Sakana, KHCB in key financing deal
Manama, August 24, 2011
Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider, said it has inked a BD4 million ($10.6 million) commodity murabaha financing deal with Khaleeji Commercial Bank over a period of 4 years.
The funding facility was provided by Khaleeji Commercial Bank (KHCB) towards working capital requirements of Sakana.
The signing ceremony was held at KHCB headquarters at the Bahrain Financial Harbour in the presence of Sakana chairman Reyadh Yousif Sater and CEO R Lakshmanan besides KHCB CEO and board member Ebrahim Hussain Ebrahim, AGM corporate and wholesale banking Jassim Awadh, executive senior manager – Corporate & Wholesale Banking, Khalid Turki and Sakana manager (Finance) Khalid Bucheery.
Commenting on the deal, Sater said, “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.”
Ebrahim said Sakana was 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.
Lakshmanan expressed delight at the excellent relationship with KHCB and hoped the facility will address the asset-liability mismatch of Sakana.-TradeArabia News Service