Jordan Islamic Bank is the first Jordanian bank offers 30% Home Solar Cell Heaters Financed from the Renewable Energy Fund

Dr. Hussein Said, Chief Executive Officer / General Manager of JIB said that the bank has started to provide funding to citizens who wishing to install solar cells and home heaters Supported by 30% of the Renewable Energy and Energy Conservation Fund / Ministry of Energy and Mineral Resources, to be the first Jordanian bank to provide this subsidized financing with the aim of encouraging citizens of all categories to use renewable energy and rationalize energy and benefit from the programs and projects implemented by the Ministry of Energy in this filed and stimulate the domestic sector to invest in renewable energy and energy efficiency. According to the cooperation agreement between the Bank and the Renewable Energy Promotion and Energy Conservation Fund / Ministry of Energy and Mineral Resources on 13/11/2019 to facilitate the financing of solar cell systems and solar heaters (pipes and mirrors) for the domestic sector, in accordance with the principles of Islamic Sharia. Dr. Hussein Said invited on citizens to benefit from this agreement, through which the bank provides funding to citizens wishing to install solar cell systems or heaters of all kinds in their homes by the provider or contractor that chosen by the citizen to install a solar cell system or solar heaters system, and Priority is given to local suppliers or contractors in the governorates and authorized by the Energy and Minerals Regulatory Commission for the installation of solar cell systems, with the contribution of the Renewable Energy Promotion and Energy Saving Fund at 30% of the system price. In addition, the grant includes financing for the solar cell system "household sector" for a period not exceeding 48 months and the amount of 1980 dinars, the price does not exceed 550 dinars kilowatts, and the capacity does not exceed 3.6 kilowatts, And Solar heaters for a period not exceeding 24 months and the amount of 450 dinars and solar heaters with pipes for no more than 12 months and not exceeding the amount of 300 dinars, and the ceilings are adjusted annually according to the market rate. Dr. Hussein also stressed the role of the Bank in its initiatives to confront the energy problem, which is the most important challenge facing the national economy, through supporting the efforts exerted in the implementation of financing programs for renewable energy projects in the Kingdom. Expanding financial inclusion, expanding the Beneficiaries of financial services, contributing to sustainable development, preserving the environment and supporting various sectors of society including individuals, institutions, companies and small and medium enterprises in cooperation with the Central Bank of Jordan and the Jordan Loan Guarantee Company. In addition to the banking solutions launched by the bank such as financing of hybrid and electric cars and Shamsna product to finance renewable energy systems for individuals and companies with the Bank's continued adoption of alternative energy projects in its places.