Manama, Bahrain 28 November 2012: Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider recently signed a Memorandum of Understanding with Master Group - Bahrain (dealing in construction, properties, project management services) to provide property consulting services and home financing to Tubli Homes, a residential project consisting of 12 villas.
The 3-storey villa will have built up area ranging from 318 to 335 Sq. Mt. and will include Majlis, Living room, dining area, visitor lounge, inside and outside kitchen, 4 bedrooms, maid's room, laundry room, 2 car ports, passenger lift, central spilt air conditioning and landscaped garden. Additionally, swimming pool is also available in some of the villas. The villa sale price starts from BD 139,000 and the project is expected be handed over by 30 Nov 2013.
Sakana will be offering attractive home finance packages for Bahraini nationals up to 90% of property value with finance term up to 30 years.
Mr. R. Lakshmanan, CEO of Sakana said: "We are pleased to partner with Master Group on Tubli Homes project which we believe is self-contained and meets the requirement of Bahraini nationals."
Mr. Anthony John, Managing Partner, Master Group said: "Sakana is a leading provider of holistic housing solutions and we are glad to have chosen Sakana to provide their services to our valued customers. We are also pleased to announce commencement of construction of Tubli Homes."
Tubli Homes is a thoughtfully designed villa project suiting the needs of Bahraini families who are looking for luxury lifestyle at an affordable price and located behind Ansar Gallery - Tubli, on Sh. Isa bin Salman highway.
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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:
Adel Fairooz
Sakana Holistic Housing Solutions BSC (c)
Tel: +973 17 20 19 04
Fax: +973 17 21 46 63
E-mail adel@sakanaonline.com
© Press Release 2012
