ISLAMIC FINANCE PROMOTES THE FIFTH PILLAR OF ISLAM-TRAVEL FOR HAJJ.

Praise be to Almighty for witnessing the holy month of Dhulhijja in sound mind and healthy. This is special month for Muslims around the world as some of them get merciful opportunity to implement the fifth pillar of Islam which is- Hajj. May Allah grant our pilgrims what He has promised them and enable those who did not make it this year not to die except after fulfilling it. Ameen!


HAJJ-THE FIFTH PILLAR OF ISLAM.

It was narrated that Ibn ‘Umar (may Allaah be pleased with him) said: The Messenger of Allaah (peace and blessings of Allaah be upon him) said: “Islam is built on five (pillars): testimony that there is no god but Allaah and that Muhammad is the Messenger of Allaah, establishing prayer, giving zakaah, Hajj and fasting Ramadaan.” Narrated by al-Bukhaari and Muslim.

The Hajj, or Pilgrimage to Mecca, is a once-in-a-lifetime obligation for those who have the physical and financial ability to undertake the journey. Islam mandates that all Muslims who are financially and physically capable perform a pilgrimage to Mecca — the Hajj — once in a lifetime. Besides commanding his companions to perform it, the Prophet (Salla Allahu Alayhi wa Sallam) advised them to financially prepare for it, and delineated the specific way in which each of the rituals involved was to be performed. The Sunnah raised the religious and ethical value of pilgrimage to such an extent that it has become the ultimate worldly hope of a Muslim's life.

ISLAMIC FINANCIAL PRODUCTS TAILORED TO PROMOTE FULFILMENT OF HAJJ.

Islamic Financial institutions have understood this need of Muslims-to fulfill the fifth pillar of Islam and structured a wide range of products that enable Muslims to achieve his/her Hajj dream in a win-win situation.

Islamic Banks provide products that assists Muslims to save and invest for the purpose of travelling for Hajj as well as other auxiliary products to make the Hajj experience wonderful and ease. These products are in variety of names and structures such as Hajj saving accounts, Cards such as Hajj Pre-paid Card or Islamic Credit Card, Interest Free Loans for Hajj. Furthermore, Islamic banks conduct saving promotions to win a trip for Hajj/Umrah as well as sponsoring training programmes for pilgrims.

Islamic Insurance or Takaful have also structured plans for those wishing to travel for Hajj that cover accidents and emergency medical expenses such as Hajj and Umra Takaful Plan offered by SABB Takaful as well as comprehensive protection covers such as Mabrur offered by ETIQA.

Hajj/Pilgrim Funds are the first to provide venues for Muslim to invest for Hajj. The most famous fund is Tabung Hajj (TH) in Malaysia established in 1963. "TH focuses on providing excellent and satisfactorily hajj services to Malaysian pilgrims and its consistent track record has gained world recognition as well as has served a role model of innovative hajj management and Islamic financial services by most Islamic countries in the world."

WHAT MORE CAN BE DONE?

As the Islamic finance continues to grow there is an opportunity to find more innovative ways or products to suit diverse needs of Muslims who are looking to travel for Hajj. We have seen some banks establish strategic alliances with Hajj Tour operators to provide remarkable Hajj experience to pilgrims. Hajj is here to stay, hence Islamic Financial Institutions should conduct market research as information gathering tool in order to explore potential products or plans or strategies that will enable Muslims fulfill the fifth pillar with added value. Here are some of ideas to work upon especially for Islamic Banks in East Africa:

1. Provide Hajj Saving Plan for Savers- it is normal for some people once they have opened Hajj account they completely forget to save regularly to accomplish hajj travel objective. Islamic Banks/ Takaful can develop a way to motivate and remind these people to save regularly. Such plans may can come with incentives such as higher returns in the account, no cost, enjoy mid-foreign exchange rates and so on.

2. Form strategic alliances with reputable Hajj Tours and Airlines to deliver excellent travel experience to pilgrims.

3. Adopt entrepreneurial marketing practice by knocking every door to gain attention using direct selling and grass roots public relations in order to influence Muslims to invest for Hajj.


Let us remember, that promoting this pillar of Islam is among the virtues that pays spiritual rewards too, it was said, "He who shows or calls people to do good, get the rewards of the doer without diminishing the rewards of the doer." May Allah rewards those who make it easy for Muslims to fulfill Hajj with ease and comfort. Ameen!