Sakana and Al Enma'a partnership encourages wider home ownership

Under the agreement, Sakana will provide mortgage financing for buyers of Al Enma'a housing projects - developed mainly for Bahraini nationals - and partner Al Enma'a in project and property management.

Al Enma'a House - whose services include property development, project and property management - has several housing projects under development in the Kingdom of Bahrain amounting to approximately USD 800 Million. These include social housing projects in partnership with the Ministry of Works and Housing. Hay Al Rayhan, a development in the Shahrakan area of Bahrain, will shortly offer 67 terraced houses and 149 apartments for sale.

Under the MOU, Sakana's customer advisors will help potential buyers choose the best mortgage options available for property purchase and provide innovative solutions to finance needs. Customers can also benefit from the broad range of property-related experts within Sakana's diverse network of real estate professionals.

Mr R. Lakshmanan, Chief Executive Officer of Sakana said: "Sakana's holistic approach centres on flexibility and breaking traditional barriers of business to forge strong and lasting client and partner relationships across all housing-related products and services. Our partnership with Al Enma'a House was therefore a natural choice as we are both dedicated to quality and innovation supported by a deep commitment to Islamic Sharia'a principles."

Dr Manaf Y Hamza, General Manager of Al Enma'a House, said: "Population growth, market liberalization and increasing investment encouraged by investor-friendly laws in Bahrain have served as catalysts for the development of real estate market. Our recently confirmed agreement with Sakana will support this growth by encouraging higher levels of investment in Bahrain's real estate and associated market sectors."

Sakana provides financing up to 90% for residents in Bahrain and up to 70% financing for non-residents for 30 and 20 years respectively. Sakana also offers a joint mortgage application facility, allowing many more people to qualify and gain a foothold in the property market.