Home buyers stand to benefit from a streamlined purchase experience as a result of the preferred Islamic mortgage provider status recently agreed between Sakana Holistic Housing Solutions and the city-based luxury development, Abraj Al Lulu.

The agreement will allow customers to quickly and efficiently secure the finance and purchase of a residence within the three-tower project.

Sakana further simplifies buying a property in Abraj Al Lulu because the development is offered on a freehold basis and is therefore available to GCC nationals, expatriate residents of Bahrain and non-resident international buyers – all of whom can apply for a Sakana mortgage.

The innovative mortgage provider also offers the longest repayment term in the Gulf meaning that a wider group of people can enjoy the contemporary and vibrant nature of the Abraj Al Lulu lifestyle.

R Lakshmanan, CEO of Sakana, commented:

“The timing is perfect for Sakana to join forces with Abraj Al Lulu as this prestige development is in the advanced stages of construction.

“Sakana can bring an element of added value to buyers through our in-depth knowledge of the financing requirements backed up by our simple and rapid finance approval procedures and processing.”

Arun Kumar Praharaj, finance director of Pearl Development & Real Estate Co, added:

“The market response to Abraj Al Lulu has been strong and consistent.

“Our agreement with Sakana will help satisfy the growing demand for mortgage finance and allow buyers to move one step closer to owning an apartment or one of the villas in the sky offered in the most prestigious residential apartment project in Bahrain where they can enjoy the comfort of city living combined with access to a superb and elite range of amenities.”

Sakana’s strategic alliances with developers, real estate agents and other industry professionals are playing a role in the growth of housing and stimulating the real estate market.

In addition, the company is constantly reviewing and adding to its already broad product portfolio in order to meet the market’s ever-evolving financing needs.

Sakana Holistic Housing Solutions extends a unique range of Sharia’a-compliant products and services that enable and ease the process of home ownership in Bahrain.

The company offers a unique mortgage financing model as well as access to a network of partners offering housing-related services such as architects and real estate companies.

Underpinned by values of spirituality, Sakana works in partnership with its customers and its value networks to create quality and innovative housing solutions that are customized to address specific and market needs.

Sakana is a 50:50 joint venture between BBK (formerly Bank of Bahrain and Kuwait) and Shamil Bank.

The Board of Sakana Holistic Housing Solutions comprises five members with two representatives each from Shamil Bank and BBK and one independent director.

Abraj Al Lulu, developed by the Pearl Development & Real Estate Co, is a private sector freehold residential project comprising three luxury towers namely Gold, Silver (each 52-storey towers) & Black Pearl (42-storey tower).  TradeArabia News Service