Sakana - Press Release

SAKANA PARTNERS WITH ARABIAN HOMES

Haya AlKhalil — Sun, 29 Jan 2012 10:29:00 +0000

Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider announced that it has reaffirmed its partnership for the second consecutive year with MAXMEDIA Co., publishers of Arabian Homes the leading real estate and interiors magazine in Bahrain and beyond. As per the partnership arrangement, Arabian Homes monthly magazine will be distributed to Sakana’s valued customers on complimentary basis and Sakana will collaborate with Arabian Homes to produce series of articles relating to mortgage industry and holistic housing solutions that will enhance the publication. In addition, Sakana will continue to have commercial arrangement with Arabian Homes.

Mr. R. Lakshmanan, CEO of Sakana said:” We are pleased to enhance our unique relationship with Arabian Homes for the second year and continue offering our valued customers the opportunity to enjoy reading the magazine. ”

Mr. Sameer Uchi, CEO of Arabian Homes said:” This agreement reaffirms Sakana’s trust in our magazine and we are delighted to offer our valuable readers information they need about mortgages and housing solutions. This is a first of its kind deal in the industry and we are happy to be associated with Sakana.”

SAKANA LAUNCHES REFERRAL REWARDS

Haya AlKhalil — Mon, 23 Jan 2012 08:10:00 +0000

Sakana Holistic Housing Solutions, the Islamic mortgage finance provider announced first of its kind “Referral Rewards Program” for its valued customers either in current or past relationship. The reward will be given to valued customers based on referral of their family members and friends to finance their dream home with Sakana.

A fixed percentage will be rewarded in cash based on the referee’s mortgage finance amount – higher the mortgage finance, higher the reward. Furthermore, there is no limit on number of referrals and the reward percentage increases for multiple referrals. For example, referral of BD 100,000 mortgage would result in BD 150 reward for the 1st time referral, BD 200 for the 2nd time referral and so on. Terms and conditions will apply to the referral rewards program.

Mr. R. Lakshmanan, CEO, Sakana said: “Sakana’s valued customers are partners in our success for the last 5 years and through this referral rewards program we wish to recognize their valuable contribution. We have adopted an inclusive approach of making this available to all our customers either in current or past relationship.”

The referral rewards program follows recent announcement of loyalty reward of 0.25% mortgage rate reduction to valued customers to commemorate Sakana’s completion of 5 successful years.

SAKANA EMPLOYEE ATTENDS HOUSING FINANCE MANAGEMENT PROGRAM

Haya AlKhalil — Wed, 04 Jan 2012 06:36:00 +0000

As part of its strategy to develop highly-skilled mortgage finance professionals, Sakana Holistic Housing Solutions - the Islamic mortgage finance provider nominated its employee Mr. Mohammed Albahar on a week-long residential training program on "Housing Finance Management - 2011" conducted by Housing Development Finance Corporation Limited (HDFC) in Lonavla, India between November 27 to December 4, 2011.
HDFC is a market leader and an innovator in the housing finance sector in India. The World Bank considers HDFC as a model private sector housing finance company in developing countries.

SAKANA REWARDS “EMPLOYEE OF THE MONTH-NOVEMBER”

Haya AlKhalil — Wed, 21 Dec 2011 10:06:00 +0000

Sakana Holistic Housing Solutions, the Islamic mortgage finance provider announced Mrs. Bushra Ahmed Al Shehabi from the Sales Department as the employee of the month of November, 2011 in recognition of her performance.

Photo: R to L: Mr. Khalid Al Balushi, HR Assistant Manager, Mrs. Bushra Al Shehabi and Mr. R. Lakshmanan, Sakana’s Chief Executive Officer.

SAKANA CELEBRATES WOMEN’S DAY

Haya AlKhalil — Wed, 07 Dec 2011 10:07:00 +0000

Sakana Holistic Housing Solutions, the Islamic mortgage finance provider celebrated Bahrain women’s day with its female staff. Gifts were distributed as a token of appreciation to the female employees and a celebration cake was cut to mark this occasion.

SAKANA REWARDS CUSTOMER LOYALTY

Alzarqawi — Wed, 07 Dec 2011 10:07:00 +0000

Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider recently completed its 5^th anniversary of successful commercial operations. The boutique mortgage provider continues to be a catalyst for the prosperity of the housing sector by offering wide range of holistic housing solutions.

