Islamic Financing Facility for Renewable Energy (IFRE)
Bank Alfalah Islamic offers the Islamic Financing Facility for Renewable Energy (IFRE), in line with the State Bank of Pakistan’s scheme, to promote clean energy solutions and reduce reliance on fossil fuels. This Shariah-compliant financing supports the installation and development of renewable energy projects using solar, wind, hydro, biogas, biofuels, bagasse cogeneration, and geothermal sources.
Eligibility Criteria:
The financing is available under three categories:
- Category 1: Sponsors setting up renewable energy power projects with capacity >1 MW up to 50 MW.
- Category 2: Sponsors installing renewable energy solutions for electricity generation up to 1 MW.
- Category 3: Vendors/suppliers certified under AEDB Certification Regulation 2018 for leasing or selling renewable energy systems.
Eligible sectors include Domestic, Commercial, Industrial, and Agriculture.
Amount of Finance:
- Category 1: Up to Rs. 6 billion per renewable energy project.
- Category 2: Up to Rs. 400 million per customer.
- Category 3: Up to Rs. 1 billion per vendor/supplier.
Key Features:
- Type of Financing: Purchase and installation of renewable energy power projects.
- Pricing / Return: Maximum end-user rate 6% for all sectors.
- Tenure:
- Category 1: Up to 12 years with 2 years grace period.
- Category 2: Up to 10 years with 3 months grace period.
- Category 3: Up to 10 years with 6 months grace period.
Why Choose IFRE with Bank Alfalah Islamic?
- Shariah-compliant financing for renewable energy adoption.
- Competitive rates to support sustainable energy projects.
- Long-term tenures with flexible grace periods to suit project cash flows.
- Expert guidance and dedicated support for project execution.
For more information, visit your nearest Bank Alfalah Islamic branch or call 021 111225111.