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