No Result
View All Result
Sunday, February 5, 2023
14 °c
Tripoli
15 ° Sun
14 ° Mon
16 ° Tue
16 ° Wed
  • 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).

15
SHARES
65
VIEWS
Share on FacebookShare on Twitter

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

Attorney General orders arrests at Jumhouria bank branch for embezzlement

Attorney General orders detention of Jumhouria Bank staff for embezzlement

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.

 

Hay Al-Andalus launches solar streetlights project, plans to install 1,000 lights

 

Tags: domestic solar energy systemelectricity power cutsfeaturedHay Al-Andalous AndalusJumhouria Bankjumhuriya bankMurabaha Islamic bankingrenewable sustainable energies solar wind
Share6Tweet4Share1

Related Posts

Workshop on credit-reporting environment in Libya held in Cairo
Business

Workshop on credit-reporting environment in Libya held in Cairo

February 4, 2023
Aldabaiba calls for conclusion of new oil agreements at Oil and Gas Sector Support Forum in Istanbul
Business

Aldabaiba calls for conclusion of new oil agreements at Oil and Gas Sector Support Forum in Istanbul

February 4, 2023
NOC condemns Friday’s Mitiga aviation fuel depot shelling, evacuates staff
Business

Fuel and gas to southern Libya being supplied from Misrata Depot: Brega

February 4, 2023
Prime minister Aldabaiba forms Ministerial committee to study reforming fuel subsidies, orders payment of family grant, increases pensions
Business

Cabinet approves projects with foreign entities: Roads, transit trade, feasibility studies, radar systems, culture and training

February 3, 2023
Ministry of Housing in discussions with Ernst & Young in London
Business

Ministry of Housing in discussions with Ernst & Young in London

February 3, 2023
Benghazi’s Benina airport opens its new Berniq terminal – a BOT project financed by the private sector Bank of Commerce and Development
Business

Tunisian civil aviation and airlines delegation inspects Benghazi’s Benina airport

February 3, 2023
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

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • New Eni gas deal with Libya rejected by current Oil Minister and Bashagha

    New Eni gas deal with Libya rejected by current Oil Minister and Bashagha

    131 shares
    Share 53 Tweet 33
  • Aldabaiba praises activation of seven domestic airports and start of work on Tripoli International Airport’s terminal

    103 shares
    Share 41 Tweet 26
  • Flights between Athens and Benghazi to start on 2 March

    74 shares
    Share 30 Tweet 19
  • Medsky flies first Berlin to Misrata flight

    61 shares
    Share 24 Tweet 15
  • Medsky to start flights from Tripoli to Malta

    147 shares
    Share 61 Tweet 36
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

Workshop on credit-reporting environment in Libya held in Cairo

Aldabaiba calls for conclusion of new oil agreements at Oil and Gas Sector Support Forum in Istanbul

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.

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow 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
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?