To commemorate 5^th anniversary celebrations, Sakana’s existing customers have been offered 0.25% (25 bps) rate reduction with effect from 3^rd Dec 2011 as reward for loyalty. This loyalty reward will be available as and when lease period is renewed and applicable for customers who have maintained their account with satisfactory repayment record.

Mr. R. Lakshmanan, CEO of Sakana said:” Our successful journey would not have been possible without support of our valued customers, shareholders, financial institutions, developers, suppliers, media, regulators, Government authorities, Board members and last but not least our employees – i.e. all our partners. We look forward to having successful years ahead with our partners support.”

Customers are likely to benefit from the loyalty reward a reduction of approximately USD 10,000 in their mortgage repayments over a period of 20 years.

SAKANA REWARDS “EMPLOYEE OF THE MONTH-OCTOBER”

Haya AlKhalil — Thu, 01 Dec 2011 08:52:00 +0000

Sakana Holistic Housing Solutions, the Islamic mortgage finance provider announced Mr. Abdulla Ali Al Barbari from the Operations Department as the employee of the month of October, 2011 in recognition of his performance.

Photo: L to R: Mr. Khalid Al Balushi, HR Assistant Manager, Mr. Abdulla Al Barbari and Mr. R. Lakshmanan, Sakana’s Chief Executive Officer.

Bahrain companies leading the way in delivering affordable housing

Haya AlKhalil — Wed, 30 Nov 2011 08:47:14 +0000

Key Bahrain-based companies are leading the way in meeting the affordable housing challenge, and setting a leading example for all countries across the MENA region.

As the Bahraini Government is faced with a growing shortfall of affordable housing, currently estimated at 40,000 units, it must react quickly and efficiently to meet the soaring demand. However, as many question the efficacy of relying on the public sector to deliver the required housing, major Bahrain based companies have come together to develop a blueprint for planning, financing, delivering and managing housing delivery – both within the Kingdom and across the wider MENA region.

Financing affordable housing schemes remains one of the biggest challenges to delivering housing in the region. As access to traditional sources of finance remains difficult in the wake of the renewed global financial crisis and increasing nervousness in the markets, one Bahrain based firm is looking at examining alternative financing structures in order to ensure housing delivery even in today’s market. Naseej has been discussing a Public Private Partnership with the Bahraini Government – a potential future partnership that would ensure the timely delivery of 4,000 homes, designed specifically for the resident Bahraini population. ‘It is clear,’ said Christopher Sims, CEO, Naseej, ‘that the working and dynamic partnerships between governments and developers is the way forward in delivering affordable housing to the region.’

Another major challenge to affordable housing delivery and take-up is the existing provision of ‘affordable’ housing. Many developers have traditionally delivered low-cost and low-quality housing, which did not attract buyers, lost tenants and resulted in marginal profits for the company, and unsustainable communities for the region. Diyar Al Muharraq, a regional developer based in Bahrain, is driving low-cost, high-quality and relevant developments.

New masterplanning, design and construction techniques are also being pioneered by companies in Bahrain and across the region, including RMJM and Grocon Middle East.

Underpinning the success of affordable housing delivery is the critical access to sustainable housing finance, or mortgage, schemes. Sakana Holistic Housing Solutions, a regional pioneer of the nascent mortgage market in Bahrain, sees Governmental regulation as key to developing more advanced housing finance solutions. ‘There is enormous demand for sustainable mortgage schemes across the MENA region. However, the lack of developed, regulations, advanced capital markets to provide liquidity, and funding is hampering the development of the market, and in turn, restricting access to housing, especially affordable housing’ said Sakana’s CEO, R Lakshmanan. ‘Local Governments are gradually developing the appropriate regulation, and once these are in place, we foresee double digit growth for the region’s mortgage market’.

While there is significant work yet to be done to meet the looming 40,000 units of required affordable housing in Bahrain, the innovative and committed projects being launched by Bahrain’s private sector community will ensure that the country continues to lead the way in meeting its affordable housing requirement.

