Maldives Islamic Bank and Addu People’s Corporative Society has signed an agreement to provide financing for solar panels.
Speaking to the media about the agreement, Shafraz Zahir the manager of Islamic Bank’s Addu branch said that borrowers will get a 5 year period to repay for the loan and there will be no advance payment.
According to Addu People’s Corporative Society, until the users pay off the solar panels, the panels will be insured, and Addu People’s Corporative Society will provide assistance if needed.
Three types of solar panels will be financed under this scheme. They are grid tie system, hybrid system and off grid system.
