A government bank opens the door to financing the solar energy system for citizens

A government bank opens the door to financing the solar energy system for citizens

2021-11-17 01:00

A government bank opens the door to financing the solar energy system for citizensShafaq News/ Al-Nahrain Islamic Bank, owned by the Iraqi government, announced on Wednesday that it had launched the financing of the solar energy system for citizens and employees, stressing that it is the first bank that initiated this project.

The bank’s assistant director, Imad Rassan, said in an interview with Shafaq News Agency, “The bank took the initiative to finance the solar energy system Murabaha, which is granted to the category of employees of state departments and citizens in general,” noting that “Al-Nahrain Islamic Bank is the first bank in Iraq to undertake this initiative by financing the establishment of the energy system.” solar”.

Rasan added that “the instructions for citizens and employees are that the maximum amount of financing be 10 million dinars, and that the maximum limit for the financing period is 5 years, with a profit rate (interest) of 5% annually,” noting that “the instructions for the second category that deserve to grant this financing are employees whose salaries are endemic to The bank has a maximum financing amount of 10 million dinars for a period of 5 years, with a profit rate of 4% annually.

Resan pointed out that “the customer of the citizens must provide one or more sponsors from the employees of the state departments, provided that the net salary equals double the monthly installment,” noting that “the monthly installment will be 208 thousand dinars.”

Rassen pointed out that “the bank encourages, through such projects, that work on solar energy as a clean energy,” noting that “the cost of establishing this solar-powered system is cheap, as the price of one amp through this system is $350, and this means that the price of 10 amps is 3500 dollars, which is equivalent to approximately 5 million Iraqi dinars, and these prices differ from one company to another according to the technical specifications of each company.”

And the Central Bank of Iraq decided last July to work to encourage the adoption of energy production tools from renewable sources, and to work with the Higher Committee for Lending to ensure the processing of a proportion of the electric energy generated from renewable energy sources (solar panels) in the investment housing complexes benefiting from the initiative.