Opening a Hajj Savings Account with an Islamic Bank
Q: I intend opening a hajj account with a certain Islamic bank. The money invested will earn a profit every year. Is this profit permissible? The conditions for opening the hajj account from the bank are as follows:
Hajj, one of the five pillars of Islam, is compulsory for all those who can afford such a pilgrimage. No single event in the life of a Muslim is more spiritually uplifting and rewarding than to embark on the journey of Hajj. The Hajj Investment Scheme helps to turn your pilgrimage dream into a reality. What are the benefits you will enjoy?
• Investments earn profits
• Eligibility to enter a sponsored airfare draw
• A gift when leaving for Hajj
• In-house foreign currency facility
• Free Travellers Will
What qualification criteria apply?
• A minimum deposit of R100 is required to open the account
• Funds earn profits in terms of a pre-agreed profit sharing ratio
• Benefits are only extended to those proceeding for Hajj/Umrah irrespective of the term of investment
A: Some of the conditions mentioned in the contract are not Shari’ah complaint. For example, promising a gift when leaving for hajj and being eligible to enter a sponsored airfare draw are invalid conditions in Shari’ah which affect the validity of the contract. Hence, one should refrain from opening such an account.
The relationship between the investors and the bank is a relationship of mudhaarabah. Hence, in a mudhaarabah partnership, it is not permissible for one partner to include such conditions in the mudhaarabah partnership. Including such conditions in the partnership will invalidate the partnership.
And Allah Ta'ala (الله تعالى) knows best.
والمضاربة على وجهين صحيحة وفاسدة فاما الفاسدة فعلى وجهين أحدهما يكون فساده بشروط فاسدة والآخر يكون فساده بخلاف من المضارب ... والرابع أن يدفع إليه جميع المال ويشترط رب المال أو المضارب يشترط مع رب المال عند عقده المضاربة أو القراض أو الإجازة أو البيع أو الهبة ونحوها (النتف في الفتاوى 1/540)
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