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KUALA LUMPUR: Public Islamic Bank Bhd (PIBB) has taken green energy one step further with its financing of solar panels for residential houses.
Launched on November 12, the financing scheme will continue until December 31, 21 and is for existing PIBB and Public Bank Bhd.
Home financing for clients.
The financing rate is the base rate (BR) + 2% per annum (currently BR is 2.27% per annum as of July 10, 2020) with a tenure of up to 10 years.
The bank said that this financing package is part of its effort to contribute to the well-being of society through value-based intermediation (IBC).
The IBC aimed to align Islamic financial business models towards realizing the objectives of the Sharia principles to generate a positive and sustainable impact on the economy, the community and the environment.
Customers will also save money due to lower or no electricity bills, depending on usage.
This campaign also supports the government’s initiative to encourage Malaysian renewable energy absorption where the solar panel will operate under Sustainable Energy Development Authority (SEDA) schemes, including net energy metering and self-consumption.
Customers can choose their preferred solar company from the list of solar company partner bank.
PIBB is also looking to offer this financing to the commercial sector in the near future.
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