Manama, Bahrain: 11 Oct 2011: Mr. R Lakshmanan, Chief Executive Officer of Bahrain-based Sakana Holistic Housing Solutions the Islamic mortgage finance provider was one of the panel speakers about "developing an advanced mortgage finance market to drive growth" at the recently held Cityscape Global Focus Forums held in Dubai, UAE.

Mr. Lakshmanan said that mortgage finance industry has grown significantly over the last decade in the region with the advent of freehold property.  This has resulted in  establishment of numerous dedicated mortgage finance companies and introduction of mortgage product offerings by retail banks.  Prior to freehold, mortgages were primarily provided by Government Housing Finance institutions to its nationals. In certain markets like Bahrain and UAE, conventional and Islamic finance product offerings are currently available almost on equal basis providing customer variety of options to choose from.  The industry has also witnessed increasing number of non-Muslims availing Islamic mortgages reflecting inclusive approach of Islamic finance.

With increased pressure on Governments to provide housing, it would better to establish Public-Private Partnership arrangements (PPP) on priority basis and develop affordable housing.  Along with this, real estate market must be regulated with sound regulations covering property development, developers, valuers, real estate agents and repossession.  Furthermore, capital markets must be developed to improve availability of long-term funding to developers and mortgage providers.   

Mr. Lakshmanan concluded that a well developed mortgage market is essential to the growth of housing sector. 

-Ends-

About Sakana Holistic Housing Solutions BSC (c)
Sakana 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. Sakana'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. Sakana is a finance company with paid up capital of BD 20 Million, regulated by the Central Bank of Bahrain.  Sakana 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 Sakana from BBK. Further, Shamil Bank was merged with its parent Ithmaar Bank during the year 2010 and accordingly Ithmaar Bank became a 50% stakeholder.

Sakana is a member of the Waqf Fund for Research, Education and Training in Islamic Finance  and a member of Bahrain Property Development Association (BaPDA).

For more information is available at www.sakanaonline.com

Issued by Sakana
For press information contact:
Mrs. Haya Khalil
Sakana Holistic Housing Solutions BSC (c)
Tel:  +973 17 20 19 37
Fax: +973 17 21 46 63
E-mail haya@sakanaonline.com

© Press Release 2011