Partnership aims to ease rising Hajj costs through wider access to Sharia-compliant savings

By Sadiq Abdulfatah

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. The goal is to give intending pilgrims a more organised, affordable, and Sharia-compliant way to save for the pilgrimage.

With this agreement, TAJBank will play a bigger role in helping more Muslims across Nigeria plan ahead for Hajj through an ethical and financially stable system. The bank, recognised as Nigeria’s largest non-interest lender, says the partnership supports its mission to provide accessible financial services to communities that are often underserved.

The initiative comes at a time when the cost of Hajj has risen sharply due to foreign-exchange challenges and higher global travel expenses, making it harder for many people to raise the needed funds.

TAJBank’s Managing Director and CEO, Hamid Joda, said the MoU would strengthen the bank’s efforts to support grassroots communities. Speaking over the weekend, he explained that TAJBank will use both its digital platforms and physical branches to make it easier for Muslims to join the savings scheme.

Joda said the partnership aligns with the bank’s commitment to supporting those in need. He added that TAJBank’s technology and strict adherence to Islamic finance principles would give intending pilgrims confidence in the savings process. He also encouraged Muslims planning for Hajj to consider TAJBank as their preferred non-interest banking option.

The partnership is expected to increase trust in non-interest banking and strengthen the Hajj Savings Scheme as a reliable long-term financial plan.

NAHCON Chairman, Abdullahi Saleh Usman, said the scheme has already helped address long-standing challenges of awareness and funding. He described the new agreement with TAJBank as a major step toward reaching more Nigerians. He added that the commission will intensify public sensitisation through scholars, traditional institutions, and digital platforms to explain the financial benefits of the scheme.

Usman praised TAJBank and other non-interest banks for supporting NAHCON’s goal of simplifying the Hajj process. He guaranteed full regulatory support to ensure smooth implementation.

With the MoU now active, participating banks can use their digital and physical systems to register pilgrims and invest their savings only in halal-approved ventures that support their economic wellbeing.

Usman added that the collaboration shows NAHCON’s commitment to making Hajj more accessible and manageable. He assured that the commission will continue to provide guidelines and oversight to protect pilgrims’ funds.

Source: Business Day