No Result
View All Result
Sunday, August 31, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Hay Andalus Municipality and Jumhouria bank discuss Islamic loans for domestic solar systems

bySami Zaptia
September 14, 2020
Reading Time: 2 mins read
A A
Hay Andalus Municipality and Jumhouria bank discuss Islamic loans for domestic solar systems

Hay Al-Andalus is discussing Islamic loans with Jumhouria bank for domestic solar systems (Photo: Hay Al-Andalus Municipality).

By Sami Zaptia.

Hay Al-Andalus Municipality is discussing Islamic loans with Jumhouria bank for domestic solar systems (Photo: Hay Al-Andalus Municipality).

London, 14 September 2020:

  • Municipality leads the way to solar power use
  • Seeks Islamic/ Murabaha loans for purchase of domestic solar systems
  • Jumhouria bank has specialized Islamic/ Murabaha Department
  • Jumhouria bank is a state bank and Libya’s largest bank
  • Beginnings of cultural change towards solar power use
  • Central government not taking lead
  • Crippling and continuous power cuts over last 9 years
  • Power cuts forcing cultural change towards solar use
  • Hay Al-Andalus is experimenting with solar streetlighting
  • Plans to install 1,000 in phases

During a meeting today between the Municipality of Hay al-Andalus and the Islamic Banking Department of the state-owned and largest Libyan bank, Jumhouria Bank regarding bank loans for domestic solar systems.

The Municipality asked the Islamic Banking Department of the bank to come up with a proposal for an Islamic-compliant ‘‘Murabaha’’ loan for a domestic solar set up to enable the average household in its Municipality to use solar energy for electricity.

The private solar company that the Municipality has been using for its solar streetlighting experiment advised that the lowest solar system for an average home would require 5 KV of power and batteries with a 5-year guarantee. This solar set up would provide power for 11 to 20 hours depending on consumption.

RELATED POSTS

Power restored after wide and long power cuts in Tripoli as contractors cut main power line – Mufti condemns power cut, GECOL calls on AG to investigate

Former Jumhouria Bank manager detained accused of LD 7 million customers’ accounts fraud

It will be recalled that there is very minimal use of domestic solar systems to power water heaters, lights, televisions, fridges and ACs etc, unlike neighbouring country Tunisia. This is a result of Libya’s ultra-low fuel and electricity prices due to very high state subsidies. These low prices have acted as a disincentive for the take-up of solar powered systems in Libya – despite its geographical location and high number of hours of sunshine.

However, there is beginning to be a change in culture in the attitude towards the use of solar power due to the crippling power cuts over the last nine years. Notably, it a Municipality – local government – that is leading this cultural change, and not the central government.

Solar-powered streetlight experiment

The Municipality of Hay Al-Andalus had announced on 9 September the installation of six solar-powered streetlights installed on streetlighting poles with a capacity of 200-watts.

The Municipality reported that the solar streetlights complied with the specifications of the state General Electricity Company of Libya (GECOL).

It explained that the six solar streetlights are a preliminary experiment installed in cooperation with a local company specialising in the field of solar energy.

Furthermore, the Municipality had revealed that it plans soon to install 500 streetlights on its roads in the first phase and another 500 in the second phase.

 

https://www.libyaherald.com/2020/09/10/hay-al-andalus-launches-solar-streetlights-project-plans-to-install-1000-lights/

 

Tags: domestic solar energy systemelectricity power cutsfeaturedHay Al-Andalous AndalusJumhouria Bankjumhuriya bankMurabaha Islamic bankingrenewable sustainable energies solar wind

Related Posts

High-level Libyan government delegation arrives in Guinea to regain ownership of illegally confiscated investment assets
Business

Libya Africa Investment Portfolio considering funding its Libya projects through Islamic bonds

August 29, 2025
Economy Minister Hwej reviews his ministry’s implementation of its 2023 plan and issues several directives
Business

Libyan German discussions include resumption of flights, opening of German Embassy’s visa section and economic and investment cooperation

August 28, 2025
Libya and Shell discuss several areas of cooperation
Business

Acting Minister of Oil and Gas Khalifa Abdel Sadig and US Chargé d’affaires Berndt discussions include developing oil sector

August 28, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Business

Aldabaiba-British Ambassador discussions include resumption of British Airways Libya flights and creating attractive Libyan investment environment for foreign companies

August 28, 2025
‘‘Enhancing skills related to the green and blue economy to enhance employment opportunities’’ workshop held in Tripoli
Business

Ministry of Planning launches Libya 2050 Vision

August 27, 2025
The International Forum & Exhibition for Free Zones – Misrata: 28 to 29 June at Misrata Free Zone
Business

Qatari shipping line Milaha begins its Libya operations from Misrata Free Zone

August 27, 2025
Next Post
Siemens and ENKA inspect construction sites ahead of starting 1,300 MW power projects

Siemens and ENKA inspect construction sites ahead of starting 1,300 MW power projects

Ras Lanuf tests ethylene plant incinerator and waste gas burner as part of its complex’s reopening plan

Ras Lanuf tests ethylene plant incinerator and waste gas burner as part of its complex’s reopening plan

ADVERTISEMENT

Top Stories

  • Largest-ever Libyan government delegation to visit Washington first week of September

    Largest-ever Libyan government delegation to visit Washington first week of September

    0 shares
    Share 0 Tweet 0
  • Medsky to launch new direct flights between Libya and Athens soon

    0 shares
    Share 0 Tweet 0
  • NOC discusses exploration and production with US oil giant Chevron in its 4 billion reserves, 18 bn barrels of shale oil and 123 trillion cubic ft of natural gas

    0 shares
    Share 0 Tweet 0
  • Qatari shipping line Milaha begins its Libya operations from Misrata Free Zone

    0 shares
    Share 0 Tweet 0
  • Libyan German discussions include resumption of flights, opening of German Embassy’s visa section and economic and investment cooperation

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Libya Africa Investment Portfolio considering funding its Libya projects through Islamic bonds

Libya’s Emergency Telecoms Management Plan to enhance crisis preparedness, effective response and early warning system – is launched

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.