The federal government is engaged on an interest-free Hajj financial savings scheme to assist potential pilgrims save for the pilgrimage by way of common month-to-month deposits and ease the burden of rising bills.
The Ministry of Spiritual Affairs has launched preparations for the proposed initiative in coordination with the Finance Ministry and the Central Directorate of Nationwide Financial savings, following approval from the prime minister.
In line with a ministry spokesperson, members will have the ability to deposit cash by way of digital channels and select a financial savings interval that fits their monetary circumstances. The proposed plan can be anticipated to incorporate a facility for transferring financial savings to relations.
Officers are contemplating permitting account holders to withdraw their cash at any time with out deductions, though the scheme’s last guidelines have but to be introduced.
A consultative assembly attended by representatives of the Finance Ministry and Nationwide Financial savings was held beneath the chairmanship of the secretary of non secular affairs to debate the proposed framework. The secretary directed officers to organize the scheme’s guidelines inside two months.
The ministry can be contemplating comparable financial savings preparations for Umrah and different non secular pilgrimages.
The initiative goals to assist households plan their pilgrimage bills prematurely by setting apart smaller quantities over time as an alternative of arranging all the value directly.
The scheme stays beneath improvement, with its working procedures, launch date and different implementation particulars but to be finalised.
