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The boutique mortgage provider has achieved its goal to provide innovative holistic housing solutions which act as a catalyst for the prosperity of Bahrain's housing market.
Formed as the first joint venture between a Conventional and Islamic bank - namely BBK and Shamil Bank - in December 2006, Sakana's core business is offering mortgage financing solutions that cater to individuals for residential purpose. The pioneering mortgage provider has introduced a series of firsts, including the longest mortgage term at 30 years, financing for non-residents outside GCC, Equity Release, and the highest mortgage at BD1.25 million.
'Our holistic approach, as well as simplicity and innovation in our mortgage solutions, have allowed Sakana to close its first year of operations on an extremely positive note, having helped more than 200 customers in financing their dream home,' said Mr. Jamal M. Hijres, Sakana's Chairman.
Part of Sakana's wider strategy is to focus on new concepts which offer an extended level of service, such as striking partnerships with companies and individuals involved in the real estate chain. Another strategy is to target property development through buying land and construction, and as well as offering a Property Consultancy service.
Mr. Hijres added: 'Sakana's aim is to broaden its portfolio quickly, sensibly and therefore profitably, striking a balance between risk versus reward, and we expect the strong demand for our products and services to continue given the high levels of activity in the Kingdom's property market.'
Mr. R. Lakshmanan, CEO of Sakana 'Starting a company from scratch as one of over dozen players in a highly competitive market was a challenge. Everyone at Sakana has worked incredibly hard to make this company a success, by ensuring that our customers receive the advice and products they need to achieve their housing goals. We are looking forward to a second year when we will be able to increase the reach and diversity of Sakana's business even further.'
Mr. Lakshmanan thanked the shareholders, regulators, customers, partners, business associates, media and staff for their support.
Sakana celebrates first anniversary
Sakana Holistic Housing Solutions celebrated its first anniversary by reviewing a year packed with achievements and firsts.
- Bahrain: Tuesday, December 04 - 2007 at 10:52
- PRESS RELEASE
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Sakana's Firsts• 1st institution in Bahrain to be formed in a partnership between a conventional & Islamic bank
• 1st in the region to offer a 30-year mortgage
• 1st in Bahrain to offer mortgages for non-residents living outside GCC
• 1st in Bahrain to introduce a fix-flexi rate mortgage
• 1st in Bahrain to offer a variety of financing solutions catering to different market segments such as land purchase, home purchase, home construction, home improvement, home extension, home refinance, home equity release, line of credit mortgage for investors, financing commercial space for professionals
• 1st in Bahrain to have zero prepayment charges on long-term mortgages providing customers with the flexibility to settle early
• 1st in Bahrain to offer a pre-approval mortgage service giving customers peace of mind of knowing the value of finance for which they are eligible before choosing the property
• 1st in Bahrain to break the 1 million barrier with the highest mortgage of BD 1.25 million offered via a line of credit facility
About Sakana Holistic Housing Solutions
Sakana Holistic Housing Solutions BSC © extends a unique range of Sharia'a-compliant products and services that enable and ease the process of home ownership in the Kingdom of Bahrain. The company offers a unique mortgage financing model as well as access to a network of partners offering housing-related services such as architects and real estate companies.
Underpinned by values of spirituality, Sakana works in partnership with its customers and its value networks to create quality and innovative housing solutions that are customized to address specific and market needs.
Sakana is a 50:50 joint venture between BBK (formerly Bank of Bahrain and Kuwait) and Shamil Bank. The Board of Sakana Holistic Housing Solutions comprises five members with two representatives each from Shamil Bank and BBK and one independent director.
Issued on behalf of Sakana by Hill & Knowlton.
For press information contact:
Fiona Clark
Hill & Knowlton
Tel: +973 17 53 35 32
Fax: +973 17 53 33 70
Haya Khalil
Sakana Holistic Housing Solutions BSC ©
Tel: +973 17 20 19 37
Fax: +973 17 21 46 63
Posted by Lara Lynn Golden, News EditorTuesday, December 04 - 2007 at 10:52 UAE local time (GMT+4)
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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