Sakana cuts mortgage base rate by 0.25%

Mr. R Lakshmanan, CEO of Sakana, said:

"We are seeing some signs of stability in the global markets and we believe that this may have positive impact on our funding costs going forward. Furthermore, Sakana has recently completed 3 years of successful commercial operations and again this may have positive impact on our ability to raise funds."

Mr. Lakshmanan added, "This rate reduction is part and parcel of Sakana's commitment to customers to provide best value and expect this reduction will reduce strain on their financial burden. We take this opportunity to thank our customers for their continued patronage. We hope the rate reduction will stimulate some demand for real estate as the market is currently depressed."

"With market moving from off-plan to completed property and as many projects are gearing up for completion, supply of homes is expected to increase in the next couple of years. Further the Government has also announced several initiatives to provide housing to citizens. As a result the long term outlook for mortgage finance is stable," he said.

Sakana was recently awarded the "Best Islamic Mortgage Provider in the Middle East" in the International Real Estate Finance Summit - IREF ME 2009 organized by ICG Events. Sakana has won this award for the 2nd year in a row.