CRDB launches collateral-free Hajj financing solutions

CRDB Bank, one of the leading financial institutions in the country, has announced the launch of its new Hajj and Umrah financing solutions, aiming to make the pilgrimage to Mecca more accessible and affordable for Muslims.

The Hajj and Umrah financing solutions are designed to cater to the needs of pilgrims who wish to undertake the spiritual journey but face financial constraints.

CRDB’s Director of Retail Banking, Mr Bonaventura Paul, said yesterday that with these solutions, the lender offers affordable and convenient financing options, which could be availed by customers to cover their travel and accommodation expenses for Hajj and Umrah.

“This product reaffirms our commitment to providing affordable financing options to all our customers, especially those who wish to undertake the pilgrimage to Mecca,” said Mr Paul.

This year, Tanzania has a quota of up to 3,000 pilgrims, and many of them may not have saved enough to fund their journey.

The Umrah and Hajj financing solution offered through CRDB’s Islamic Banking window presents a perfect solution to help Muslims fulfil their spiritual obligations without facing undue financial constraints.

CRDB Al Barakah Banking Division Acting Head, Muhsin Said noted that the newly launched Hajj and Umrah loans will be available to all Muslims in the country on flexible repayment terms and as an unsecured loan, there is no requirement for collateral, making it accessible to a wider range of customers.

“Hajj and Umrah loans are provided up to a maximum of 30m/-,” Mr Said unveiled.

For employees, CRDB will facilitate up to 80 per cent of all travel expenses, while for businessmen and entrepreneurs, the lender will provide facilitation of up to 50 per cent of all travel expenses.

During the launch event, the Chief Sheikh and Mufti of Tanzania, Sheikh Abubakar Zubeir, commended CRDB for introducing the Umrah and Hajj financing solution, emphasising the importance of fulfilling spiritual obligations while remaining financially responsible.

“This is a good initiative from CRDB, and I commend them for making it easier for Muslims to fulfil their religious obligations. I encourage Muslims to take advantage of this opportunity to secure financing for their pilgrimage to Mecca,” said Sheikh Zubeir while asking the CRDB to also facilitate the pilgrimage institutions in the country.

The launch of the Hajj and Umrah financing solution further underscores CRDB’s commitment to providing innovative and inclusive financial solutions to all customers.

CRDB Al Barakah was launched some three years ago and has already attracted more than 30,000 customers who have taken advantage of the various services offered, including accounts and loans.

The bank’s report indicates that CRDB Al Barakah Banking has disbursed more than 73bn/- to customers since its inception, demonstrating the increasing demand for Islamic financial products in Tanzania.