Sakana partners with Solidarity for Islamic insurance

Solidarity will provide Islamic insurance (Takaful) Home Financing protection and Family protection to Sakana's mortgage finance customers.

Deciding which property to purchase and how to finance it is not only a difficult decision, but it is most likely the largest financial investment in one's life. However, once that decision is made, then one need to have protection against unfortunate events.

The SolidFoundation Takaful policy from Solidarity Family Takaful Division, provides peace of mind to both customer and the financial institution and in the unfortunate event of death the outstanding mortgage (sum assured) is paid by Solidarity to Sakana and the property becomes available to the customer's family. Customers also have additional optional Takaful Protection Benefits, named as 'Living benefits', such as Critical Illness and Total Permanent Disability.

Solidarity General Takaful Division will provide the mortgage customers of Sakana, Property Fire and Allied Perils Islamic insurance (Takaful). This insurance will compensate for loss of his property in the event of damage due to fire or any of the allied perils such as explosion or weather related perils such as flood, earthquake etc.

Commenting at the signing ceremony, Mr. Lakshmanan, Sakana CEO, said:

"Sakana's holistic approach will play an important role in helping more people to fulfill their dream of home ownership in the Kingdom of Bahrain based on the guiding principles of Islamic Sharia'h".

"Sakana's model is based on strong partnership alliances that will position the company as a hub for a network of housing related service providers. By partnering with Solidarity, Sakana has been able to offer an innovative Islamic life insurance (Family Takaful) cover wherein its customers are required to pay insurance premium (Takaful contribution) for only 60% of the mortgage term and get the benefit of automatic coverage for the remaining period. Sakana's strategic objective is to be the market leader in mortgage finance in the Kingdom of Bahrain" added Mr. Lakshmanan

Mr. Sameer Ebrahim Al Wazzan, Solidarity CEO, said:" the Kingdom of Bahrain has witnessed robust growth in the financial services sector over the past few years especially in Takaful products. Economic indicators show that Takaful will experience significant growth due to the increase in customer demand for Islamic financial services. Solidarity identified the increasing demand for quality, innovative and competitive Sharia'h compliant Takaful products in the market and set out to fill this need."

"Our strategic partnership with Sakana will assist us in tapping the potential that exists in the property financing market in the Kingdom as well as contributing to our accelerated growth as a company by extending our reach to a wider customer base. Furthermore, Sakana's customers can benefit from Solidarity's innovative offering of paying Takaful contribution either on annual or single premium basis" concluded Al Wazzan.

Mr. Noel D'Mello, Deputy GM - Family Takaful Division, thanked Mr. Lakshmanan for choosing Solidarity as its preferred Islamic Insurance Partner and assured that Sakana and its customers needs will be met in the most competitive and efficient manner.