Haj Savings Should Be Long-term Priority, Say Economists

By Nabilah Saleh

KUALA LUMPUR, Jan 14 (Bernama) -- Haj savings are best viewed not as a last-minute financial goal, but as a long-term journey that blends financial discipline with spiritual preparation.

Seen this way, economists say that haj savings also make for a New Year resolution that is practical, measurable and achievable.

Prof Datuk Dr Nik Maheran Nik Muhammad, a professor of entrepreneurship and business at Universiti Malaysia Kelantan, said haj planning should be grounded in life-cycle financial planning that prioritises discipline and consistency over short-term readiness.

“In an inflationary environment, haj savings must be continuous and supported by discipline. Young people should begin saving early in their careers and remain consistent, even in small amounts,” she told Bernama.

She said allocating as little as five per cent of net monthly income could already build a meaningful foundation over time.

“For example, with a starting salary of RM3,000, five per cent amounts to RM150 a month. If the opportunity to perform haj comes 20 years later, the total savings without compounding would reach RM36,000.

“With Tabung Haji’s average dividend of about 3.0 per cent, the amount could grow to around RM51,000,” she said.

From an economic and Islamic finance perspective, Nik Maheran said starting early is rational even for those with modest or unstable incomes, as time helps ease future cost pressures.

She added that the Islamic concept of istita‘ah, or the ability to perform haj, is developed gradually rather than achieved instantly.

“Early savings reduce future financial burdens and help build financial resilience. Within the framework of Maqasid Syariah, such savings support the preservation of both faith and wealth,” she added.

Meanwhile, Al-Madinah International University’s Accounting and Taxation Professor, Prof Emeritus Dr Barjoyai Bardai, said framing haj savings as a lifelong journey rather than a purely financial goal could help young people stay committed, especially amid economic uncertainty.

He said an effective New Year resolution should view haj as a 10- to 20-year mission that builds material readiness, mental discipline and spiritual preparation.

“Haj should not be treated as a one-off financial project. It is a lifelong journey of purification and responsible stewardship of sustenance,” he said.

From an Islamic finance standpoint, Barjoyai said syariah-compliant savings frameworks offer more than ethical assurance, with moderation (wasatiyyah) playing a central role.

“These principles emphasise freedom from riba, reliance on productive assets, fairness and trust,” he said, adding that borrowing for haj should be avoided and that family needs and basic obligations must take precedence.

“Reducing impulsive spending and adopting a measured lifestyle helps protect both financial stability and spiritual focus,” he noted.

He also highlighted the role of spiritual routines in reinforcing financial discipline, suggesting regular savings reviews paired with small acts of charity and renewed intention.

Periods such as Ramadan and Zulhijjah, he said, offer natural opportunities to reassess savings commitments and recalibrate financial priorities.

“Long-term consistency is not driven by finances alone, but by mental and spiritual habits. This includes renewing intention, linking each ringgit saved to progress towards the Holy Land, and building small support communities where encouragement can be shared,” he said.

These principles are reflected in the experience of pharmacist Nur Azra Pauzi, 42, who began saving long before she had concrete plans to perform the pilgrimage.

She opened a Tabung Haji savings account at 25 for practical reasons, and automatic salary deductions later helped her stay consistent despite unexpected expenses such as children’s hospitalisation and car repairs.

“Honestly, I didn’t start saving specifically for haj but because it was convenient and secure. At the back of my mind, I’ve always wanted to perform haj at a young age for health reasons,” said the mother of two.

Nur Azra performed haj in 2023.

“Doing haj early made me realise how much sacrifice it takes...but it was absolutely worth it,” she added.

-- BERNAMA