Renewable energy and environmental protection receive the bank’s attention and are among the most important social, economic and development responsibilities by Jordan Islamic Bank. The bank aims to contribute in supporting the Jordanian government in its efforts to reduce the local energy bill and to reduce energy expenses, due to its high cost to the bank. The bank’s strategic sustainability plan aims to rely on Renewable Energy at 50% of the bank’s consumption for the next five years, protecting the environment and reducing any negative impact.
Jordan Islamic Bank continued to adopt alternative energy provision projects in its headquarters, to be the first Jordanian bank that entered solar energy into its business since 2013 and to benefit from electric power generation by using those solar cells on the roofs of its branches and through the power station that has run in the bank’s bonded center since 2018 to generate electricity from solar energy. It covers part of the electricity consumption in the bank’s branches and offices in the central governorates (Amman, Zarqa, Madaba, Salt) with a generating capacity of 2.7 MWP, which is fed from solar cells that are installed on the roofs of buildings and/or the station. The bank has replaced the traditional lighting units with “energy-saving” lighting units, which are characterized by a long operating life, low maintenance costs, a better lighting level, less
heat emission and almost no UV radiation; which limits the negative effects resulting from human exposure to lighting and is the most energy-saving. The bank uses its central air-conditioning systems equipped with the energy-saving “VRF” system, and water saving supplies have been installed in the bank’s buildings since 2015.
The bank also provides financial and consulting financial solutions to enable citizens to obtain their needs by providing financing for environmentally friendly and appropriate projects and products at lower costs. The bank promotes environmental behaviors and stimulates the various sectors to adopt a sustainable approach to the environmental preservation, including the financing of hybrid vehicles that operate with electricity and the launch of its “Sun product” to finance renewable energy systems for individuals and companies to install renewable energy systems. The bank implemented funds for electric power generation projects by using cells in the form of Islamic financing (Istisna’a contract) in accordance with the provisions and principles of Islamic Sharia; in addition to the bank signing joint cooperation agreements to support renewable energy projects with the Renewable Energy Fund and Energy Rationalization / Ministry Energy and Mineral Resources to finance home solar heaters and with the Jordanian Loan Guarantee Corporoation to insure the risks of renewable energy financing for individuals, government institutions, small and medium enterprises (SMEs). The bank also contributed to support the installation and operation of solar energy units to generate electricity for multiple institutions (schools, mosques …etc.) to cover their needs from electrical energy with clean, inexpensive technology.
