Public Islamic Bank offers solar panel financing

by BERNAMA / pic by BLOOMBERG

PUBLIC Islamic Bank Bhd (PIBB) has launched solar panel financing for residential houses targeted exclusively at existing PIBB and Public Bank Bhd’s home financing customers from Nov 12, 2020, to Dec 31, 2021.

In a statement yesterday, PIBB said the financing package is part of the bank’s effort to contribute positively to society’s wellbeing 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.

“The financing rate is from base rate +2% per annum with a tenure of up to 10 years,” it said.

PIBB said 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.

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