Sakana signs financing deal
Manama, August 5, 2009
Sakana Holistic Housing Solutions has signed an agreement with City View Real Estate Development Company to provide mortgage finance.
Under the agreement, Sakana and BBK will provide Sharia-compliant mortgage financing for the City View project near Dana Mall.
The project is being implemented by City View Real Estate Development Company, a joint venture between Shamil Bank and Ebrahim Abdul Aal Group.
The agreement was signed at a ceremony hosted at the Shamil Bank headquarters in Seef district.
'In utilising Sakana Holistic Housing Solutions to offer Sharia-compliant financing to City View buyers, we are tapping into the synergies that have been built up as part of our banking organisation over the years,' said Shamil Bank investment banking manager Hisham A Rahman Khalifa.
'Recognising and benefiting from such synergies is crucial in today's stressed markets.'
'Sakana Holistic Housing Solutions is pleased to provide mortgage finance to the Landmark City View project being developed in the heart of the city,' said Sakana chief executive officer R Lakshmanan.
'As we continue to weather the current market conditions, we are expanding our partnership with developers to provide a wide range of choice to customers.'-TradeArabia News Service