Sakana increases paid-up capital to BD20m

Announced at Sakana's Extraordinary General Meeting held on 30 April 2008, the increase cements the Islamic mortgage provider's already strong position and will allow it to leverage funds to meet current and future business requirements.

The company has established funding facilities with several leading local banks and is in discussions with several others, both locally and regionally. This is with a view to increasing overall mortgage business and expanding its range of holistic solutions to include property development.

'This increase is a resounding vote of confidence from our shareholders - BBK and Shamil Bank - in Sakana's performance, having made our mark on Bahrain's mortgage market and having achieved profitability in a relatively short period,' said Mr. Abdul Hakim Al Mutawa, Sakana's chairman.

'The increased capital will allow Sakana to progress its strategic business plan which includes the development of even more innovative products and services, as well as growing its existing business,'

he added.

Sakana has partnered with over a dozen key property developers in the Kingdom as a preferred mortgage provider, and is in advanced discussions to collaborate with several more projects of a similar calibre. It was the first mortgage provider to launch a highly successful property consultancy in the Kingdom in the last quarter of 2007.