Manama, Bahrain: 24 August 2011: Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider recently entered into commodity murabaha financing facility with Khaleeji Commercial Bank for BHD 4 Mil (equivalent USD 10.6 Mil) over 4 years. The funding facility was provided by Khaleeji Commercial Bank (KHCB) towards working capital requirements of Sakana.

The signing ceremony was recently held at Khaleeji Commercial Bank's headquarters at the Bahrain Financial Harbour and attended by Mr. Reyadh Yousif Sater - Chairman, Sakana, Mr. R Lakshmanan - CEO, Sakana, Mr. Ebrahim Hussain Ebrahim - CEO and Board Member, KHCB, Mr. Jassim Awadh - AGM Corporate & Wholesale Banking, KHCB, Mr. Khalid Turki - Executive Senior Manager - Corporate & Wholesale Banking, KHCB and Mr. Khalid Bucheery - Manager Finance, Sakana.

Commenting on the deal:

Mr. Reyadh Sater, Chairman of Sakana said that "We are delighted to have KHCB's continued support of Sakana's funding requirements since early 2008.  This medium term facility demonstrates KHCB's confidence in Sakana's business model despite difficult economic conditions and in particular tough market conditions for the real estate sector".

Mr. Ebrahim Hussain Ebrahim, CEO and Board Member of KHCB commented "Sakana is an innovator in mortgage finance and this financing deal underscores KHCB's willingness to continue to be a partner in supporting the growth of a leading local Islamic mortgage finance provider as well as the Kingdoms mortgage finance market as a whole."

Mr. R Lakshmanan, CEO of Sakana said that "We are pleased to have excellent relationship with KHCB and this facility will address the asset-liability mismatch of Sakana."

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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  

About Khaleeji Commercial Bank BSC
Khaleeji Commercial Bank BSC (KHCB) is an Islamic bank, headquartered in the Kingdom of Bahrain, and operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain (CBB). It is a Public Bahraini Shareholding Company listed on the Bahrain Stock Exchange. KHCB offers a comprehensive range of innovative banking and investment products and services to individuals, corporate entities, and financial institutions. These include commercial and corporate banking, wealth management, structured investment products and project financing facilities.

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