Kuwait Finance House – Bahrain Partners with Solar One for Solar Panel Consumer Financing

Press release
Published May 30th, 2022 - 06:10 GMT
Kuwait Finance House – Bahrain Partners with Solar One for Solar Panel Consumer Financing
Hamed Meshaal
Highlights
Kuwait Finance House – Bahrain signed a memorandum of understanding with Solar One to provide personal financing for customers interested in installing solar panels in their homes.

Kuwait Finance House – Bahrain signed a memorandum of understanding with Solar One to provide personal financing for customers interested in installing solar panels in their homes. KFH – Bahrain will offer free insurance and a flexible tenor period up to 7 years, while Solar One will offer the solar panels at a discounted price though subsidized financing from the Bank.  

The signing ceremony, which was held at the Bank’s headquarters in the Bahrain World Trade Centre, witnessed the attendance of Mr. Hamed Mashal, Head of Retail Banking at KFH–Bahrain, and Mr. Faisal Khalifa, Managing Director of Solar One, in addition to a number of officials from both parties.

Commenting on this occasion, Mr. Hamed Mashal, Head of Retail Banking at KFH – Bahrain, said: “We are extremely proud to be partnering with Solar One, as it goes hand-in-hand with achieving the Kingdom’s sustainability development goals and the goal of ensuring affordable access to all modern, reliable and sustainable energy services. Through this step, we hope to see a local increase in the usage of renewable resources which will help further strengthen the Kingdom’s international standing. Therefore, our partnership with Solar One has sought to widen our scope to reach customers across various sectors and support them in contributing towards environmental conservation with the use of solar energy as well as facilitate their access to financing.”

On his end, Mr. Faisal Khalifa, Managing Director of Solar One, said: “We are pleased to be partnering with KFH – Bahrain to facilitate customers’ purchase of solar panels through the Bank’s personal financing solution. Through this partnership, we aim to provide a growing segment of the public with access to renewable sources of energy that contribute effectively toward environmental preservation and sustainability. Therefore, we are pleased to cover the financing profits for customers wishing to purchase solar panels from Solar One through the Bank’s financing solutions. We look forward to further developing our partnership and introduce other initiatives in the future.”

Solar One is a Bahraini company specializing in manufacturing its products to the highest global quality standards as it seeks to provide an ideal solution for individuals to combat the rising energy prices, and as such, climate change. Additionally, it hopes to continue its support for Bahraini staff by providing equal opportunities for men and women in the workplace as well as fully integrating the company’s vision with the Kingdom’s overall climate objectives.

 

Background Information

Kuwait Finance House - Bahrain

Kuwait Finance House (KFH) is considered a pioneer in the Islamic banking phenomenon known as ”Islamic Finance” or “Sharia’a” compliant banking. Kuwait Finance House (KFH) is the first Islamic bank established in 1977 in the State of Kuwait and today it’s one of the foremost Islamic financial institutions in the world.

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