KUALA LUMPUR, Nov 16 — Public Islamic Bank Bhd (PIBB) has launched solar panel financing for residential houses targeted exclusively at existing PIBB and Public Bank Bhd house financing customers from Nov 12, 2020 to Dec 31, 2021.

In a statement today, PIBB said the financing package was part of the bank’s effort to contribute positively to society’s well-being via the Value-Based Intermediation (VBI).

"VBI aimed to align Islamic finance business models towards realising the objectives of shariah principles to generate positive and sustainable impact to the economy, community and environment.

"The financing rate is from base rate (BR) +2.00 per cent per annum with a tenure of up to 10 years,” it said.

PIBB said apart from protecting the environment with electricity generated from sustainable sources, customers will also save money due to lower or zero electricity bills, depending on usage.

"PIBB is also looking into offering this financing to the commercial sector in the near future as it is expected to produce a positive impact on the environment from the sustainability perspective, as well as contribute to cost savings for participating companies,” it added. — Bernama