TAJBank Limited has signed a Memorandum of Understanding (MoU) with the National Hajj Commission of Nigeria to support and expand the Hajj Savings Scheme (HSS) for aspiring pilgrims across the country. The partnership comes at a time when airfares and travel costs are rising sharply, making it more difficult for many Nigerians to afford the cost of pilgrimage.
In a statement issued on Monday, the bank said the agreement aligns with its ethical and non-interest banking model, which focuses on supporting socially responsible projects and promoting financial inclusion in Nigeria. TAJBank explained that the collaboration is part of its wider commitment to sustainable development and faith-based financial solutions that help ordinary Nigerians plan for important life goals such as religious pilgrimage.
TAJBank has continued to strengthen its position in Nigeria’s non-interest banking space. According to industry reports, the bank’s total assets recently crossed the N1 trillion mark, reaching N1.02 trillion as of the end of the first half of the year. This milestone places TAJBank among the leading players in the non-interest banking subsector of Nigeria’s financial services industry.
Speaking on the new partnership, the Managing Director and Chief Executive Officer of TAJBank, Mr. Hamid Joda, said the MoU would allow the bank to deepen its socio-economic interventions and bring the Hajj Savings Scheme closer to communities across Nigeria.
According to him, the agreement will enable TAJBank to use its strong digital banking platforms as well as its physical branch network to take the Hajj Savings Scheme to the grassroots. He said the goal is to make it easier for intending pilgrims to save gradually and access their funds seamlessly when it is time for their travel.
Joda explained that the bank plans to provide a smooth, ethically grounded savings pathway that is based on the principles of Islamic finance. He said the bank will also deploy technologically advanced savings tools to ensure that pilgrims enjoy a hitch-free Hajj experience while maintaining a long-term banking relationship with TAJBank.
He urged Muslim faithful planning to perform the pilgrimage to consider TAJBank as their preferred financial partner, noting that the institution is ready to provide transparent, Sharia-compliant savings products that remove the financial pressure associated with last-minute sourcing of funds for Hajj.
During the MoU signing ceremony, the Chairman of the National Hajj Commission of Nigeria, Professor Saleh Usman, described the Hajj Savings Scheme as a structured financial pathway that has helped to organise the process of funding pilgrimage in Nigeria. He recalled that in the past, many interested pilgrims were unable to participate due to poor awareness and lack of proper financial guidance.
Usman said the collaboration with TAJBank and other non-interest financial institutions would help the commission to increase its public sensitisation campaigns. According to him, the commission plans to work with Islamic scholars (Ulama), traditional rulers and digital media platforms to educate the public on the long-term benefits of early savings for pilgrimage.
He praised TAJBank and other participating financial institutions for their willingness to support the commission’s mandate of making Hajj more accessible and affordable for Nigerians. He assured that the commission would provide the necessary regulatory backing, operational guidelines and monitoring to ensure the successful execution of the scheme.
With the signing of the MoU, TAJBank and other non-interest financial institutions involved in the scheme have now been authorised by the commission to deploy their digital platforms and operational infrastructure for the enrolment of intending pilgrims. They are also permitted to invest pilgrims’ deposits in approved Halal ventures in line with Islamic finance principles for the socio-economic benefit of the contributors.
The partnership is expected to improve financial planning for pilgrimage, deepen financial inclusion, and reduce the burden of sudden travel expenses for thousands of Nigerian Muslims preparing for Hajj in the coming years.
