Manama, Bahrain 11 April 2012: Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider recently signed a Memorandum of Understanding (MOU) with The Developers WLL developers of Fontana Towers, Juffair for providing Sharia'a compliant home finance to end users. The agreement will pave the way for Bahrainis and non-Bahrainis to own a luxury home in Fontana Towers, a residential freehold tower consisting of 400 apartments and penthouses.
Sakana will be offering attractive home finance packages up to 90% of property value with finance term up to 30 years and maximum finance restricted to BD 350,000. Sakana will provide home financing to customers of all nationalities residing in Bahrain, the GCC and outside GCC subject to terms and conditions.
Mr. R. Lakshmanan, CEO of Sakana said: "We are pleased to partner with Fontana Towers which has set a new benchmark for property development in the Kingdom of Bahrain. Our partnership with Fontana Towers was a natural choice as we are both dedicated to quality and innovation."
Mr. Abdulghaffar Al Kooheji, Partner, The Developers WLL said: "Sakana is the ideal partner to provide our valued customers with mortgage finance options and we are glad to conclude this arrangement now as the Fontana Tower is ready for handover. Despite tough market conditions we have successfully completed this high quality residential freehold development without comprising on its lavish facilities."
Fontana Towers is designed with a blend of sophistication and elegance and a symbol of luxury and modern living with 400 freehold apartments - studios, 1, 2 and 3 bedroom apartments and exclusive penthouses in 4 interconnected skyscrapers. Features include exclusive male and female fully equipped gym, indoor pool for females and children's water park, communal outdoor swimming pool with sundeck, health club, courts for tennis, basketball, squash, indoor games room, kids play area, mini-theatre, private café, multi-purpose halls, fully equipped business centre and convenience stores.
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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
This note is intended as a guide only, for journalists regarding the significance of the different terminology for an Islamic lender.
Sakana Holistic Housing Solutions is an Islamic financial institution. As such, please consider using 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 19 37
Fax: +973 17 21 46 63
E-mail haya@sakanaonline.com
© Press Release 2012
