According to Mr. R. Lakshmanan, CEO of Sakana, the decision to sponsor Gulf Real Estate Fundamentals Conference 2008, represents an ideal opportunity to showcase Sakana’s full range of real estate solutions and associated multi-level services for individuals and companies: these include property financing, development, management, consulting and brokerage.

Commenting further on Sakana’s motivation for pledging to be the conference’s silver sponsor, Mr. R. Lakshmanan said: “Since our relatively recent start only 23 months ago, Sakana has been extremely successful both in terms of our business, and also as a leader in the real estate finance market. We have launched a wide range of holistic, simple and, above all, innovative, products and services, many of these being introduced for the first time in Bahrain, and even in the GCC.

“Our commitment to pushing the boundaries of the region’s real estate finance sector also includes our decision to participate in key industry events. This allows us to add value by sharing our unique experience and by networking with other key players in order to keep a finger on the pulse of this dynamic market, particularly important due to the fallout the region is experiencing as a result of the sub-prime and now the global financial crisis.”

M. A. Sridhar, CEO of Roshcomm, the event’s organisers. said: “We have been successfully ramping-up our sponsorship programme as evidenced by key brands showing their commitment to the only regional real estate event of its nature. Sakana is one of the leading real estate finance providers operating in the Kingdom of Bahrain. We are very pleased to bring Sakana on board as a valued silver sponsor, yet another proof that the conference is fast emerging as the leading event for the real estate, banking and finance communities.”

Being held under the patronage of H.E. Shaikh Abdul Rahman Al Khalifa the Honorable Director General of Survey and Land Registration Bureau, Kingdom of Bahrain, this international event is poised to attract the largest gathering of real estate gurus and thought leaders ever to come together in the region, from the GCC, Asia and the UK. It will be held at the Diplomat Radisson SAS Hotel, Residence and Spa, Bahrain.

Photo caption: L to R -  Mr. M. A. Sridhar and Mr. R. Lakshmanan.

Article (2) (a) of the Order provides that an expatriate may be issued with entry and residence permit under personal sponsorship, if he owns a residential property in his/her name in the Kingdom of Bahrain of a total value of no less than BHD 50,000.00.  There is no objection to mortgaging the residence in favor of one of the banks or financial institutions licensed to undertake business in the Kingdom of Bahrain. For the purposes of this Order, residence shall mean any apartment or house fit for residence.

The issuance of entry and residence permit under personal sponsorship shall be subject to the conditions(s) that the expatriate:
a.    Is of good behavior and reputation.
b.    Has valid medical insurance in the Kingdom of Bahrain.
c.    Maintains a bank deposit of no less than BHD 15,000/- in one of the banks or financial institutions for the duration of his/her residency, and to provide a statement to that effect every six months.
d.    Has legitimate financial income for himself/herself and his/her dependent (s) of no less than BHD 500/- per month per family.
e.    Is not employed in the government or the private sector on the Kingdom.

Article (5) provided that an expatriate to whom entry and residence permit has been issued in accordance with the provisions of this Order may request issuance of entry and residence permit to his/her spouse and his/her dependent children.

Subject: Base Rate increase

Dear Valued Customer,

As you may be aware, with the global tightening of liquidity due to the financial crisis there has been a recent upward trend in international and local benchmark rates. In a considered response to this, we are revising Sakana’s benchmark (base) rate and implementing a 1.25% increase across retail and commercial mortgage financing with immediate effect. Accordingly, the new benchmark for retail will increase from 8.50% to 9.75%, and for commercial from 9.50% to 10.75%.

Sakana’s cost of funding is guided currently by the BIBOR (Bahrain Interbank Offered Rate) plus a margin that is charged by banks. In light of the credit crunch, both have witnessed a significant increase. The BIBOR alone has crept up by approximately 0.85% (85 basis points) since February 2008, also the time of Sakana’s last rate revision, when it reduced its base rate by 0.50% (50 basis points), one of the few institutions to do so at that time.

We have kept our rates steady for as long as we could, but we are operating under unprecedented conditions and, therefore, have to make realistic decisions. Keeping in mind that this is going to increase your monthly installment, we have absorbed some of the cost of funding increase, and, for the moment, we are only passing on part of the increase to you. We will be monitoring the situation closely in the coming months.

As an example, the monthly repayment will increase by approximately BD 85 per month on a qualifying mortgage of BD 100,000 taken over 20 years.

Despite this increase, we believe that our rates remain competitive in the market compared to current offerings by some other mortgage institutions.

The increase will be applied as below:

* For new customers walk-in from today – immediate
* For customers approved earlier, but not yet disbursed - immediate
* For customers financed on an Ijara basis (fully disbursed) – applied to the new lease period falling due from 6 November 2008
* For customers financed on a Forward Ijara and Musharaka basis (partly disbursed) – applied to the next installment date falling due from 6 November 2008.
* For Murabaha customers (fully disbursed) - no change in profit rate as the sale price is already fixed and agreed.
* For Fix-Flexi and fixed rate deal customers – as per contract

Thank you for your continued support and if you have any other queries please do not hesitate to contact us in any of the following ways – by calling us on 17 20 19 20, by talking to your customer advisor, or by visiting any of our service centres and we will be more than willing to assist you. It is our pleasure and privilege to have you as our customer.

Yours sincerely,

For Sakana Holistic Housing Solutions BSC (c)

The 25-storey tower will offer 124 apartments to Bahraini and GCC nationals, as well as expatriates – all at highly competitive rates. The project is expected to be completed by December 2010.

