Pakistan approves interest-free Hajj savings plan

Prime Minister Shehbaz Sharif has approved a proposal for an interest-free Hajj savings scheme to assist Pakistani citizens in managing the rising costs of the annual pilgrimage. Developed jointly by the Ministry of Religious Affairs, the Ministry of Finance, and the Central Directorate of National Savings, the Shariah-compliant initiative aims to allow prospective pilgrims to make regular monthly deposits through digital channels.

The scheme is designed to offer financial flexibility, allowing participants to choose their own savings periods and transfer funds to family members. Additionally, savers will be permitted to withdraw their deposited money at any stage without deductions.

Religious Affairs Secretary Abrar Ahmed Mirza stated that the plan is intended to help individuals organize their finances and cope with inflation. Officials have been directed to finalize the rules and regulations for the scheme within two months. There is also consideration for extending similar savings models to Umrah and other religious pilgrimages in the future.