MANAMA: Al Baraka Islamic Bank has signed a memorandum of understanding with Al Mannai Projects, with the aim of providing funds to its clients who wish to purchase solar energy technology solutions from the company.

Tariq Kazim, general manager for business group at Al Baraka Islamic Bank, signed the agreement on behalf of the bank while Talal Al Mannai, chief executive of Al Mannai Projects, signed on behalf of the company.

The bank intends to provide two financing options to clients, the first is short-term financing for seven years and the second is long-term funds for 25 years, linked to property financing.

“We are confident about this new service, as solar technology is seeing increasing demand from customers, individuals, developers and companies as a result of its positive impact on the environment, and the encouragement and support that these projects enjoy from the official authorities in Bahrain,” Mr Kazim said.

As an exclusive agent of GCL International, a provider of solutions and products in the renewable energy, Al Mannai Projects provides solar technology solutions for homes, offices, apartment complexes, companies and others.

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