Sakana will offer a dual package of benefits: its dedicated sales team will market the apartments at “Nasmah West”, and its trained customer advisors will be on hand to explain the full details of Sakana’s many attractive Islamic mortgage finance options.

Mr. R. Lakshmanan, CEO of Sakana, commented: “The response to ‘Nasmah Tower’ – our first foray into property consultancy – from local, regional and international investors was tremendous. This time around, with ‘Nasmah West’ we are confident of meeting the continuous and growing demand for affordable apartments, while at the same time ensuring quality construction in our choice of RMK as our partner for the second time running.”

Mr. Ishaq Rashid Al Kooheji, President and CEO of R. M. Kooheji Group: said:  “Our incredibly successful first joint venture with Sakana on ‘Nasmah Tower’ provided the impetus to embark on this latest venture. Our skill, knowledge and extensive experience in real estate development have been the drivers of our success in delivering quality projects on time. Our goal is to continue this trend to complete and deliver this project as scheduled and with similar success.”

“Nasmah West” will provide a welcome breath of fresh air, just as the name, “Nasmah” means in Arabic. The tower consists entirely of 2-bedroom apartments, each with a balcony and offering either city or seaside views. The building has a rooftop swimming pool, a fully-equipped fitness centre, squash court, party hall and a 24-hour security and facilities management services.

R. Lakshmanan is the Chief Executive Officer of Sakana Holistic Housing Solutions BSC (c), Kingdom of Bahrain. His overall responsibilities include overseeing the development and implementation of a full range of real estate solutions and associated multi-level services for individuals and companies. These include property financing, development, management, consulting and brokerage.

Previously, Mr. Lakshmanan held several senior positions with financial institutions and companies across the GCC and India, giving him over 20 years of financial experience.  Over that last 10 years, he has gained extensive experience in mortgages across both conventional and Islamic finance, resulting in a diverse knowledge base in all areas of the business.

Coming to the Gulf in 1996, he joined KPMG Bahrain in the audit division and then moved to Alliance Housing Bank in 1998, a public limited company and the first private mortgage institution in Oman. He later moved to Amlak Finance in 2003, the first mortgage finance institution in the UAE, and was involved in its conversion from private to public company through an IPO, and also from a conventional to Islamic provider.

In early 2006, Mr. Lakshmanan became CEO of Sakana, a start-up finance company and the first financial institution in Bahrain to be formed in partnership between an Islamic and conventional bank, being a 50:50 joint venture between Shamil Bank and BBK.

He holds a Masters Degree in Commerce from the University of Chennai, India. He is an Associate member of the Institute of Cost and Works Accountants of India and the Institute of Chartered Accountants of India. He has lectured at professional finance programmes and at seminars and conferences in the GCC and the UK as an expert on mortgage finance.

Tel: + 973 17 201 901

Fax: + 973 17 214 662

Email: lakshmanan@sakanaonline.com

Mr. Ajit Pai
Senior Manager - Finance, IT & Operations

Tel: +973 17 201 906, Fax: +973 17 214 663

ajit@sakanaonline.com

Mr. Abdul Rahman Al Sowaidi
Manager- Sales & Distribution

Tel: +973 17 201 911, Fax: +973 17 214 664

alsowaidi@sakanaonline.com

Tel: +973 17 201 905, Fax: +973 17 214 663

mario@sakanaonline.com

Tel: +973 17 201 948, Fax: +973 17 214 663

jamalhr@sakanaonline.com

Tashyeed Properties chose to partner with Sakana because of the company’s excellent understanding of their business goals and requirements, as well as its superior customer service and seamless implementation process.

At a signing ceremony held at the offices of Tashyeed Properties at Seef District, Mr. Redha Rajab, Managing Director and Chief Executive Officer of Tashyeed Properties said, “We believe that a property, whether commercial or residential, is a powerful touch-point around which people’s lives revolve. We keep this insight in focus and invest a great deal of time and care in all aspects of our developments and offer first-class financial guidance and expertise to ensure that the whole buying experience is efficient and smooth for our investors.
Sakana is the ideal partner to help us attract potential buyers, better serve our investors and enhance our position in the freehold residential luxury property market.”

Mr. R. Lakshmanan, Sakana’s CEO, said: ”Our agreement with Tashyeed as a preferred Islamic mortgage provider will allow us to facilitate the financing process for even more buyers, whether they are buying the property as a home, or as an investment. Our wide range of holistic products and services offers the customer many attractive home finance options, and we are gearing up for the strong demand that the project is bound to attract.”

Tashyeed Properties has packaged the high-quality property development with a flexible payment plan that will fit in with the investor’s individual needs and financial circumstances. Sakana will offer upto 90% financing for nationals and expatriates (residents in Bahrain), 80% of property value for GCC residents and 70% for non-residents.

Sukoon Tower, a forty-five floor luxury residential tower, consists of 592 apartments and 758 car parking spaces. The property consists of a vast area of landscaped gardens and well designed water features that bring the outdoors into the tower and provide its residents ample avenues to enjoy a breath of fresh air. A complete floor of over 4,800 sq. mtrs conveniently situated on top of the car park floors is aesthetically designed with outdoor and indoor recreational facilities. The floor consists of a large swimming pool, kids’ pool, outdoor and indoor cafes, multi-purpose hall and walkways.