Tamkeen launches Solar financing scheme
TDT | Manama
The Labour Fund ‘Tamkeen’ announced signing a partnership with several leading banks in Bahrain to launch a Solar Financing Scheme. The move, part of Tamkeen’s Tamweel Scheme, aims at empowering enterprises and enabling them to purchase solar energy panels to generate energy which in turn will help them reduce their costs. Chairman of Tamkeen Shaikh Mohammed bin Essa Al-Khalifa said the deal is aligned with Bahrain’s Economic Vision 2030 and the Kingdom’s Sustainable Development Goals. The move, he said, is going to encourage enterprises to use renewable and clean energy, “which will help them reduce their costs, allowing them to focus on expansion.” Signing the deal, Chief Executive of Tamkeen, Dr Ebrahim Mohammed Janahi, described the move as a strategic step that will bring Bahrain closer towards achieving its Sustainable Development Goals and positioning it as a leading nation within the region. He added: “It will create more opportunities in the field of renewable energy, and will also help reducing costs, allowing enterprises to shift their focus on growth.” The scheme covers the costs of the solar energy panels and is compliant with the Islamic Sharia within a competitive rate since Tamkeen supports 70 per cent of the annual profit rate. The amount of funding ranges between 5,000 BHD and 500,000 BHD with a repayment period of up to 10 years, and a grace period that’s subject to the terms of the bank.
5pc of renewable energy by 2025
Dr Abdulhussain bin Ali Mirza, the President of Sustainable Energy Authority said the deal will contribute to achieving the national goals adopted by the government to reach 5 per cent of renewable energy from the total energy by 2025 and 6pc of improving energy efficiency.
Dr Waheed AlQasim, the CEO of Bahrain Association of Banks, stated that the partnership is extremely important, especially since it’s aligned with the bank’s direction towards promoting “Green Loans”, which are targeted towards environmentally friendly businesses, encouraging customers to make optimal use of natural resources. Dr AlQasim said: “This initiative by Tamkeen to provide these kinds of loans could also help increase the number of banks that support businesses with solar energy projects.”
KFH financing schemes
Managing Director & CEO, Abdulhakeem Al Khayyat, said the agreement with Tamkeen seeks to provide new financial solutions to support SMEs. “The partnership will open doors to further collaboration between KFH and Tamkeen in the foreseeable future,” Al Khayyat said adding that KFH will provide a variety of financing schemes for enterprises.
The CEO of Ithmaar Bank Ahmed Abdulraheem said: “We at Ithmaar Bank are committed to supporting the economic growth of Bahrain, especially when it comes to solar energy initiatives.” Abdulraheem said the bank is aware of the important role it must play to help develop solar energy.
Determined says Khaleeji Commercial Bank
Sattam Al Gosaibi, the CEO of Khaleeji Commercial Bank, said the deal will develop this industry and will help support the national economy. This project, Al Gosaibi said, will reduce the operational cost related to the amount of energy used, in addition to the value of the monthly financial obligations on financing.
Al Baraka Islamic Bank
The CEO of the Al Baraka Islamic Bank Hamad Aloqab hailed the move as in line with the bank’s approach of encouraging and financially supporting clean and sustainable energy in Bahrain. He said that it’s part of their sustainable programmes that Al Baraka is implementing reflecting the United Nations 2030 Sustainable Development Goals.
Bahrain Islamic Bank
Hassan Jarar the CEO of Bahrain Islamic Bank said they are looking forward to this fruitful partnership “which will encourage institutions and companies in the Kingdom to adopt sustainable energy to achieve the UN’s Sustainable Development Goals by 2030 and contribute to the growth and development of Bahrain on a wider scale.”