The opening of the account and money deposited into it is governed by the Mudaraba rules of Islamic Shariah.
Hajj Development Mudaraba Term Deposit (HDMTD) account may be opened in the name of individual or institution.
Tenure of HDMTD rangs from 1year to 10 years, however for an institution, the minimum tenure is 6 months.
The depositor, with the approval of the company, may lien upto 80% of the amount in his HDMTD account for financing facility under quard system.
The company (HFCL) will set aside 10% of the profit it earns from investing this deposit and credit it to “Hajj Development Fund” which will be utilized for Hajj development (Hajj training, publication and distribution of Hajj literature for would be Hajjees etc.) and welfare of Hajjees while they are performing their Hajj in the Holy Land (for hiring religious teachers or guides, medical expenses, burial expenses etc.).
Account holder gives his consent to HFCL to utilize the whole or part of money to the credit of his account in the manner that the company shall deem fit.
