Jaiz Bank To Invest Hajj Savings Scheme Proceeds In Only Shariah Compliant Transactions

Jaiz Bank Plc will only invest funds from the National Hajj Savings Scheme on Shariah compliant transactions, the bank has said.

The Hajj Savings Scheme was introduced by the National Hajj Commission of Nigeria in collaboration with State Muslim Pilgrims Welfare Boards and Jaiz Bank Plc.

The Managing Director of Jaiz Bank Plc, Hassan Usman, said this during the commissioning of the scheme, according to a statement sent to THE WHISTLER.

Jaiz said, “The bank will ensure prudent management of the funds from the scheme by investing it in Shariah compliant transactions.”

Usman said profit realised from the investment would be shared amongst Jaiz Bank Plc and NAHCON/State Muslim Pilgrim Boards.

Speaking during the launch, the Jigawa State Governor, Muhammad Badaru Abubakar, said it would boost access to finance Micro, Small and Medium Enterprises.

Abubakar represented by Umar Namadi, also believes the scheme would assist the people especially in the rural areas to embrace savings for future investments even after performing the Hajj.

For Edo State Governor, Godwin Obasaki, the scheme would ease Muslims Hajj process, adding that there was guarantee that it would promote international best practice in Hajj operations.

Obaseki who was represented by the Permanent Secretary, Central Admin. George Egberasie launched the scheme in Benin pledging government support for the scheme over its economic benefit.

During the launch in Katsina, the Deputy Governor, Mannir Yakubu, represented by the Permanent Secretary, Office of the Governor, Alhaji Abubakar Aliyu, said the scheme would accelerate economic development.

He said, “The scheme is economically driven as it is a gateway to investment.”