Hajj / Umrah Savings Account
(Mudarabah)
Hajj/Umrah Savings Account
Hajj is the fifth pillar in Islam. It is mandatory for every Muslim who has the means to perform the duty. However, due to the prevailing socio-economic situation in the country, individuals interested to perform Hajj cannot arrange the required amount of money at once. The desire of many to perform Hajj is thus never fulfilled. Shabelle Bank has, therefore, introduced Hajj savings scheme to allow individuals eager to perform Hajj, build their savings.
Benefits
A ‘Shari’ah” compliant savings accounts.
Persons eager to perform Hajj within the period of one to twenty-five years may build up savings by depositing a monthly installment.
SMS banking, mobile banking, and online banking availability.
At the end of the period if the total deposited amount including profit becomes less than the actual expenditure for Hajj, in that particular year then the depositor may perform Hajj by depositing the balance amount
Tiered profit sharing ratio (PSR) is calculated monthly and distributed quarterly if the required minimum balance is maintained.
The higher the balance, the higher the customer profit ratio
No annual account maintenance fee if required if minimum balance is maintained.
At the end of the period, if it appears that the actual expenditure for Hajj in that particular year is less than the deposited amount including profit, then the excess amount shall be refunded.
Requirements
Copy of national ID card /drivers license / passport.
Passport size photo (3 pcs)
Completed and signed application form.
Minimum balance of 1,000 Birr.
Agreement to withdraw funds only once a year, on necessity.