Saving for Hajj
Around two million Muslims from around the world are currently gathering together in Mecca to stand before the Kaaba (Sacred House) and praise Allah. This sacred pilgrimage - Hajj - is the fifth and final pillar of Islam and promotes the bonds of Islamic brother, and sisterhood, demonstrating that everyone is equal in the eyes of Allah.
Hajj is a religious duty that every adult Muslim must undertake once in their life, if they can afford it and are physically and mentally able. According to the Council of British Hajjis, 25,000 British Muslims fulfil this religious obligation every year, but this often once-in-a-lifetime journey it is not without significant financial cost.
Travel, accommodation, food, guides, visa.. costs for Hajj soon add up, and it has been estimated that the Hajj pilgrimage can cost up to £4,000 per pilgrim. If you wish to start saving for Hajj, it makes sense to have a savings account to help you achieve your goal more quickly.
That's where Al Rayan Bank can help. Not only do we offer some of the highest expected rates of return in the UK, but every single account is Sharia compliant, meaning Muslim customers are able to save without compromising their faith. Additionally, if you’re able to lock your money away for longer, you can receive a higher expected rate of return – so it pays to plan for a long-term future goal.
Al Rayan Bank’s award-winning* fixed term deposits currently pay an expected profit rate of 1.91% for one year; 2.06% for 18 months; 2.22% for 24 months; and 2.32% for 36 months^. These are some of the highest rates of return offered in the UK and are completely Sharia-compliant.
If you don't want to lock your money away for at least 12 months, notice accounts pay a higher expected rate of profit than instant access savings accounts and you only need to provide a certain period of notice to get access to your money. For example, savers can currently receive an expected profit rate of 1.50% on the 90 Day Notice Savings Account.
If you would like more information about Al Rayan Bank's savings products, from fixed term deposit to notice and instant access accounts, as well as the Bank's range of tax free Cash ISAs, you can click here, call us 0800 40 86 407, or visit one of our branches.
Rates correct as of 29 August 2017
* Al Rayan Bank was named as the ‘Best Fixed Savings Account Provider’ in the UK by Moneyfacts, the country’s leading personal finance data provider.
^ Where profit is taken as quarterly income, the annual equivalent expected profit rates will be: 1.90% on the 12 month FTD, 2.04% on the 18 month FTD, 2.20% on the 24 month FTD and 2.30% on the 36 month FTD