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Date : Nov 27, 2024
Jordan Islamic Bank and Renewable Energy and Energy Efficiency Fund at the Ministry of Energy and Mineral Resources signed a cooperation agreement for the third phase of the National Program to Support the Household Sector with the aim of financing solar cell systems and solar heaters (tubes and mirrors), in accordance with the provisions and principles of Islamic Sharia. This comes to encourage citizens to use renewable energy and reduce electricity bills by benefiting from the programs and projects of the Ministry of Energy in this field.
The agreement was signed by His Excellency Eng. Saleh Al-Kharabsheh, Minister of Energy and Mineral Resources and Chairman of the Management Committee of the Renewable Energy and Energy Efficiency Fund, and CEO of Jordan Islamic Bank, Dr. Hussein Said, at the Ministry’s headquarters in the presence of the executive management from both sides, on 25/11/ 2024.
On this occasion, Dr. Hussein Said expressed Jordan Islamic Bank’s pride in its economic and developmental role in supporting national efforts to address energy challenges, promote the use of renewable energy, and preserve the environment. He pointed out that the agreement reflects the continuity of the partnership between the bank, the Energy Promotion Fund, and the Ministry of Energy, as the bank is one of the first Jordanian banks to join the program since the first phase, to provide financing that is compatible with Islamic Sharia. The financing includes solar cell systems and heaters for the household sector, with a contribution from the fund of up to 30% of the total approved cost of the system.
Dr. Hussein Said stressed the bank’s keenness to provide innovative banking solutions to support renewable energy projects and enhance the principle of financial inclusion to expand the base of beneficiaries.
The agreement includes providing funding for the installation of solar cell systems and solar heaters (tubes and mirrors), according to the approved standards and the program’s guide. Support reaches up to JD 594 for the solar cell system, JD 150 for solar heaters with a evacuated tube system, and JD 180 for heaters with a locally manufactured flat mirror system.