Public Islamic Bank launched solar panel financing for residential houses
KUCHING: Public Islamic Bank Bhd (Public Islamic Bank) launched the Solar Panel Financing for residential houses aimed exclusively for existing Public Islamic Bank and Public Bank Bhd (Public Bank) house financing customers, beginning from Nov 12, 2020 to Dec 31, 2021.
In a press statement, it explained that this financing package is part of the Public Islamic Bank’s effort to contribute positively 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 syariah principles to generate positive and sustainable impact to the economy, community and environment.
The financing rate is from base rate (BR) two per cent per annum (currently BR is at 2.27 per cent per annum with effect from July 10, 2020) with tenure up to 10 years.
Apart from protecting the environment with electricity generated from sustainable sources, customers will also save money due to lower or zero electricity bills, depending on usage.
This campaign also supported the government’s initiative to encourage Malaysia’s renewable energy uptake where the solar panel will operate under schemes from Sustainable Energy Development Authority (SEDA) including Net Energy Metering (NEM) and Self-Consumption (SELCO). Customers may choose their preferred solar company from the bank’s list of solar company partners.
Public Islamic Bank is also looking into offering this financing to commercial sector in the near future as it is expected to produce positive impact to the environment from sustainability perspectives as well as contribute to cost savings for participating companies.