NAHCON, Jaiz Bank sign agreement on hajj savings scheme

THE National Hajj Commission of Nigeria (NAHCON) on Thursday signed an agreement with the Jaiz Bank Plc for a hajj savings scheme in the country.

NAHCON’s chairman, Alhaji Zikrullahi Hassan, said at the signing ceremony in Abuja that the agreement was designed to fast-track the implementation of the scheme.

Hassan explained that the scheme was enshrined in NAHCON Establishment Act 2006 as a contributory payment scheme for Muslims wishing to undertake pilgrimage to Mecca, Saudi Arabia.

He said the agreement was a step towards securing the Central Bank of Nigeria (CBN)’s licence for the operation of the scheme as a full-fledged model.

According to him, the scheme is expected to boost economic growth and entrench culture of savings among low-income groups and lift people out of poverty.

He said every Muslim who intends to perform hajj could enroll for the scheme through the pilgrims’ welfare boards in all the 36 states of the federation, agencies and commissions or NAHCON offices across the country.

Hassan said: “Enrolment can also be done directly from the comfort of your room by logging into the dedicated site of the scheme.

“Subscribers can also deposit at their convenience, and the amount they want to contribute over a specific period to be determined by them.

“Deposits made will be invested in low risk Sharia-compliant product which will be monitor by the commission and profit share among stakeholders.

“In line with the provision of NAHCON ACT, 2006 and in consultation with the board, we shall in due course constitute a Board of Trustees to be submitted to the government.”

The Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, advised Muslims to imbibe the saving culture and long-term planning in order to key into the hajj family.

Represented by Mr Olusegun Adekune, Permanent Secretary, General Service, Office of the SGF, Mustapha urged the board and management of NAHCON to secure the licence of the CBN in order to deploy the scheme fully under a Special Purpose Vehicle.

He noted that promoting national cohesion and social inclusion was one of the core principles upon which the present administration’s Economic Growth Recovery Plan (ERGP) was built.

The SGF said the government encourages programmes that have positive socio-economic impact on Nigerians and that the hajj savings scheme was one of such.

“The success of similar schemes in some countries gives us the hope that Nigeria by virtue of its population, constituting one of the largest Hajj contingents will succeed in this endeavour and usher in a new era in the history of Hajj management to meet and possibly surpass the best in the world today.

“It is my sincere hope that all stakeholders in this scheme will give their all so that Nigeria will not only have a scheme which can be proud of, but one that others will learn from,’’ he said.

The chairman of the Board of Trustees of Jaiz Bank, Alhaji Umar Mutallab, said the bank was committed to the success of the scheme.

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