For the first time in the country's history, the federal government has decided to deposit the Hajj dues (fee) in Shariah-compliant accounts. Sources told Business Recorder on Wednesday that in previous years the amount was being placed in the conventional accounts of different banks. However, this year government has made it compulsory that entire amount of Hajj dues will be invested in Shariah-compliant instruments.
While announcing the Hajj Policy 2016, Ministry of Religious Affairs and Inter-Faith Harmony had also asked banks to keep the deposits of Hajj dues in Shariah-complaint accounts/instruments. Last year, the country's largest Islamic banking institution, Meezan Bank Limited, was inducted in the list of banks that were allowed to receive Hajj applications and accordingly it deposited the entire amount of Hajj dues in Islamic accounts.
According to the Hajj Policy 2016, "Hajj dues, after collection from the intending pilgrims, will be deposited in the Shariah-compliant instruments/accounts". In addition, private Hajj operators have been directed that a Special Fund "Hujjaj Compensation Fund (HCF)" may be deposited in any of the nationally scheduled Islamic banks. HCF was established in Hajj policy 2010 by the Hajj Group Organisers Association of Pakistan (HOAP); it will be utilised to rescue the victims of any fraud committed by any member HGO and for up-gradation of Information Technology system etc. "HOAP may place the deposit under HCF in any of the nationally scheduled Islamic banks", it added.
Sources said this year some 8 banks are receiving Hajj applications against 11 last year. As the federal government has asked for deposits of Hajj dues in Shariah-compliant instruments, this year only banks having Islamic banking operations have been enlisted. While, some banks have been delisted due to unavailability of Islamic banking services/ windows.
So far this year, some Rs 26 billion have been collected by the banks on account of Hajj dues against the applications of 105,000 under the government's Hajj scheme and selection of some 86,021 Hujjaj will be made through a "Computerised Open Ballot" to be conducted by a third party on April 29, 2016 After announcement of names of successful pilgrims, all those declared unsuccessful may withdraw their dues from their respective bank branch immediately. Bankers are expecting that after withdrawal of unsuccessful amount, some Rs 22 billion will remain in the banks for 60 to 90 days.
According to Hajj Policy, out of the total Hajj quota of 143,368, 60 percent or 86,021 would be allocated to Government Hajj Scheme which provides an economical package with reasonable facilities for the pilgrims while the balance 40 percent would be allocated to Private Scheme ie Hajj Group Organisers (HGOs).
It may be mentioned here that State Bank of Pakistan in response to a request of Ministry of Religious Affairs has already directed banks, including Habib Bank Limited, United Bank Limited, National Bank of Pakistan, MCB Bank Ltd, Allied Bank Ltd, Bank of Punjab, Bank Alfalah and Meezan Bank to open their designated branches on 23rd and 24th April 2016 (Saturday & Sunday) from 10:00 am to 2:30 pm for the purpose of collection of Hajj applications along with the dues.