The signing ceremony was held at Khaleeji Commercial Bank’s headquarters at the Bahrain Financial Harbour and attended by Reyadh Yousif Sater Chairman, Sakana, R Lakshmanan CEO, Sakana, Ebrahim Hussain Ebrahim CEO and Board Member, KHCB, Jassim Awadh AGM Corporate and Wholesale Banking, KHCB, Khalid Turki Executive Senior Manager Corporate Wholesale Banking, KHCB and Khalid Bucheery Manager Finance, Sakana.
“We are delighted to have KHCB’s continued support of Sakana’s funding requirements since early 2008. This medium term facility demonstrates KHCB’s confidence in Sakana’s business model despite difficult economic conditions and in particular tough market conditions for the real estate sector,” Reyadh Sater, Chairman of Sakana said.
“Sakana is an innovator in mortgage finance and this financing deal underscores KHCB’s willingness to continue to be a partner in supporting the growth of a leading local Islamic mortgage finance provider as well as the Kingdoms mortgage finance market as a whole,” Ebrahim Hussain Ebrahim, CEO and Board Member of KHCB, said.
“We are pleased to have excellent relationship with KHCB and this facility will address the asset-liability mismatch of Sakana,” R Lakshmanan, CEO of Sakana, said.