MIB introduces savings account for Hajj and Umrah

Maldives Islamic Bank (MIB) headquarters in Male' City. (Sun Photo)

In a first in the Maldives, Maldives Islamic Bank (MIB) has introduces a savings account for Hajj and Umrah.

The new deposit product by the bank is made to cater to individuals who are intending to save up money to go to Hajj or Umrah, in a Sharia compliant manner.

A minimum deposit of MVR 5,000 is required to open such a savings account.

The most special feature of the Hajj and Umrah savings account is fee-free transfer of the desired amount of money to the account each month from the owner’s account upon deposit of their salary or pension.

However, this feature will only be available for those whose monthly salary or pension is deposited to MIB accounts. In contradictory to other savings accounts, users of Hajj or Umra saving accounts will generate more profit.

Moreover, owners of these accounts will be provided financial advice and assistance on reaching their savings goal. If the owner wishes to alter the goal, or plan later on, MIB would still assist them in the process.

Additionally, customers who transfer their salary or pension benefits to MIB will be able to take advantage of USD Exchange benefit. The balance and details of Hajj and Umrah savings accounts can be viewed through MIB’s internet and mobile banking.

Family members, or a groups of people who wish to go to Hajj or Umrah together can create joint accounts as well.