Islamic bank targets Hajj participants for new savings plan

As part of efforts to get Muslim Filipinos financially prepared for future Hajj, Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) has launched a pilgrimage savings plan or PSP.

 

“With the PSP, Muslim Filipinos can plan and start preparing for their Hajj by building up their savings with AIIBP, enabling them to perform their religious obligation with ease and less financial strain,” the bank said in a statement Thursday.

 

An annual pilgrimage and the largest gathering of Muslims in the world, the Hajj is one of the five pillars of Islam the people are encouraged join at least once in their lifetime by traveling to Mecca and Madina in Saudi Arabia. It entails expenses such as plane fare, food, lodging and local transportation.

 

As a savings deposit account under the Wadiah Yad Dhamanah – or guaranteed safe custody principle – the plan is available in maturities of one, five, 10 or 15 years, with a minimum placement of P100,000.

 

Based on the expected financial capacity of a depositor, the placement may be raised by increments of P10,000. 

 

PSP promotes the mandate of the bank by taking it a step further by catering to every need of Muslim Filipinos, said Idiosa Ursolino, Al-Amanah head of operations. 

 

In launching the plan, a memorandum of understanding was signed between Al-Amanah chairman and chief executive Jose Luis Vera and Secretary Mehol Sadain of the National Commission on Muslim Filipinos.

 

The bank, which is the only Islamic bank in the Philippines, operates branches in Makati City, Cagayan de Oro, Davao, Iligan, General Santos, Marawi, Cotabato, Jolo, and Zamboanga. – VS, GMA News