TAJBank, NAHCON sign MoU on Hajj savings scheme

TAJBank Limited, Nigeria’s biggest non-interest bank by assets base and innovative products and services delivery has signed a Memorandum of Understanding (MoU) with the National Hajj Commission of Nigeria (NAHCON) on Hajj Savings Scheme (HSS) in furtherance of its ethical banking drive to support worthy causes in Nigeria’s sustainable development.

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The Managing Director/CEO of TAJBank Limited, Hamid Joda, who spoke on the pact at the weekend during a virtual chat with journalists, maintained that the pact would further enable TAJBank to extend the frontiers of its socio-economic interventions to aspiring pilgrims nationwide, particularly at a time when airfares are surging and potential pilgrims are finding it challenging to cope with the rising costs of pilgrimage.

He said: “Let me say that the MoU with the NAHCON on the Hajj Savings Scheme (HSS) aligns with our mission to support the needy in Nigeria. So, with this deal, TAJBank will explore its strong digital platforms and physical networks in our branches to take the HSS to the grassroots and enable intending pilgrims to access funds at ease for their travels.

“We are going to avail the opportunity created by our partnership with the NAHCON to demonstrate to Muslims intending to go on Hajj to consider TAJBank as their preferred choice among other lenders as we shall be offering them a truly seamless, ethically grounded savings pathway, and technologically advanced savings solutions, built on the principles of Islamic finance to ensure that the pilgrims enjoy hitch-free Hajj and benefit from our relationship with them on a sustainable basis.”

Speaking during the MoU signing ceremony, the NAHCON Chairman, Abdullahi Saleh Usman, a professor, noted that the HSS had created a structured pathway for pilgrims in the country, recalling that in the past, many prospective pilgrims are eager to enroll but limited by inadequate awareness to funding.

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According to him, with the collaboration with TAJBank and other non-interest banks on the HSS, the commission will rev up its sensitization efforts through the Ulama, traditional and digital media platforms, to enlighten the public on the long-term benefits of the scheme.

Prof. Usman commended TAJBank and the other banks for collaborating with the NAHCON in furtherance of its roles aimed at making Hajj easier for intending pilgrims, assuring that the commission will provide the required platform, guidelines, and regulatory support for the successful implementation of the HSS.

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With the signing of the MoU, TAJBank and other non-interest lenders involved in the scheme have now been authorized to deploy their digital and other platforms for the enrollment of intending pilgrims and to invest pilgrims’ deposits in approved Halal ventures for their socioeconomic wellbeing.