The Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) launched last February 6 its Pilgrimage Savings Plan (PSP) that aims to help Muslim Filipinos start their savings plan for future Hajj or Umrah.
The initiative was launched with the signing of a Memorandum of Understanding (MOU) between AIIBP, represented by its Chairman and CEO Atty. Jose Luis L. Vera, and the National Commission on Muslim Filipinos (NCMF) represented by Secretary Mehol K. Sadain.
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 such as plane fare, food, lodging and local transport. 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 PSP is a savings deposit account under the “Wadiah Yad Dhamanah” or guaranteed safe custody principle, available in maturities of 1, 5, 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. According to AIIBP Head of Operations Idiosa Ursolino, the PSP promotes the Islamic mandate of the bank and takes it a step further by catering to every need of Muslim Filipinos.
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. For further inquiries, please visit the bank’s website at www.al-amanahbank.com or email info@al-amanabank.com.