The National Hajj Savings Scheme creates an avenue for intending Nigerian Muslim pilgrims to save towards fulfilling one of the pillars of Islam; going on Hajj (pilgrimage to the holy lands of Makkah and Madina). The scheme provides for intending pilgrims to go for Hajj from Nigeria, irrespective of their income, locality and status.
The scheme assists low income earners and the general public to save at their convenience, towards meeting their goal of going on Hajj.
This is an arrangement organized by National Hajj Commission of Nigeria (NAHCON) and States Pilgrims Welfare Boards (SPWB) in partnership with Jaiz Bank to provide a long-term savings platform for people who intend to build their savings for Hajj.
How does the HSS differs from the normal mode of paying for and securing a Hajj slot?
The HSS is a queue-based system (first come, first served). Enable pilgrim pay over a period of time.
What Islamic Finance Principle is the HSS established upon?
It is established based on Mudaraba (partnership) principle.
How do I participate in the scheme?
You can participate in the scheme by registering and opening of an Account on the platform through the State Pilgrims Welfare Board Offices, HSS web portal (hajjsavings.jaizbankplc.com) or any Jaiz Bank Branch
Who is eligible
Any Muslim irrespective of Age or Social Status.
How do I subscribe to the Scheme?
You can open a Hajj Savings Account through the State Pilgrims Welfare Board Offices, HSS web portal or any Jaiz Bank Branch.
What are the requirements for opening Hajj Savings Account?
Provision of a Bank Verification Number (BVN), National Identification Number
(NIN), passport photograph and Utility bill (Optional)
Can HSS Account be opened for children?
Yes, parents/guardians who have BVN and NIN can open an account for children/wards.
How do I deposit funds into HSS Account?
You can deposit over-the-counter at any Jaiz Bank Branches, or any Bank Branch via collections platform (e-Bills) or direct transfer through any electronic channel or agency banking.
How often can I make deposit into HSS Account?
You can make deposit spontaneously or at a desired plan (daily, weekly, monthly, biannually).
Can I withdraw from my savings?
No, you cannot. The account is for Hajj Deposit. It may be entertained in the future.
Do I gain profit from my savings?
Yes, profit is shared between the Bank (as the Mudarib) and the customer (as Rabbul Maal) based on pre-agreed sharing ratio.
What does the Hajj Savings Scheme cover?
The scheme covers all components of Hajj fare of a particular year.
Can I exit from the scheme?
Yes, you can withdraw completely from the scheme by giving adequate notice to the Bank.
What happens in the event of demise of a customer?
The heirs of the deceased subscriber shall access the funds after providing letter of Administration from a court of competent jurisdiction.
Can Jaiz Bank finance my deposit shortfall to meet-up with the outstanding target amount?
Yes, subject to meeting Jaiz Bank Financing requirements.
How will loss be shared?
The Bank has made adequate arrangements to insulate pilgrims from loss. However, when loss is recorded over and above the arrangements of the Bank, the principle of loss sharing under Mudarabah arrangement shall apply.
What is Mudarabah?
It is a principle of Shariah financial transaction where an depositor (Rabbul Maal) puts his money into a business that will be run/operated by the Bank (Mudarib) and they share profit and loss on a pre-determined ratio.
What is the minimum waiting time once i enrol?
The minimum waiting time will depend on the number of subscribers that have fulfilled their conditions before you
Does the Hajj Savings Scheme (HSS) cover Umrah?
No, at the moment the HSS is for Hajj only.
What happens when total Hajj Savings plus accrued profit is more than the actual expenditure for the year? The excess amount can be used to commence a new savings plan or balance transferred to customers checking account (savings or current account). 20-Can I make Hadaya payment through the Hajj Savings Account?
Yes, an intending pilgrim can add payment of Hadaya into his/her HSS Account.
After saving the full amount required to pay for Hajj in a particular year, do I have to withdraw what I saved to go and pay to the relevant State Muslim Pilgrims Welfare Board?
No, once you saved up to the full amount for Hajj payment, you will be notified that you now qualify to perform Hajj and your savings will be automatically transferred to NAHCON e-Hajj portal for your Hajj slot.