Saving for the journey of a lifetime
Later this month an estimated 2 million Muslims from around the world will gather together in the sacred city of Mecca and stand before the Kaaba (Sacred House) praising Allah together. This 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.
Just like Ramadan the exact dates of Hajj cannot be determined in advance, because of the disparity between the Islamic calendar, which is lunar, and the Gregorian calendar, which is the internationally accepted civil calendar. Estimates are also reliant upon the appearance of the crescent moon (Hilal) in Saudi Arabia, and so Hajj dates change from year to year.
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 make the pilgrimage every year. For people about to embark on this remarkable journey, their minds are filled with preparations and plans: travel schedules, securing visas, packing, and mastering the rituals that every Hajji must know.
However, Hajj is not without significant financial cost. So, if you’re not going on Hajj this year, but plan to go in the future, now may be a good time to start saving. A savings account from Al Rayan Bank will help you achieve your savings goal whilst ensuring that your deposit, plus the profit that you generate, is completely halal.
Al Rayan Bank does not pay interest, which is prohibited in Islam; instead we invest our customers’ deposits in Sharia compliant, asset-backed trading activities to generate a profit. This profit is then shared between the customer and Bank, as per the terms of the agreement.
The good thing about saving for a future goal is that, generally, the longer you can leave your money away in the bank for, the higher your level of profit will be. For example, if you have at least £1,000 to invest and don’t need to access your money for a period of time (between 1 and 3 years) then you can earn some of the highest rates of profit we offer:
|Term||Expected profit rate||When profit is reinvested||Min deposit amount|
|12 Month FTD||1.40%*||1.41%**||£1,000||Find out more|
|18 Month FTD||1.50%*||1.51%**||£1,000||Find out more|
|24 Month FTD||1.65%*||1.66%**||£1,000||Find out more|
|36 Month FTD||1.75%*||1.76%**||£1,000||Find out more|
|12 Month Cash ISA||1.35%*||1.36%**||£1,000||Find out more|
*Gross p.a. Terms & conditions apply.
**Where profit is reinvested and paid on maturity.
However, if that option is not flexible enough for you, we do offer a complete range of ethical savings products that include notice savings accounts and instant access accounts. Every month for the past three years, one of our savings accounts has topped the Moneyfacts Best Buy Tables, meaning we offer some of the highest profit rates in the UK. These tables are totally unbiased and chosen by merit only.
If you would like more information about Al Rayan Bank’s savings products and how they can help you save for Hajj, please call our Customer Services team on 0800 408 6407, or complete our online form and we'll get back to you.