Al Baraka unveils package to finance solar systems

Bahrain’s Al Baraka Islamic Bank (AIB) has launched an exclusive financing package for its customers who wish to install solar systems to adopt a sustainable lifestyle, as these systems feature a low installation and maintenance cost.

The solar systems help in reducing energy consumption due to the contribution of the technology used to protect the environment. This initiative follows the signing of a cooperation agreement with Al Harbi Contracting Group earlier this year.

The exclusive financing offer from Al Baraka Islamic Bank includes a repayment period of up to 30 years in Mazaya financing. This offer will enhance the bank’s endeavours to include sustainability practices and environmental preservation at the heart of its operation, in addition to continuing to provide banking services and products that contribute to supporting the objectives of reducing environmental impact and carbon footprint.

Tariq Mahmood Kazim, Deputy CEO – Business Group of Al Baraka Islamic Bank said: "We are pleased to announce the expansion of our partnerships by signing a joint cooperation agreement with Al Harbi Contracting Group, which serves to enhance our aim in meeting the needs of our valued customers and exceeding their expectations.

“Through this initiative, we look forward to raising awareness on the importance of adopting solar energy systems, which falls under the umbrella of the seventh goal of the sustainable development goals, which stipulates ensuring access to affordable, reliable and sustainable modern energy services for all individuals. "

Hasan Al Harbi, CEO of Al Harbi Contracting Group, said: “It gives us great pleasure to cooperate with Al Baraka Islamic Bank to provide solar energy systems conforming to the highest quality standards for all, in line with the Economic Vision 2030. The agreement will include providing a variety of packages to suit different needs at reasonable prices, as is customary in the market.”