Sakana, BMI Bank sign Islamic financing deal

This agreement is in continuation of the successful relationship which both organizations have established over the last two years with Islamic financing facilities amounting to BD8.2m extended by BMI to Sakana which were repaid on due date.

The signing ceremony was held at BMI's headquarters at the Bahrain World Trade Center and attended by Mr. R Lakshmanan - CEO, Sakana, Mr. Andrew Bainbridge - CEO, BMI, Mr. Fathi Ebrahim - Head Islamic Financial Services, BMI and Mr. Ajit Pai - Senior Manager Finance, Operations & IT, Sakana.

Commenting on the deal, Mr. R Lakshmanan, CEO of Sakana, said:

"We are pleased to secure the trust and confidence of BMI during the midst of financial crisis and thank them for their support. We are also impressed with BMI's Islamic financing structuring capabilities, professionalism and speed of service in executing these deals."

Mr. Andrew Bainbridge, CEO of BMI, said, "We are pleased to further strengthen our relationship with Sakana. This facility demonstrates our commitment to actively pursue financing opportunities and provide funding to businesses that have good track records along with an acceptable risk profile, despite difficult economic conditions. BMI offers its customers an extensive range of financial solutions to suit their Islamic and Conventional requirements."