UTI MF to launch Haj-specific fund

Unit Trust of India Mutual Fund is planning to launch a Haj-specific fund with the aim of raising Rs. 10,000 crore for the first year. The fund will replace the direct subsidy system for Haj pilgrims with an investment subsidy system. The scheme will have a lock-in period and pilgrims will be given the option to withdraw money mid-way. The details about the lock-in period and exit load are not known yet. The scheme will work very much like a mutual fund and mobilize money from Haj pilgrims, deposit it in a Shariat-compliant account and offer a higher investment return to undertake the pilgrimage.