Bahrain-based Sakana Holistic Housing Solutions the innovative Islamic mortgage finance provider and BMI Bank (BMI), an associate of BankMuscat the largest financial services provider in Oman, recently signed Commodity Murabaha Islamic Financing facility whereby BMI Bank provided BD 3 Million funding for 1 year to Sakana towards working capital requirements. This agreement is in continuation of the successful relationship which both organizations have established over the last 2 years with Islamic financing facilities amounting to BD 8.2 Million extended by BMI to Sakana which were repaid on due date.
The signing ceremony was held at BMI’s headquarters at the Bahrain World Trade Center and attended by Mr. R Lakshmanan - CEO, Sakana, Mr. Andrew Bainbridge - CEO, BMI, Mr. Fathi Ebrahim - Head Islamic Financial Services, BMI and Mr. Ajit Pai - Senior Manager Finance, Operations & IT, Sakana.
Commenting on the deal :
Mr. R Lakshmanan, CEO of Sakana said that “We are pleased to secure the trust and confidence of BMI during the midst of financial crisis and thank them for their support. We are also impressed with BMI’s Islamic financing structuring capabilities, professionalism and speed of service in executing these deals”.
Mr. Andrew Bainbridge, CEO of BMI said that “We are pleased to further strengthen our relationship with Sakana. This facility demonstrates our commitment to actively pursue financing opportunities and provide funding to businesses that have good track records along with an acceptable risk profile, despite difficult economic conditions. BMI offers its customers an extensive range of financial solutions to suit their Islamic and Conventional requirements”.
