Sakana Holistic Housing Solutions, the innovative Islamic mortgage finance provider, has gauged the rising barometer of demand in the commercial property sector and responded by extending its product portfolio to offer financing for non-residential purposes. The facility will service the growing demand from small to medium-sized enterprises (SME) to purchase business premises, giving such entrepreneurs the added security of a sound property investment during the start-up or growth phase of a business. The facility will also service the increasing number of professional practitioners such as lawyers, doctors, engineers and accountants wanting to have their own office space.
Sakana is creating a favourable mortgage finance environment for the substantial number of SME entrepreneurs and professionals operating in Bahrain by offering competitive mortgages for non-residential purposes to both Bahraini nationals and expatriates over a maximum term of 10 years available on a maximum of 70% of the property value. As more SMEs and professionals are looking for the opportunity to establish a footing in the market – encouraged by the Kingdom’s attractive economic climate and the streamlined new business start-up requirements – the commercial property market is seeing a parallel upsurge in activity.
Mr. R. Lakshmanan, CEO of Sakana, commented: “The availability of Sakana’s financing for non-residential purposes will be part of a new trend in commercial real estate as property ownership becomes a viable option for many more SME entrepreneurs and professionals.
“We see this as an opportunity to facilitate the growing pool of talent – especially among Bahraini nationals including doctors, lawyers, accountants and interior designers – by offering immediate solutions to support the entrepreneurial drive. Property developers are responding as they have recognized the gap between existing commercial property levels and future needs.”
Sakana is recognized for its role in pushing the boundaries of Bahrain’s mortgage finance scene as the first to market with many innovative and exciting mortgage products. This latest offering lives up to expectations and will further stimulate the commercial property market by allowing a hitherto largely excluded sector of businesses to acquire ownership of their first business premises.
