JIB & JLGC sign an agreement to support Renewal Energy Projects

Jordan Islamic Bank (JIB) signed with Jordan Loan Guarantee Corporation (JLGC) an agreement to “Guarantee the Risks of Financing the Renewal Energy Project” within the program for the guarantee of financing granted for renewal energy and the rationalization of alternative energy consumption ( solar heaters , electric power generation systems/ solar cells) through which the bank provides  financings for individuals and SMEs based on the principles and provision of Islamic Sharia under the guarantee of JLGC which will contribute to alleviate the burdens from  energy bills on citizens and companies. The agreement was signed by the CEO, General Manager of JIB Mr. Musa Shihadeh and by the Director General of Jordan Loan Guarantee Corporation Dr. Mohammed Al Jafari with the attendance of the executive management from the two parties at the head office of the bank on Monday 13/3/2017. Mr. .Musa. Shihadeh said signing this agreement  is within the bank’s efforts and priorities to achieve its strategy in preserving a clean environment through its economic and social contributions which aim to support alternative energy projects and sustainable development for Jordanian economy by providing financing and investment solutions in compliance with the principles of Islamic sharia to enable citizens to get their needs through ensuring financing for projects and products environmentally acceptable and suitable with low costs to motivate different sectors to adopt a sustainable approach in preserving environment. On his part, Dr. Mohammed Al Jafari made it clear that the guarantee agreement with Jordan Islamic Bank aims at covering the risk of default for renewal energy loans which are being granted by the bank to the targeted customers spectrum of individuals with a limit  amounted to JD 3000 and the spectrum of companies and small, medium and big businesses which are registered inside the Kingdom with a limit amounted to JD 350000 at 70% guarantee rate of the loan’s value provided that funding to be settled as per equal monthly installments . Dr. Al Jafari pointed out that the program for the guarantee of funding which are granted to the renewal energy is a more deserving priority to Jordan Loan Guarantee Corporation, as this sector has a national persisting importance as a result of the aggravation  of the burdens from energy bills both on the customer and the country, so we had to go to alternative and renewable energy resources, appreciating JIB’s efforts and its response to meet the needs of this vivid sector and have the bank’s funding for it supported under the guarantee of Jordan Loan Guarantee Corporation. He added as well that JLGC seeks to work with Islamic banks to enhance the guarantee program and expand its business through developing specialized programs which enable the bank to serve its citizens and finance their needs in compliance with provisions of Islamic Sharia.