HAJJ SAVINGS SCHEME [HAJJ INVESTMENT]
Hajj is one of the fundamental worship (Ibaadah) of Islam. However, because of the prevailing socio-economic situations, the people interested in performing the Hajj cannot mobilize the required amount of money at a time to perform the Hajj. The desire of many to perform Hajj is thus never fulfilled. Over five thousand devoted Muslims from Ghana perform the Hajj every year. Financial solvency and physical fitness are the prerequisites for performing the Hajj. The majority of the people, however, reach the fag end of their life in arranging the raising the amount of money for the Hajj.
MUDI HajjUmrah Services Ltd. has therefore introduced a “Hajj Savings Scheme” with some designated banks, so that persons eager to perform the Hajj may build up savings for this specific holy purpose.
Persons eager to perform the Hajj within the period of one to twenty-five years may build up savings by depositing a monthly instalment.
If any depositor intends to perform the Hajj before the maturity of the deposits, then he can do so by depositing the balance amount fixed for the year along with his savings in the Mudaraba Hajj Savings Account.
If any depositor, for some reason, is unable to perform the Hajj and wants to withdraw the deposited money, he/she shall earn some profit on his/her deposited amount that is applicable of the Sharia-based Mudaraba Savings Account product.
In a year, there shall be 12 instalments, 60 instalments in 5 years, and 300 instalments in 25 years.
Regular instalments shall have to be deposited within the first 10 days of the month; an advance deposit of investment is acceptable.
At the end of the period, if the total deposited amount, including accrued profit, is less than the actual expenditure for the Hajj in that particular year, then the depositor may perform the Hajj by depositing the balance amount.
At the end of the period, if the actual expenditure for Hajj in that particular year is less than the deposited amount, including accrued profit, then the excess amount shall be refunded.