Manama, Bahrain 26 May 2012: Fontana Towers - an exclusive luxurious living on the Juffair waterfront was officially opened for living by H E Sheikh Hisham Abdulrahman Al Khalifa, Governor, Ministry of the Interior Capital Governorate in the presence of selected invited guests media, business partners, Sakana's Board members and Directors of The Developers WLL (Project Developer) Mr. Abdulghaffar Al Kooheji, Mr. Anayat Jaberi Jamal and Mr. Abdrabalnabi Ahmed Almaa.
Fontana Towers is a symbol of luxury and modern living comprising four towers and 400 apartments comprising studios, one, two and three bedroom apartments and exclusive penthouses in four interconnected skyscrapers. The project value is approximately USD 136 Million. Fontana's features include ladies spa, temperature controlled indoor pool, hydrotherapy pool, communal outdoor swimming pool with sundeck, health club, tennis, basketball and squash courts, indoor games room, kids play area, mini-theatre, restaurant, fully equipped business centre and convenience stores.
Mr. Abdul Ghaffar Al Kooheji, Director, The Developers WLL said: "We are extremely grateful to H E Sheikh Hisham Abdulrahman Al Khalifa to grace this momentous occasion and open Fontana Towers for living. We take this opportunity to thank the contractors, suppliers and business partners who have completed the project successfully despite delays due to challenging market conditions over the past few years.
We are very pleased to have set a new benchmark in property development with Fontana Towers adding to the sky line of Bahrain. We believe the development will be a popular choice for Bahrainis, Expatriates and GCC nationals. We are thankful to Sakana Holistic Housing Solutions, for providing property consulting service and mortgage finance to this project. We also thank our guests and media for gracing our opening ceremony. We are very grateful to the government authorities for providing utmost support and cooperation during construction of the development."
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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
