IslamicFinance.de

Bank Muamalat Malaysia has announced the rolling out of the country’s first-ever Shariah-compliant solar photovoltaic (PV) financing scheme valued between RM20 million and RM30 million within the next 2-3 years. Deputy CEO Musa Abdul Malek said that for the first year, the bank may disburse from RM10 million to RM15 million of the funds to 1,000 homeowners, who will be fitting their homes with solar PV systems, which will be grid connected and reap from the country’s solar PV Feed-in-Tariff (FiT) system. However, he said the Smart Green Mortgage Solar PV FiT Plan with its design based on the murabahah structure, is a mortgage plan that does not a have a high-end margin for the bank with a mere 1% yield. The Bank Muamalat package for solar PV is the second in the Malaysian market after Alliance Bank announced its solar financing package in June.