Pakistan has approved the development of an interest-free Hajj savings scheme to help citizens save gradually for the annual pilgrimage without relying on interest-based financial arrangements.
Prime Minister Shehbaz Sharif has approved the proposal submitted by the relevant government institutions. These institutions have been given two months to prepare the scheme’s rules and regulations before further steps are taken towards its implementation.
Under the proposed Shariah-compliant plan, intending pilgrims will be able to deposit money regularly through digital channels. Participants will have the option to select savings periods according to their financial circumstances, making it easier to plan for future pilgrimage expenses.
The scheme is also expected to offer flexibility in managing savings. Participants will be able to transfer funds to family members and withdraw their money without deductions, according to the proposed framework.
The initiative aims to provide citizens with a structured way to prepare financially for Hajj, which can involve significant expenses related to travel, accommodation and other arrangements. Regular deposits could help intending pilgrims spread these costs over time rather than arranging the full amount at once.
Officials are also considering extending the savings plan to Umrah and other religious pilgrimages, potentially allowing more people to benefit from the initiative.
However, several details remain pending. The government has yet to announce the eligibility criteria, minimum deposit requirements, available savings periods and official launch date.
The next two months will be important for finalising the scheme’s operating framework. Once the rules are prepared and announced, citizens will have a clearer understanding of how to participate and plan their savings.
