Dafinah says the products include financing of up to RM150,000.
PETALING JAYA: Hong Leong Islamic Bank Bhd (HLISB) has launched a pilgrimage funding service in collaboration with Andalusia Travels & Tours Sdn Bhd, an umrah and hajj package service provider.
Andalusia aims to handle about 80,000 umrah pilgrims in 2024 according to its director and legal director Ida Riswana Idris.
She said the company will be able to handle the number of pilgrims through collaborative efforts, and will also assist Muslims planning their umrah pilgrimage through Islamic financing offerings.
“We are confident that financing based on ‘murabahah tawarruq’ meets syariah requirements and will enable as many Muslims as possible to fulfil the obligatory hajj and umrah,” she said after the signing ceremony of the memorandum of understanding between HLISB and Andalusia.
“We believe that this facility will open more doors for the Muslim community to manage finances effectively in today’s digital age while fulfilling their religious obligations with a syariah-compliant financial foundation,” she added.
Ida said Andalusia facilitated the pilgrimages of 68,000 people last year.
HLISB chief executive officer Dafinah Ahmed Hilmi said the lender will offer two products, Personal Financing-i and Pay & Save Account-i, that would be useful for people planning their pilgrimiges.
“These syariah-compliant products cater to various lifestyle needs, all the while equipping Muslims with specific, digital and personalised financial solutions,” she said.
According to Dafinah, the products include financing of up to RM150,000 and ensures there is no element of usury, as required by syariah law.
Dafinah said the Pay & Save Account-i includes multi-currency features, allowing for foreign currency spending via Hong Leong Bank debit cards, withdrawals from overseas automated teller machines as well as direct conversion from ringgit to any foreign currency at a competitive rate via Hong Leong Bank Connect.
The account will also provide up to 4.15% profit a year on the account balance.
“This commitment extends to providing comprehensive digital accessibility through our mobile-banking platforms, facilitating online zakat payments, and presenting wealth management opportunities.
“This alliance also addresses diverse needs, empowering Muslims to fulfil their religious obligations with ease,” she said.
