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An Iraqi government bank sets a billion dinars as the amount of solar energy Murabaha financing
Shafaq News/ Al-Nahrain Islamic Bank (a government bank) announced on Sunday that the payment period for solar energy Murabaha financing will be (5 years) and a profit amount of 6%.
The bank said in a statement received by Shafaq News Agency, that "the upper limit for financing is one billion dinars for residential complexes with vertical construction," noting that "the applicant for financing must provide one or more guarantors from state employees, provided that the half of the net salary equals double the monthly installment or more. The repayment period shall be commensurate with the retirement age of the applicant or sponsor.
He added, that the loan repayment period is 5 years, with a profit rate of 6%, and for one time of the grant amount, distributed by (1%) in favor of the Central Bank and (5%) in favor of the Bank.
He pointed out that "the applications are submitted via the electronic form on the website (https://iq.tamwil), and that the first installment is due after (30 days) from the date of receiving the system."
The Central Bank of Iraq decided in July 2021 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.
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The bank said in a statement received by Shafaq News Agency, that "the upper limit for financing is one billion dinars for residential complexes with vertical construction," noting that "the applicant for financing must provide one or more guarantors from state employees, provided that the half of the net salary equals double the monthly installment or more. The repayment period shall be commensurate with the retirement age of the applicant or sponsor.
He added, that the loan repayment period is 5 years, with a profit rate of 6%, and for one time of the grant amount, distributed by (1%) in favor of the Central Bank and (5%) in favor of the Bank.
He pointed out that "the applications are submitted via the electronic form on the website (https://iq.tamwil), and that the first installment is due after (30 days) from the date of receiving the system."
The Central Bank of Iraq decided in July 2021 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.
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