Public Islamic Bank launches solar panel financing scheme

 

KUALA LUMPUR: Public Islamic Bank Bhd (PIBB) has taken green energy one step further with its solar panel financing for residential houses.

Launched on Nov 12, the financing scheme will go on until Dec 31,2021 and it is for existing PIBB and Public Bank Bhd house financing customers.

The financing rate is from base rate (BR) +2% per annum (currently BR is at 2.27% per annum with effect from July 10,2020) with tenure up to 10 years.

The bank said this financing package is part of its effort to contribute y to the society’s well-being via the value based intermediation (VBI).

VBI aimed to align Islamic finance business models towards realising the objectives of Shariah principles to generate positive and sustainable impact to the economy, community and environment.

Customers will also save money due to lower or zero electricity bills, depending on usage.

This campaign also supports the government’s initiative to encourage Malaysia’s renewable energy uptake where the solar panel will operate under schemes from the Sustainable Energy Development Authority (SEDA) including net energy metering and self-consumption.

Customers may choose their preferred solar company from the bank’s list of solar company partners.

PIBB is also looking to offer this financing to commercial sector in the near future.

– Source(s) : The Star – Banking on 16th November 2020