Habib Bank Limited on Monday launched ‘HBL Al-Ziarat Account’ as Haj & Umrah saving plan. The product is based on the concept of Modaraba and under the scheme, bank will provide Takaful also. At the launching ceremony, HBL President Zakir Mehmood said that rising Non Performing Loan (NPLs) is a major challenge for the banking industry and banks with the central bank assistance are taking several initiatives to curb the rising NPLs.
He said that Islamic banking is a different segment and using the new technology, HBL Islamic banking is being operated through different accounts. “HBL Islamic banking accounts are totally different from its conventional banking accounts and presently deposits of Islamic banking stand at Rs 6.3 billion,” he said. Keeping on mind the essence of Islamic economic system ie welfare of the society and sharing of the benefits, HBL has introduced this account, he added.
It is an immense desire of every Muslim to perform Haj & Umrah but due to high cost it is not possible for most of us to perform Haj & Umrah at will, he said and added that however, this unique product will enable Muslims to perform their religious duty under the saving plan ranging from 6 months to 20 years.
Zakir said HBL is the largest private sector bank in Pakistan with more than 1,450 branches nation-wide and HBL Islamic Banking is on fast track and its operation has increased to 19 dedicated Islamic banking branches across Pakistan offering Islamic Banking products and services from 206 branches of retail, commercial & corporate centers directly linked to the dedicated Islamic banking branch of the concerned region.
This product is initially offered through selected branches of HBL and more branches will be engaged on need basis, said Muhammad Aslam head of Islamic Banking HBL while giving the details of the product. “Under this product intending pilgrims wilt join the saving scheme by opening HBL ‘Al-Ziarat Account’ with any of 225 branches of HBL spread across the country,” he added The account will be opened in the Islamic Banking branch of HBL through either dedicated Islamic banking branch, as HBL has attempted to offer the service at the doorstep of the pilgrim, he said.
In addition, the life of the pilgrim will be covered through family Takaful coverage from Pak Qatar Family Takaful free of cost. The Takaful cost will be borne by HBL, Aslam added. At the time of opening of account, the pilgrim will nominate a relative to perform Haj-e-Badal or Umrah if needed and in case of pilgrim’s death during the plan, any shortfall between the target amount and savings will be paid by Takaful operator and the nominee will perform Haj or Umrah in place of the deceased.