CRDB launches new plan for pilgrims

 

By The Citizen Reporter

Media/news company Mwananchi Communication Limited

Summary

·         The two solutions are designed to cater to pilgrims’ travel and accommodation needs so they can access financing affordably and conveniently

Dar es Salaam. CRDB Bank launched its new Hajj and Umrah solutions yesterday to

simplify access to financing for Tanzanian pilgrims to Mecca.

The two solutions are designed to cater to pilgrims’ travel and accommodation needs so they can access financing affordably and conveniently.

The products come at a time when Muslims from around the world are preparing to perform the obligatory act of Hajj, which is one of the five pillars of their faith.

This year, Tanzania has a quota of up to 3,000 pilgrims, who are the target of the financing solutions.

“These are an addition to our Islamic banking portfolio,” said the director of retail banking at CRDB Bank, Mr Bonaventura Paul.

The acting head of the CRDB Al Barakah Banking Division, Muhsin Said, said that the newly launched Hajj and Umrah loans will be available to all Muslims in the country on flexible repayment terms, adding that being an unsecured loan, there was no requirement for collateral.

“Hajj and Umrah loans are provided up to a maximum of Sh30 million. For employees, the bank will facilitate up to 80 percent of all travel expenses, while for businessmen and entrepreneurs, the bank will facilitate up to 50 percent of all travel expenses,” explained Muhsin.

During the launch event, the Chief Sheikh and Muft of Tanzania, Sheikh Abubakar Zubeir, commended the move and emphasised the importance of fulfilling spiritual obligations while remaining financially responsible.

The launch of the Hajj and Umrah financing solution further underscores CRDB Bank’s commitment to providing innovative and inclusive financial solutions to all customers. To learn more about this product, visit any of CRDB Bank’s branches.

CRDB Bank launched its Islamic Banking services, known as “CRDB Bank Al Barakah,” in 2021.

The service has attracted more than 30,000 customers who have taken advantage of various services, including accounts and loans.

The bank’s report indicates that CRDB Al Barakah Banking has disbursed more than Sh73 billion to customers since its inception, demonstrating the increasing demand for Islamic financial products in Tanzania.