savings plan, individuals can plan and prepare for Hajj expenses over time.
Responding, the Chairman of the Sokoto State Pilgrims Welfare Agency, Alhaji Aliyu Musa, commended the NAHCON management for the initiative, adding that if successfully implemented, it will be of great help to intending pilgrims.
He called on people to embrace the scheme and assured the agency’s support for it.