Manama, Bahrain 14 December 2011: Bahrain-basedSakana Holistic Housing Solutions, the Islamic mortgage finance provider recently completed its 5thanniversary of successful commercial operations. The boutiquemortgage provider continues to be a catalyst for the prosperity of the housingsector by offering wide range of holistic housing solutions.
Tocommemorate 5th anniversary celebrations, Sakana's existing customers have been offered 0.25% (25 bps) rate reduction with effect from 3rdDec 2011 as reward for loyalty. This loyalty reward will be available asand when lease period is renewed and applicable for customers who havemaintained their account with satisfactory repayment record.
Mr. R. Lakshmanan, CEO of Sakanasaid:" Our successfuljourney would not have been possible without support of our valued customers,shareholders, financial institutions, developers, suppliers, media, regulators,Government authorities, Board members and last but not least our employees -i.e. all our partners. We look forward to having successful years aheadwith our partners support."
Customersare likely to benefit from the loyalty reward a reduction of approximately USD10,000 in their mortgage repayments over a period of 20 years.
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About Sakana Holistic Housing Solutions BSC (c)
Sakana Holistic Housing Solutions commenced operations inDecember 2006 as a dedicated mortgage finance provider in Bahrain, offering acomprehensive range of Sharia'a-compliant mortgage products. Sakana's holisticapproach is paving the way for significant change in the Kingdom's mortgagemarket by making Islamic finance easier to understand and acceptable, as wellas making it available to an ever-wider group of customers.The companydemonstrated significant growth since inception and has broadened its holisticfocus by adding property consulting and property development to its portfolio.Sakana is a finance company with paid up capital of BD 20 Million, regulated bythe Central Bank of Bahrain. Sakanastarted as a 50:50 joint venture between BBK and Shamil Bank.
In early 2010, Capinnova Investment Bank, theSharia'a-compliant investment banking arm and fully owned subsidiary of BBKacquired 50% stake in Sakana from BBK. Further, Shamil Bank was merged with itsparent Ithmaar Bank during the year 2010 and accordingly Ithmaar Bank became a50% stakeholder.
Sakana is a member of the Waqf Fund for Research, Educationand Training in Islamic Finance and a member of Bahrain Property DevelopmentAssociation (BaPDA).
For more information isavailable at www.sakanaonline.com
Editors Notes
This note is intended as a guide only, for journalists regarding the significance ofthe different terminology for an Islamic lender.
Sakana HolisticHousing Solutions is an Islamic financial institution. As such, please considerusing the following suggested preferred terminology:
| Usual terminology | Preferred terminology |
| Loan | Finance |
| Lender / Lending / Lend | Financier/Financing/Finance |
| Credit facility | Funding facility |
| Interest | Profit |
Issued by Sakana
For press information contact:
Mrs. Haya Khalil
Sakana Holistic Housing Solutions BSC (c)
Tel: +973 17 20 1937
Fax: +973 17 21 46 63
E-mail haya@sakanaonline.com
© Press Release 2011
