TAJBank, NAHCON sign MoU to scale Hajj savings scheme

TAJBank Limited has signed a Memorandum of Understanding (MoU) with the National Hajj Commission of Nigeria (NAHCON) to expand the Hajj Savings Scheme (HSS) nationwide, providing intending pilgrims with structured, Sharia-compliant financial solutions to ease the rising cost of the pilgrimage.

The agreement positions the bank to play a central role in enabling more muslims across the country to participate in the annual pilgrimage through a structured, ethical and financially sustainable pathway.

TAJBank, recognised as Nigeria’s biggest non-interest lender by asset base and a leading provider of sharia-compliant products, sees the partnership as consistent with its mission of providing development-driven financial solutions to underserved groups.

The initiative comes at a time when the cost of Hajj has surged significantly due to foreign-exchange pressures and rising global travel costs, leaving many prospective pilgrims struggling to raise the required funds.

Hamid Joda, TAJBank’s Managing Director/ Chief Executive Officer, said the MoU would significantly boost the bank’s ongoing socio-economic interventions targeted at grassroots communities nationwide.

Speaking during a media chat weekend, he explained that the bank intends to leverage its digital infrastructure and physical branch network to deepen access to the national savings platform for muslims considering the pilgrimage.

According to him, “the MoU with the NAHCON on the Hajj Savings Scheme (HSS) aligns with our mission to support the needy in Nigeria.”

Joda added that the arrangement would allow the bank to deliver easier and more transparent financial planning options for customers preparing for Hajj. He said TAJBank’s technological capabilities and adherence to Islamic finance principles would give intending pilgrims confidence in the savings and investment process. “We are going to avail the opportunity created by our partnership with the NAHCON to demonstrate to Muslims intending to go on Hajj to consider TAJBank as their preferred choice among other lenders,” he said, emphasising the bank’s commitment to providing a seamless and ethically grounded experience for depositors.

The partnership is expected to boost confidence in non-interest financial models and enhance the credibility of the Hajj Savings Scheme as a long-term planning vehicle.

For NAHCON, the scheme has become a vital instrument for addressing long-standing gaps in awareness and funding that have hindered many Muslims from enrolling for the pilgrimage over the years.

Abdullahi Saleh Usman, the commission’s chairman, said the scheme had already created a more structured pathway for participation and described the new partnership as a catalyst for expanding public awareness. He said the Commission would intensify sensitisation through religious scholars, traditional channels and digital media to educate potential pilgrims on the long-term financial benefits of the scheme. “Many prospective pilgrims are eager to enrol but limited by inadequate awareness to funding,” Usman said.

The chairman commended TAJBank and the other participating non-interest financial institutions for supporting the commission’s mandate of simplifying the Hajj process. He assured the banks of the necessary regulatory backing to ensure smooth implementation of the scheme.

With the MoU now in effect, participating lenders are authorised to deploy their digital and physical platforms for registration and to invest pilgrims’ contributions strictly in approved halal ventures that promote their socioeconomic welfare.

Usman said the collaboration reinforces NAHCON’s commitment to making Hajj more accessible and financially manageable. He added that the commission would continue to provide guidelines and oversight to ensure the safety and proper management of pilgrims’ savings.

“The commission will provide the required platform, guidelines, and regulatory support for the successful implementation of the HSS,” he assured.