Hajj Savings Account is a new deposit product tailor made to cater to individuals who are intending to save money to fulfil the Hajj Pilgrimage, which is one of the 5 pillars of Islam. No single event is more spiritually uplifting and rewarding than to accomplish to perform a Haji at least once in lifetime, on condition that a person has the financial capacity and is physical fit.
However, the desire of many to perform Hajj remains unfulfilled mainly due to lack of financial means. Hence this account is designed to provide the opportunity for interested individuals to build-up on their savings under the Shariah contract of Mudharabah with a Profit Sharing Ratio of 43:57.
Individual or joint accounts can be opened with an initial minimum deposit of MVR 5000. A customer who deposit MVR 1000 per month to this account should be able to achieve the target of MVR 71,000 within 5 years.
In addition to this customers who transfer their salary or pension benefits to MIB will be able to take advantage of USD Exchange benefit*. Customer of MIIB can approach any branch to open a Hajj Savings account.
*Subject to availability and terms & conditions
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