The pilgrims can also avail themselves of the facilities during their stay in Saudi Arabia.

The Ahsania Hajj Investment and Finance Company Limited will be formed by the government, Ahsania Mission and Malaysia Global Hajj and Global Corporation (MGHGC), according to a finance ministry source.

The government will have a five percent of the total share, while 51 percent will go to the Ahsania Mission and 49 percent to the Malaysian company. According to the Ahsania Mission, the company will make an investment of 20 million dollars.

The Prime Minister's Office, the finance ministry and the Bangladesh Bank have already given a green signal for the establishment of the company.

Once the finance ministry gives its final consent, the Bangladesh Bank will initiate the process to issue a licence for the company.

Every year, about 50,000 Bangladeshis go to Saudi Arabia to perform Hajj. The pilgrimage involves around Tk 1.5 lakh, which many devotees, particularly middle and lower middle groups, cannot afford.

The company will initially target such people and launch a special eight-year saving scheme.

Presently, several private companies are engaged in arranging transportation of pilgrims and accommodation facilities for them in Saudi Arabia, but there are allegations of serious mismanagement and even fraud against these companies, said a religious affairs ministry source.

The new company will now arrange all facilities such as accommodation, transport, food and healthcare in the cities of Makkah, Madina, Mina, Arafat and Muzdalifa.

Although there are restrictions on permission for any new financial institution, imposed by the finance ministry, the company may get the permission under special consideration.