Switch to Solar Power with Faisal Islamic :
Switch to Solar Power with Faisal Islamic Faysal Bank introduces a groundbreaking initiative for homeowners looking out to transition to picture voltaic electricity with its Shariah-compliant picture voltaic finance solution. Known as Faisal Islamic Solar Solutions, this software program affords a seamless pathway to inserting in photograph voltaic panels on your home, adhering strictly to Islamic economic ideas by way of the Diminishing Musharakah model—a form of joint ownership. Here’s an in-depth show up at the program:
Faisal Islamic Solar Solutions
Faisal Islamic Bank has launched a new photo voltaic financing scheme in July 2024, providing clients the possibility to change to photo voltaic energy with effortless financing options. The scheme offers Shariah-compliant loans for photo voltaic structures ranging from 4KW to 20KW, requiring a 15% down charge and a non-refundable processing fee. This initiative ambitions to promote renewable power adoption in Pakistan by way of making photo voltaic energy extra on hand to homeowners.
Solar Financing Features
Faisal Islamic Solar Solutions affords entire financing for photograph voltaic panel systems, with portions ranging from PKR 100,000 to PKR 3,000,000. The software factors a consistent profits cost of 6% annually, making certain predictable and manageable costs. Repayment phrases are flexible, spanning from one to seven years, allowing residence proprietors to begin repayments totally after their picture voltaic gadget is installed. Additionally, the software consists of Takaful coverage, which represents Islamic insurance, in a similar way securing your investment.
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Eligibility Criteria
- Salaried Individuals
Minimum Age: 21 years
Maximum Age: 60 years
Minimum Monthly Income: PKR 100,000
- Citizenship: Pakistani
Self-Employed Individuals
Minimum Age: 21 years
Maximum Age: 60 years
- Minimum Monthly Income: PKR 150,000
Citizenship: Pakistani
Application Process
Applying for the photo voltaic financing software is straightforward. Prospective customers want to go to a Faysal Bank department or contact the bank’s helpline for assistance. The utility requires the following:
- CNIC (Computerized National Identity Card)
- Completed Application Form
- Latest Electricity Bill
Applicants who do no longer already have a Faysal Bank account will want to open one as section of the process.
Benefits of Solar Financing
The image voltaic financing software program offers a wide variety of advantages. Primarily, it allows residence proprietors to restrict their electrical strength costs through potential of producing their very personal power. Through net metering, purchasers can even promote greater electrical strength lower back to the u . s . a . broad grid, in addition decreasing their utility costs. This initiative moreover promotes environmentally high-quality electrical energy consumption, contributing to the discount of carbon footprints and assisting world efforts toward nearby climate change. Switch to Solar Power with Faisal Islamic
Financial Details and Coverage
The financing covers photograph voltaic buildings ranging from 4KW to 20KW in capacity. A non-refundable processing cost of PKR 6,000 (+ FED) applies. To qualify, consumers have to make a contribution at least 15% of the asset charge as equity. The finance is facilitated in partnership with legit preference electrical energy reply carriers registered with the Alternative Energy Development Board (AEDB).
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Sustainable Energy and Savings
Adopting image voltaic energy no longer completely benefits the environment on the other hand moreover ensures long-term financial savings. By lowering dependence on usual strength sources, households can hold constant electrical power bills. Embracing sustainable electrical energy picks helps mitigate neighborhood climate exchange and aligns with global sustainability goals.
FAQs
- What is the Diminishing Musharakah mannequin used in Faisal Islamic Solar Solutions?
The Diminishing Musharakah model is a Shariah-compliant financing structure the area the monetary group and the patron at the identical time very very own the image voltaic system. Over time, the customer buys out the bank’s share, ultimately gaining full possession of the picture voltaic panels. Switch to Solar Power with Faisal Islamic
- What is the minimal and most loan extent handy via this program?
The software program affords financing ranging from PKR 100,000 to PKR 3,000,000, enabling residence proprietors to choose a bundle that super suits their wishes and budget.
- What are the compensation phrases for the image voltaic financing?
Repayment phrases are flexible, ranging from one to seven years. Homeowners can begin repayments as quickly as their image voltaic laptop is hooked up and operational.
- Are there any greater prices associated with the picture voltaic financing?
Yes, there is a non-refundable processing price of PKR 6,000 (+ FED). Additionally, purchasers are required to furnish at least 15% equity of the asset value.
- How can I exercise for the Faisal Islamic Solar Solutions program?
To apply, go to a Faysal Bank branch or identify their helpline. You’ll desire to provide your CNIC, a done software program form, and the current electrical strength bill. If you don’t already have a Faysal Bank account, you’ll prefer to open one as area of the utility process.
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Conclusion
Faysal Islamic Solar Solutions represents a awesome improvement in merchandising renewable energy inner Pakistan. By presenting on hand and Shariah-compliant financing options, this software makes the transition to photograph voltaic electrical energy potential for larger homeowners. Embracing this initiative no longer completely aligns with Islamic values alternatively moreover helps a sustainable future.
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