| 24 Jul 2010 |
|
Sakana Signs Mortgage Deal For Dar Al Ezz Building, Busaiteen
- Text size
Bahrain-based Sakana Holistic Housing SolutionsSakana Holistic Housing Solutions
the innovative Islamic mortgage finance provider recently signed an agreement with Al Sarhan & Al Humaidan Real Estate Company WLL, developer of Dar Al Ezz 1 Busaiteen to provide Islamic mortgage finance to its customers. Dar Al Ezz 1 is a 14 storey tower located at Busaiteen offering 80 freehold apartments consisting of 40 single and double bedrooms each. The construction has already reached 10th floor and the building is expected to be handed over during year 2011.
Mr. R Lakshmanan, CEO of SakanaSakana said: "We are pleased to partner with this development which is in advanced stage of construction despite challenging market conditions for real estate sector. The project has excellent location and caters to affordable housing segment."
Mr. Mohammed Al Sarhan, Chairman and General Manager of Al Sarhan & Al Humaidan Real Estate Company WLL said :" We are delighted to partner with SakanaSakana for end user mortgage finance. We are pleased to have sold about 60% of the development in these market conditions."
Dar Al Ezz 1 Busaiteen will offer selection of facilities including 3 storey car park, separate swimming pool for adults and children, gymnasium and coffee shop. The apartments come in standard size of 73.4 sqm for single bedroom and 115.3 sqm for double bedrooms. The building is located adjacent to King Hamad Hospital, Busaiteen.
-Ends-
About Sakana Holistic Housing Solutions
Sakana Holistic Housing SolutionsSakana Holistic Housing Solutions
commenced operations in December 2006 as a dedicated mortgage finance provider in Bahrain, offering a comprehensive range of Sharia'a-compliant mortgage products. SakanaSakana's holistic approach is paving the way for significant change in the Kingdom's mortgage market by making Islamic finance easier to understand and acceptable, as well as making it available to an ever-wider group of customers.The company demonstrated significant growth since inception and has broadened its holistic focus by adding property consulting and property development to its portfolio.
SakanaSakana is a finance company with paid up capital of BD 20 Million, regulated by the Central Bank of Bahrain. SakanaSakana started as a 50:50 joint venture between BBK and Shamil Bank. In early 2010, Capinnova Investment Bank, the Sharia'a-compliant investment banking arm and fully owned subsidiary of BBK acquired 50% stake in SakanaSakana from BBK.
For more information visit www.sakanaonline.com
For press information contact:
Haya Khalil
Sakana Holistic Housing SolutionsSakana Holistic Housing Solutions
BSCTel: +973 17 20 19 37
Fax: +973 17 21 46 63
E-mail haya@sakanaonline.com
© Press Release 2010
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.