Sakana secures best Islamic mortgage provider of the Middle East award

The summit, which was attended by over 150 professionals from around the world, with backgrounds in finance, development, regulation, consulting and investing among others, highlighted the potential synergy that exists between the GCC and UK, despite the current economic climate. While the global real estate sector and conventional banking face extremely challenging times, delegates heard that the GCC and Islamic mortgage finance, in particular, offer opportunities for sustainable real estate sector growth.

Mr. R. Lakshmanan, Chief Executive Officer of Sakana, accepted the award in person, having delivered a well-received presentation on the GCC real estate sector to the summit. He said:

"This award reflects the unstinting efforts of our dedicated team, our focus on innovation, simplicity and a holistic approach to real estate solutions. As one of the first stand-alone Islamic mortgage providers in Bahrain, we have successfully introduced new concepts to a market that had little previous exposure to mortgages. This has allowed many more people to aspire to home ownership."

Sakana commenced operations in December 2006, offering a comprehensive range of Sharia'a-compliant mortgage products. Mr Lakshmanan added: "To receive such a prestigious award within a time span of only two years since commencing commercial operations is extremely gratifying and confirms that Sakana is a well-established and respected industry leader."

A fitting touch was that Sakana received the award on December 16th, Bahrain's National Day. Mr. Lakshmanan extended his sincere thanks to Sakana's Board of Directors, shareholders, business partners, customers and the regulators for their combined support and co-operation, which has contributed to Sakana's phenomenal success.