Global Journal of Economic and Finance Research Vol. 02(10): 988-1000, October 2025 Home Page: https://gjefr.com/ e-ISSN: 3050-5348 p-ISSN: 3050-533X DOI URL:https://doi.org/10.55677/GJEFR/02-2025-Vol02E10 pg. 988 Shariah-Compliant Financial Services for Hajj and Umrah: Products, Challenges, and Policy Recommendations Zahiduzzaman Zahid 1 , Md. Shahed Alamm 2 , Md. Abu Yousuf 3 , Munshi Md Ashfaqul Alam 4 , Md. Aminul Islam 5 , Md. Mohi Uddin 6 , Muhammad Masud Parves 7 , Salman Arif 8 1 (CSAA, CIPA, CISA, CSCA, PMP), Islamic FinTech & Business Analytics Researcher, University of the Cumberlands, Kentucky, USA. https://orcid.org/0009-0009-0075-0905 2 (CSAA), Islamic Banking and Finance Professional, Senior Manager, Islamic Financing Division, Bangladesh Finance PLC, Bangladesh. https://orcid.org/0009-0004-5203-0866 3 (CSAA), PhD Researcher, IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia, and Assistant Vice President, Islamic Financing, DBH Finance PLC. https://orcid.org/0009-0004-5006-216X 4 (CSAA), Head of Islamic Financing Wing, Bangladesh Finance Limited, Bangladesh. 5 Officer, Islami Bank Bangladesh PLC, Bangladesh. 6 (CSAA), Post-Graduate Researcher, Department of Arabic, University of Dhaka, Bangladesh. 7 (CSAA, CISA), Senior Principal Officer, Islamic Banking Division, Sonali Bank PLC, Dhaka, Bangladesh. 8 Former Research scholar Yale divinity school, USA & Former visiting Assistant professor, University of Punjab, Pakistan. INTRODUCTION Problem Statement Hajj and Umrah are two most holy duties of religion, which bring a great deal of spiritual benefits. Yet, as significant as these rites are, the cost of undertaking these pilgrimages has soared in recent years, making it exceptionally pricey for many Muslims to perform them – especially those of modest means. The international finance end of Hajj/Umrah continues to be even more challenging post-COVID, given increased cost and inflationary pressures in addition to compliance around global travel. But for KEYWORDS: Shariah-compliant finance, Hajj financing, Umrah accessibility, Murabaha, Mudarabah, Takaful, Islamic insurance, pilgrimage costs, financial literacy Corresponding Author: Zahiduzzaman Zahid Publication Date: 03 October-2025 DOI: 10.55677/GJEFR/02-2025-Vol02E10 License: This is an open access article under the CC BY 4.0 license: https://creativecommons.org/licenses/by/4.0/ ABSTRACT Hajj and Umrah represent profound religious obligations for Muslims worldwide, yet escalating costs due to inflation, travel expenses, and post- COVID regulations have rendered them financially inaccessible for many, particularly low-income individuals in regions like Southeast Asia, the Middle East, and North Africa. This study explores Shariah-compliant financial services—such as Murabaha (cost-plus financing), Mudarabah (profit-sharing), Takaful (Islamic insurance), and savings plans—as viable solutions to enhance affordability and inclusivity. Employing a mixed-methods approach, including regression analysis, hypothetical simulations, surveys of 500 pilgrims, and interviews with 20 experts from Islamic financial institutions, the research evaluates product effectiveness, accessibility, and challenges. Findings reveal Murabaha as the most adopted and effective model, reducing financial burden by up to 3.8% through structured repayments, while Takaful provides essential risk protection but minimal cost savings (0.6%), and Mudarabah remains underutilized due to complexity. Key barriers include low financial literacy, regulatory gaps, and fraud, mitigated by technological innovations like the Nusuk app and blockchain. Policy recommendations emphasize strengthening regulatory frameworks, promoting financial education, subsidizing low-income pilgrims, and leveraging digital platforms to foster equitable access. Ultimately, this paper advocates for a sustainable, ethical Islamic finance ecosystem to enable all Muslims to fulfill their pilgrimage duties.