Pakistan prepares interest-free Hajj savings scheme for pilgrims

The government is working on an interest-free Hajj savings scheme to help prospective pilgrims save for the pilgrimage through regular monthly deposits and ease the burden of rising expenses.

The Ministry of Religious Affairs has launched preparations for the proposed initiative in coordination with the Finance Ministry and the Central Directorate of National Savings, following approval from the prime minister.

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According to a ministry spokesperson, participants will be able to deposit money through digital channels and choose a savings period that suits their financial circumstances. The proposed plan is also expected to include a facility for transferring savings to family members.

Officials are considering allowing account holders to withdraw their money at any time without deductions, although the scheme’s final rules have yet to be announced.

A consultative meeting attended by representatives of the Finance Ministry and National Savings was held under the chairmanship of the secretary of religious affairs to discuss the proposed framework. The secretary directed officials to prepare the scheme’s rules within two months.

The ministry is also considering similar savings arrangements for Umrah and other religious pilgrimages.

The initiative aims to help families plan their pilgrimage expenses in advance by setting aside smaller amounts over time instead of arranging the entire cost at once.

The scheme remains under development, with its operating procedures, launch date and other implementation details yet to be finalised.

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