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Friday, May 24, 2024

JS Bank Partners with Adaptive Technologies for Solar Energy Financing

News Desk |

In its latest collaboration, JS Bank has enlisted the help of Adaptive Technologies with regards to its financing initiatives for Small & Medium Enterprises (JS Smart Roshni), solar panel financing for the residential sector (JS GharApna) and solar tube well (JS Zarkhez) for farmers. These financial schemes come under the State Bank of Pakistan’s (SBP) environment-friendly fiscal solutions and were officiated during a ceremony last Tuesday.

By joining hands JS Bank and Adaptive Technologies seek to construct a framework for growth of shared values that will assist residential, agricultural and commercial endeavors. Through the use of renewable energy, JS Bank clients can opt for future independence from the national energy grid all the while saving on electric bills. The loans are up on a rebate basis at a 6% mark-up flat rate.

Speaking at the occasion, head of Business Consumer Banking & Product Management for JS Bank; Babbar Wajid commented on the partnership with Adaptive Technologies as a reflection of, “Our increased focus on alternative and renewable energy such as solar power which is a key element of improving air quality and the sustainability of the mix of the country’s energy sources.” He goes on to voice his confidence in the bank’s services in helping customers reduce grid dependence and consequently carbon footprint creating more sustainable future environments.

Shaaf Abdul Aziz Mehboob, Director at Adaptive Technologies, displayed optimism on future prospects saying “the future of energy in Pakistan will surely be driven mainly by renewables due to the rising cost of conventional fuels and declining cost of alternatives.” He added that the main obstacle had been accessed to financing for the commercial, residential and rural sector, being now “A thing of the past with JS Bank’s solar financing scheme.”

Undertakings such as this allow JS Bank to continue to innovate its commitment to business building cementing its role as a catalyst in the entrepreneurial ecosystem of Pakistan. Previously it has been providing loans for small-scale business ventures and even partnered with Shaheed Zulfiqar Ali Bhutto Institute of Science & Technology (SZABIST). SZABIST alumni can now avail the JS Prime Minister Youth Business Loan (PMYBL) to make their entrepreneur dreams a reality.

JS Bank has also won the ‘Best Digital Innovation Award’ presented at the Pakistan Digi Awards 2018 held in Karachi on the 18th of August. JS Bank’s Karachi headquarters have also been certified as a Green Office by the World-Wide Fund for Nature (WWF Pakistan). In relation to its sustainable financing programs, JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017.