Sakana cements plans for 2008

This was reported during the company's recent board meeting chaired by incoming Chairman, Mr. Abdul Hakim Al Mutawa of Shamil Bank, who takes over the two-year rotating position from outgoing chairman, Mr. Jamal M. Hijres of BBK.

Sakana has become associated with innovation and it has introduced many new ideas to the mortgage market, allowing the Islamic mortgage solutions provider to take market leadership in terms of products and services. Its base rate cut earlier this year confirmed Sakana's optimistic outlook for 2008, and was further proof of its robust financial position.

Sakana has also pursued growth and opportunities internally with an ongoing commitment to recruitment and training, resulting in a highly effective team of customer advisers. In fact, the call centre handled over 10,000 customer enquiries in 2007.

Mr. Abdul Hakim Al Mutawa, incoming chairman, commented:" Taking over Sakana's chairmanship at this exciting time of innovation and growth presents me with both a challenge and an opportunity. My challenge it to follow the example of my predecessor, my opportunity is to guide Sakana's strategy and help to drive the company forward on a path of sustainable success."

Mr. R. Lakshmanan, CEO of Sakana, added: "2008 will be business as usual for Sakana in the sense that we will continue to deliver better choice and service to our customers. What will be different is that because we are constantly looking for ways to improve and extend our customer offer - whether through new and innovative products, or by discussions with potential partners, including property developers - we will be pushing the boundaries of our service portfolio even further."

Sakana is currently reviewing its business plans in line with growing opportunities and changes in the real estate market. During the remainder of the year, Sakana will be further building its brand by increasing its profile in terms of participation in key real estate and finance forums across the Gulf region.