NASFAT signs MoU with Sterling Bank on hajj savings scheme

Nasrul Lahi-l-Fatih Society of Nigeria (NASFAT) has entered into partnership with the Non-Interest Banking group of Sterling Bank Plc to encourage savings for hajj exercise.Speaking during the signing of Memorandum of Understanding (MoU) in Lagos, Chief Missioner of NASFAT, Alhaji Mahroof Onike, acknowledged Sterling Bank for introducing the halal savings plan base on the tenet of Islam to create opportunities for those who intend to perform Hajj at a future date.

He said hajj is one of the five pillars of Islam that Allah commanded every Muslim to embark on at least once in their lifetime.“A person who performs Hajj purifies himself from sins like the day that he was born and this is the greatest gift, the best honor and the highest reward,” he said.He urged Muslims who had not gone on Hajj to take advantage of the savings plan to set a future pilgrimage date for Hajj (major pilgrimage) or Umrah (minor pilgrimage).

“Hajj require financial commitment which require a huge amount of money and with the economic situation of the country the only way it can be achieve without pressure is by saving”he said.

The Group Head, Non-Interest Banking, Sterling Bank Plc, Dr. Basheer Oshodi, said the hajj savings plan would make it easier for desiring Muslims to achieve the major religious milestone, making it easier for prospective Muslim pilgrims to choose the year they want to perform hajj.

He mentioned the numerous benefit customers would enjoy while patronizing the hajj saving package. “It offers benefits that include, weekly or monthly savings, profit sharing on savings at an agreed profit sharing ratio, Takaful (Insurance) cover of up to N500, 000 and early payment for hajj in the year the pilgrim is scheduled to perform the spiritual rites.

He noted that the plan could be set up and maintained by the intending pilgrim or on behalf of a beneficiary who could be a parent, spouse or child and can also be use to save towards sponsorship of pilgrims.

“Deposits for the plan are received based on Mudaraba (profit sharing) principle. You may perform before your planned period by making up the hajj fare in the year you wish to proceed on hajj. You can choose the year you want to perform hajj and you can save towards it weekly or monthly” he said.

The Divisional Head, Institutional Banking, Sterling Bank Plc, Tunde Adeola, commended NAFSAT and TAFSAN for the novel savings plan which, he said, would make easier for intending faithful.

According to him, the idea of the hajj savings plan is to help Muslims address the rising financial implication of embarking on hajj on a yearly basis, which has made it difficult for some Muslims to go on the holy pilgrimage.

The Chairman, Tafsan Tours and Travels Limited, Sheriff Yusuff said the objective of the company is not to make profit but to provide pilgrims with desired standard comfort in accommodation, transportation and spiritual guides while performing hajj. “We employ the services of top class International Airlines in flying our pilgrim and would always specify the name of our chosen airline for every tour package” he said.

He said it a thing of joy seeing a reputable financial institution like Sterling Bank coming up with a platform where hajj fare can be paid in bit is a good gesture which every Muslim wishing to fulfill his or her hajj obligation should key into.