HAJJ SAVINGS SCHEME: A MODEL FOR THE FULFILMENT OF HAJJ RITES FOR THE BOTTOM OF THE PYRAMID
DOI:
https://doi.org/10.22452/Keywords:
Hajj savings scheme, financial inclusion, Maqāṣid al Sharīʿah, bottom of the pyramid.Abstract
This study analyzes the Hajj savings scheme as a model for helping less affluent Muslims fulfil Hajj rites and perform Hajj and Umrah. The study discusses the challenge of making the pilgrimage affordable for lower-income Muslims. It examined the suitability of structured Hajj savings plans in terms of access to participation and the principles of well-being, justice, and financial inclusion advanced by Maqāṣid al Sharīʾah. The study employed a cross-sectional survey design with a quantitative approach, sampling 420 intending Muslim pilgrims from formal Hajj savings programs using multistage sampling techniques. Structured questionnaires were used to collect data, which were then analyzed using descriptive statistics, multiple linear regression, and multiple regression analysis. The results showed that Hajj saving schemes significantly affected participants' financial discipline, reduced dependence on informal loans, made pilgrimage more affordable, and boosted confidence in participating in subsequent pilgrimages among low-income Muslims. The findings also showed that the schemes embody Islamic ethical financial principles of welfare enhancement, institutional transparency, and fair access to religion. The study highlighted the role of Hajj savings schemes in achieving financial inclusion and protecting vulnerable pilgrims from financial abuse. The study made a substantial contribution to Islamic finance scholarship by identifying Hajj savings schemes as potential instruments for advancing spiritual fulfillment and socioeconomic justice in Muslim society.
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