Jordan Islamic Bank (JIB) has inaugurated a solar power station to generate seventy five percent of the power required for the bank’s needs. According to CPI Financial this will cover JIB headquarters, and the bank’s 38 branches and offices in Amman, Zarqa, Madaba and Balqa.
The largest rooftop PV project in Jordan to date, the solar power project took nine months to complete. The cost of construction was approximately JOD1.4 million (US$1.97 million), with the cost recovery period estimated at approximately one and a half years.
JIB General Manager Musa Abdelaziz Shihadeh said, “This station comes in line with the strategic sustainability plan of our bank, relying on 50 per cent of the bank’s consumption of renewable energy, protecting the environment as well as reducing the negative impact on it and supporting the national economy through the Bank’s continued adoption of alternative energy-saving projects.”
Jordan Islamic Bank (JIB) is a subsidiary of Albaraka Banking Group (ABG), an Islamic wholesale bank listed on the Bahrain Bourse and Nasdaq Dubai stock exchanges. It offers retail, corporate as well as treasury and investment banking services, in accordance with the principles of the Islamic Sharia and has an authorised capital of $2.5 billion.