Affin Islamic Bank has launched a sustainable and personal financing plan for retail customers to purchase and install solar photovoltaic systems at residential and non-residential properties. Along with its conventional banking counterpart, it is the only Malaysian bank to offer this facility. The bank sees a growing interest in the local market for renewable energy.
AFFIN Solar Financing-i attempts to push forward the renewable energy initiative and make renewable energy more accessible to Malaysians. The personal financing plan provides a flexible financing tenure of up to 10 years with a maximum amount of RM150,000 (US$34,194). The facility will enable customers to lower their carbon footprint while reducing electrical bills.
“AFFIN Solar Financing-i is one of the steps taken by the bank to increase the growth of renewable energy in the country in line with the government’s renewable energy aspiration and Renewable Energy Transition Roadmap (RETR) 2035. The aim is to provide the means needed for Malaysians to progress towards sustainable development. We believe this product will help in growing green economies and green societies in Malaysia,” Nazlee Khalifah, CEO of Affin Islamic Bank, shared.
In addition to contributing to the RETR 2035, the facility also contributes to UN SDG 7 of ensuring access to affordable, reliable, sustainable and modern energy for all. The bank has been recognized for its contribution to driving Malaysia’s sustainable energy agenda by the Ministry of Energy and Natural Resources. The bank also acted as the principal advisor, lead arranger and lead manager for the UiTM Solar Dua RM100 million (US$22.8 million) green SRI Sukuk in 2021 to develop and operate a 25 MW solar power plant.