Ramallah - Safa Islamic Bank and the Ministry of Awqaf and Religious Affairs signed a memorandum of understanding today to introduce a special financing program for individuals who win the Hajj lottery for 2023. This initiative aligns with the bank's plans to provide new and high-quality services that are in accordance with Islamic Sharia principles, covering the diverse needs of the public, particularly those related to performing religious rituals and specifically the Hajj “pilgrimage”.

Nidal Barghouthi, the General Manager of Safa Bank, expressed his satisfaction with this agreement, considering it a new step in the field of financing services offered by the bank. He highlighted that in light of the economic circumstances faced by our people, some individuals who are fortunate enough to win the Hajj lottery are unable to cover the full fees and costs of performing the Hajj. Consequently, there is a demand and need for this type of financing. This initiative signifies the bank's relentless efforts to provide a unique service that is the first of its kind in the Islamic banking sector. The agreement is part of a broader commitment to offering exclusive banking products and services that Safa Bank is known for.

Barghouthi added that Safa Bank has launched the largest savings program in terms of profit opportunities, number of prizes, and their values. He announced the introduction of the daily Prize, which is an Umrah trip during the days of the holy month of Ramadan, as well as winners of 125,000 NIS on Eid al-Fitr and Eid al-Adha.

Furthermore, Barghouthi emphasized that Safa Bank is the first bank to offer a financing program for Hajj services within the banking sector in Palestine. He highlighted that the memorandum of understanding is a reflection of the bank's commitment to providing the best banking services and financing programs in accordance with the terms and conditions of the Ijarah contract that describes the services and benefits of Hajj, aligned with Islamic Sharia principles.

In response, the Minister of Awqaf, Sheikh Hatem Al-Bakri, praised Safa Bank's role in meeting the needs of the Palestinian public through a financing program that aligns with Islamic Sharia principles. He stated that the ministry will determine the price that Hajj pilgrims need to complete the pilgrimage, including transportation details and accommodation in Mecca and Medina. The ministry will also ensure the provision of guidance and pilgrimage services by authorized official bodies in the holy sites. Sheikh Al-Bakri affirmed the ministry's commitment to providing the best services and means for Palestinian pilgrims, aiming for a successful and secure Hajj season this year.

The bank will soon announce all the details regarding the program, its advantages, and the subscription process. Pilgrims who are lucky enough to win the Hajj lottery can participate in the program and benefit from timely financing opportunities before the Hajj season.