Manama, Bahrain 23 May 2012: Sakana Holistic Housing Solutions the innovative Islamic mortgage finance provider recently signed a Memorandum of Understanding with ARK Holding to provide home financing for ready to move in super deluxe luxury Kazerooni Villas located near St. Christopher's School, Saar.
The project comprising of 10 villas each with built up area of approx. 550 Sq M is developed and promoted by Kazerooni Contracting WLL and offered for sale to Bahrainis and other GCC nationals at BD 285,000/- and above depending on plot size and location. The villas are being offered by the developer with first of its kind buy back guarantee to repurchase at the end of five years subject to terms and conditions.
Sakana will be offering customers finance up to 90% property value subject to maximum BD 350,000 and repayment term up to 30 years.
Mr. R Lakshmanan, CEO of Sakana said: "We are pleased to associate with Kazerooni Contracting and offer mortgage financing for such a high quality development which is available ready to move in."
Mr. Hussain Kazerooni, Managing Director of Kazerooni Contracting W.L.L said: "We are delighted to partner once again with Sakana and offer our valued customer financing options for their dream home. In addition, our first of its kind buy back guarantee should provide peace of mind to customers and we believe the development will be a popular choice for GCC nationals to purchase and expatriates to lease."
Kazerooni Villas offers very spacious living and dining area along with 6 bedrooms with attached bathroom and dresser with fully fitted wardrobes. The villa also offers internal kitchen, external kitchen, two kitchenette all with Bosch appliances, servant and driver room, laundry and store areas, private swimming pool, landscaped lush garden and 2 car ports. The villas are available in various plot sizes from 401 Sq M to 415 Sq M and located near St. Christopher's School, Waitrose, cafes and other services in Saar. Kazerooni Contracting WLL is owned by ARK Holding, Bahrain.
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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
