Opening a Hajj savings account with Albaraka Bank
Q: I intend opening a hajj account with Albaraka bank, the money invested will earn a profit every year, is this profit jaaiz? This is the conditions from the bank (See below). Kindly assist.
Haj, one of the five pillars of Islam, is compulsory for all those who can afford such a pilgrimage. No single event in the life of a Muslim is more spiritually uplifting and rewarding than to embark on the journey of Haj. The Haj Investment Scheme helps to turn your pilgrimage dream into a reality. What are the benefits you will enjoy?
• Investments earn profits
• Eligibility to enter a sponsored airfare draw
• A gift when leaving for Haj
• In-house foreign currency facility
• Free Travellers Will
What qualification criteria apply?
• A minimum deposit of R100 is required to open the account
• Funds earn profits in terms of a pre-agreed profit sharing ratio
• Benefits are only extended to those proceeding for Haj/Umrah irrespective of the term of investment
A: The workings of Albaraka don’t seem to be clear to me. So I don’t encourage anybody to be investing there.
And Allah Ta’ala (الله تعالى) knows best.