ADDIS ABABA (CBE) – The Commercial Bank of Ethiopia (CBE) has launched special saving account meant to Hajj and Umrah pilgrims for expenses to perform the Islamic rituals Hajj and/or Umrah.
The commencement of the service would enable the customer to deposit a certain amount of money as per the scheduled time set by the bank for the Pilgrimage travel.
CBE Interest Free Banking (IFB) Vice President Ato Nuri Hussein said the service dubbed “Labbaik Saving Account” is guided and operated based on Interest Free Banking procedure especially prepared for pilgrimage travelers to Mecca (Islam’s holiest city, which is the birthplace of the Prophet Muhammad and the faith itself).
Ethiopian Supreme Islamic Affairs Council Vice President and Chairman of CBE’s Sharia Advisory Committee Dr. Jeylan Kedir on his part said the service is introduced in line with the Sharia Law. A large number of Ethiopian Muslims who are eager and willing to perform Hajj or Umrah obligations would make use of this special account by saving for a long period and fulfill their desire, he added. Customers on their part said that the launch of the service is important, as it would enable the low-income Muslims to save and accumulate money over a long period of time without much ado. Customers can save more money than needed for Hajj and withdrawal is possible anytime.
The Hajj, sometimes spelt Haj, is the annual pilgrimage to Mecca that Muslims are expected to make at least once in their lifetime. The word Hajj is an Arabic word, meaning ‘to intend a journey’. Hajj is the fifth pillar of Islam – the others are shahadah (declaration of faith); salat (daily prayer); zakat (giving of alms); sawm (fasting in Ramadan).
The Umrah is also an Islamic pilgrimage to Mecca that can be undertaken at any time of the year, in contrast to the Ḥajj, which has specific dates according to the Islamic lunar calendar.
Sources: CBE & Islamic Help