All these discussions and conclusions were drawn at the recently concluded inaugural MENA Mortgage and Affordable Housing Congress, which took place on 23-24 November 2011, under the patronage of the Central Bank of Bahrain and in partnership with Sakana Holistic Housing Solutions and Naseej Properties.

Inaugurated by the Hussain Sharaf, Director of Islamic Financial Institutions at the Central Bank of Bahrain, the conference highlighted the major developments in home financing and affordable housing delivery in Bahrain and across the MENA region. Other experts gathered at the Congress included Saudi Home Loans, Deutsche Gulf Finance, Naseej Properties, Mazaya Qatar, Dar Al Tamleek, Tamweel, Amlak International, Sakana Holistic Housing Solutions, Emaar Community Management, Diyar Al Muharraq, as well as international experts from the International Finance Corporation (part of the World Bank Group), RMJM and the Canada Mortgage and Housing Corporation.

MENA home finance market set for double digit growth

Haya AlKhalil — Wed, 30 Nov 2011 08:42:44 +0000

The MENA mortgage market is set for double digit growth, experts concluded this morning, 23 November 2011, at the MENA Mortgage and Affordable Housing Congress, hosted at the Radisson Blu Hotel, Manama, Bahrain. The event, from the organizers of Cityscape, is held under the patronage of the Central Bank of Bahrain, and in partnership with Sakana Holistic Housing Solutions and Naseej Properties.

‘The MENA population is growing at a rate of 2.1%, which is high in comparison to world population growth; and with approximately 60% of the population under 25 years of age, home ownership demand is huge. Regional Governments in the post-Arab Spring era will be increasingly focused on housing and we believe that the market is likely to witness double digit growth over the next few years provided regulations evolve quickly to address the affordable housing segment,’ said R Lakshmanan, CEO of Sakana Holistic Housing Solutions, a key partner of the event with Naseej Properties.

When compared with international markets, negligible amounts of GDP are allocated to mortgages in MENA countries. ‘While in countries such as the UK and the US, outstanding mortgage stock accounts for c.100% of GDP, this figure drops to just under 1% on average in North Africa, 7% in the UAE, and just 2% in Saudi Arabia. As these figures show, there is enormous potential for growth in the home financing market in the Middle East, and we foresee phenomenal growth for the sector in the coming years,’ said Alex Gemici, Managing Partner of Greenstone Equity Partners.

Despite this market growth potential, major challenges continue to restrict the development of the sector, an expert panel including Sakana Holistic Housing Solutions, Tamweel, Deutsche Gulf Finance and Saudi Home Loans highlighted. A lack of adequate regulations, underdeveloped capital markets, lack of synergy between pension funds, insurance companies and mortgage providers, and insufficient credit bureaus were identified as the major challenges to the industry. A shortfall in affordable housing provision was also highlighted as a major challenge to the industry, as will be discussed on day two of the event, 24 November.

Insufficient regulatory frameworks were especially highlighted as a challenge to the industry. ‘This region needs to lead the rest of the world in showing how Islamic home finance is done – as the largest Islamic mortgage financiers operate in this region. And what is really required is an adequate property law/regulations that are compatible with, and develop, Islamic finance’ said Oliver Agha, Partner at Agha & Co/Agha & Shamsi, the region’s frist Shari’ah compliant law firms.

Inaugurated by the Hussain Sharaf, Director of Islamic Financial Institutions at the Central Bank of Bahrain, the conference highlighted the major regulatory developments being pioneered by Bahrain’s Government in order to develop the market, increase activity and enable greater home ownership in the region. Other experts gathered at the Summit included Saudi Home Loans, Deutsche Gulf Finance, Naseej, Dar Al Tamleek, Tamweel, Sakana Holistic Housing Solutions, Abu Dhabi Commercial Bank, as well as international experts from the International Finance Corporation (part of the World Bank Group) and the Canada Mortgage and Housing Corporation.

The MENA Mortgage and Affordable Housing Congress continues on 24 November 2011. For more information visit www.menahousingcongress.com or call +971 (0)4 407 2528.

Sakana holds Bowling Tournament

Haya AlKhalil — Mon, 21 Nov 2011 10:26:00 +0000

Sakana Holistic Housing Solutions recently held Bowling Tournament for its staff and their relatives at the Magic Planet-City Center. Medals and trophies were distributed for the best team and individual performance.