Muslim Filipinos can now start their savings plan for the Hajj, after the Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) launched a savings deposit account for purposes the said religious activity.
On February 6, the AIIBP launched its Pilgrimage Savings Plan (PSP) that aims to help Muslim Filipinos start their savings plan for the future Hajj or Umrah.
The Hajj or pilgrimage is one of the five pillars of Islam that Muslims are encouraged to undertake. It entails travel to the cities of Makkah and Madina in Saudi Arabia, which will incur costs for plane fare, food, lodging and local transport.
In a statement, the Development Bank of the Philippines-led AIIBP explained that the PSP is a savings deposit account under the “Wadiah Yad Dhamanah” or guaranteed safe custody principle, available in maturities of one, five, 10 or 15 years.
Initially, the minimum plan is P100,000 and can be increased by increments of P10,000, depending on the projected financial capacity of the depositor.
The PSP shall be covered by an agreement between AIIBP and the depositor, whereby a passbook is issued to the depositor as proof of enrolment as well as for recording his PSP transactions, the bank said.
According to Idiosa Ursolino, AIIBP head of operations, the PSP promotes the Islamic mandate of the bank, and takes it a step further by catering to the every need of Muslim Filipinos.
“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.
Muslim Filipinos may apply for the program at any of AIIBP’s nine branches located in Makati, Cagayan de Oro, Davao, Iligan, General Santos, Marawi, Cotabato, Jolo and Zamboanga, the bank said.