IslamicFinance.de

The State Bank of #Pakistan issued an updated Islamic financing facility for the renewable energy projects. The financing under Islamic Financing Facility for Renewable Energy (IFRE) is now available to the customers under three categories. Under the first category, the prospective sponsors are setting up power projects with a capacity ranging from more than 1MW and up to 50MW for their own use, or sell electricity to the national grid or combination of both. The State Bank of Pakistan will make Mudarabah investment in general pool of Participating Islamic Financial Institutions (PIFIs) under IFRE. IFRE shall be effective immediately and financing shall be available for projects up-to June 30, 2022.