Bank Alfalah launches Alfalah Green Mortgage

Bank Alfalah recently launched Alfalah Green Mortgage in collaboration with its panel of solar energy experts, Grace Solar Pakistan™, EBR Energy Pakistan (Pvt.) Limited and JKS (Pvt.) Ltd. A complete solar solution, the Alfalah Green Mortgage is a simple and affordable loan product that allows homeowners to finance a residential solar system and gain benefits such as lower electricity bills, tax credits and a steady source of energy.

The partnership also provides a great opportunity for solar energy professionals to gain access to transparent and tangible investments in the booming home solar market.

“At Bank Alfalah, we aim to create value for our customers and communities responsibly. The Alfalah Green Mortgage helps people combat the energy crisis in the country by making alternate energy solutions affordable and easily available,” said Khurram Hussain, Group Head Retail (Central & North) & Consumer Banking at the launch ceremony. “This products enables customers to repay the loan in easy instalments over a stretched period of time and showcases Bank Alfalah’s commitment to the social well-being of the communities in which we live and operate,” he added.

“Alfalah Green Mortgage will helptap Pakistan’s solar potential to increase access to energy for communities,” said Mr. Khurram Jan, CEO, JKS (Pvt.) Limited. “We look forward to our partnership with Bank Alfalah as we share the same commitment to support the diversification of Pakistan’s energy sources byintroducing renewable energy financing initiatives in Pakistan”.

Pakistan has been gripped by severe energy shortages for some years with parts of the country facing electricity cuts for up to 20 hours a day. According to a recent news report, the country has an installed electricity capacity of 22,797 megawatts (MW), but production stands at a dismal 12,000 MW. In recent years, electricity demand has risen to 19,000 MW.

Bank Alfalah has been a strong proponent of renewable energy. The Bank has integrated environmental and sustainable development criteria into its lending and investment decision making processes, and has established deep relationships with many clients in the clean energy sector. Leveraging on its expertise in sustainable business, Bank Alfalah aims to develop renewable energy financing products and services to facilitate a reduction in the carbon footprint in Pakistan. It also plans to play a role in helpingimprove the solar industry’s access to capital to facilitate increase of distributed solar power in Pakistan.

For details, please contact

Salimah Shiraj
Head of Corporate Communications
Bank Alfalah
2nd Floor, B.A Building, I.I Chundrigar Road,
Karachi, Pakistan
Tel: (021) 111-777-786 Ext 2638
Email: salimah.shiraj@bankalfalah.com

Note to the Editor:

About Bank Alfalah:

Since its inception, Bank Alfalah has grown rapidly to become Pakistan’s fifth largest private bank, the largest issuer and acquirer of credit cards and one of the largest Islamic Banking businesses in the country. The Bank has a network of over 600 branches spanning more than 200 cities with presence in Afghanistan, Bangladesh and Bahrain in addition to a representative office in the UAE. The Bank serves more than 1 million corporate, retail, small business, agricultural, Islamic and asset financing customers.

Grace Solar Pakistan™

Grace Solar established since 2006, is an energy solutions provider operating through Pakistan and Afghanistan offering services in solar, wind, hydro, and thermal sectors. The organization has worked countrywide from the deserts of Tharparkar to the valleys of Gilgit-Baltistan, leaving its footprint of environmental protection, social responsibility, renewable energy solutions and energy awareness throughout the country. It aims to create energy revolution in the country, whereby the vicious cycle of energy deficiency is broken, helping individuals becoming self-reliant and progressive in their daily routines. Working with various national and international partners, the organization is committed towards providing customized, resource efficient solutions to all its clients, for a better and brighter Pakistan. Grace Solar is also a proud technical partner and official representative of many American and European solar brands such Lorentz, OutBack Power, Apollo Solar, Dulas, Senersun and Canadian Solar, which promise credibility to client’s investment due to the highest reliability standards.

JKS (Pvt.) Ltd

JKS (Private) Limited was incorporated in the year 2003 as a sister concern company of U.C.C. (Private) Limited. The Company has successfully installed more than 200 solar systems for telecommunication towers at various places in Pakistan. JKS embarked upon the arena of Solar Energy Solutions business in the year 2010. The Company is in technical collaboration with world’s renowned multinational solar equipment manufacturing companies. They are representatives in Pakistan of many internationally recognized companies in the field of renewable energy such as Canadian Solar, Sharp Japan, Schneider Electric, Rifin and Trojan Battery USA. The Group Company U.C.C. (Pvt.) Ltd. started its business in 1975. It is now a group of companies working in the fields of Electrical, Civil, and Telecommunication & Solar Energy Projects. Currently JKS is recognized as one of the top firms of the country contributing its role in the national development not only in the Engineering Fields but also in Human Resource Management.

EBR Energy Pakistan (Private) Limited

EBR Energy Pakistan (Private) Limited is a trusted partner for innovative and smart energy solutions across Pakistan. Since its inception in 2009, EBR Energy has placed customers’ success as a focus of their activities. This single focus has enabled them to constantly improve their internal processes to meet and exceed our customers’ expectations. With more than 50% of its staff having advance engineering or technical degrees, they ensure that their products have the optimal solution for the specific customer needs. From the initial design to post-installation maintenance and monitoring, EBR Energy has the proven track record with customers.