Bahrain-based Sakana was a 50:50 joint venture between BBK and Shamil Bank. BBK took the decision to transfer the ownership of Sakana to Capinnova to strengthen and diversify the bank’s investments in the Islamic financial sector while complying with the principles of Islamic law.
Capinnova took this stake in Sakana this month and is in the process of completing all the legal formalities with regard to the transfer.
Sakana has been in commercial operations for three years and has an asset base on unaudited results of approximately $100m.
“Despite the depressed global market conditions in the real estate sector over the past year, Sakana continues to remain profitable, aims to be an innovator and catalyst,” said Capinnova chief executive officer Jamal Hijres.