Al-Nahrain Islamic launches a loan to finance solar energy systems for citizens
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The state-run Al-Nahrain Islamic Bank announced, on Wednesday, the launch of Murabaha financing for the installation of the solar energy system for citizens, with amounts amounting to ten million dinars.
An official source in the bank said, in an interview with the official "Al-Sabah" newspaper, which was seen by "Al-Iqtisad News", that "the past few days have witnessed the issuance of Murabaha financing instructions (solar energy system) to citizens."
He explained that "the instructions emphasized the necessity of the applicant's age not being less than 18 years, and that the payment period should be commensurate with the retirement age for the sponsor of the funding applicant, and that the customer submits one or more sponsors from the employees of the state departments, provided that half of the net salary equals double the monthly installment." Or more".
He added, "This Murabaha is granted to the category of employees of state departments and citizens in general to install solar units in their homes, and the maximum amount of financing is (ten million dinars, with a financing period of up to 5 years as a maximum, and a 5% profit rate annually)."
And he stated, "The second category that deserves to be granted this financing is the employees whose salaries are domiciled with the bank, and the maximum limit for the amount of financing is ten million dinars, and the maximum limit for the financing period is (5) years, with a profit rate of 4% annually, provided that the first installment is due after (30). days) from the date of receiving the goods.
The source pointed out that "the bank's risk management department has completed over the past few days 120 financing transactions."