Sakana secures Best Islamic Mortgage Provider award in MENA MANAMA - Bahrain-based Sakana Holistic Housing Solutions (a 50:50 joint venture between BBK and Shamil Bank), the innovative Islamic mortgage finance provider, was awarded Best Islamic Mortgage Provider of the Middle East at the International Real Estate Finance Summit 2008 held on Dec. 16-17 in London organized by ICG Events. The summit, which was attended by over 150 professionals from around the world, with backgrounds in finance, development, regulation, consulting and investing among others, highlighted the potential synergy that exists between the GCC and UK, despite the current economic climate. While the global real estate sector and conventional banking face extremely challenging times, delegates heard that the GCC and Islamic mortgage finance, in particular, offer opportunities for sustainable real estate sector growth. R. Lakshmanan, chief executive officer of Sakana, accepted the award in person, having delivered a well-received presentation on the GCC real estate sector to the summit. He said: “This award reflects the unstinting efforts of our dedicated team, our focus on innovation, simplicity and a holistic approach to real estate solutions. As one of the first stand-alone Islamic mortgage providers in Bahrain, we have successfully introduced new concepts to a market that had little previous exposure to mortgages. This has allowed many more people to aspire to home ownership.” Sakana commenced operations in December 2006, offering a comprehensive range of Shariah-compliant mortgage products. “To receive such a prestigious award within a time span of only two years since commencing commercial operations is extremely gratifying and confirms that Sakana is a well-established and respected industry leader,” he added. – SG Ajman Bank opens first branch AJMAN - Sheikh Humaid Bin Rashid Al Nuaimi, the Ruler of Ajman on Sunday became the inaugural account holder with the emirate's first Islamic commercial bank, Ajman Bank, along with Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank. Deputy Chairman, Sheikh Ahmed Bin Humaid Al Nuaimi, Ajman Bank board member Sheikh Rashid bin Humaid Al Nuaimi and Sheikh Abdulaziz Bin Humaid Al Nuaimi, Chairman of the Department of Culture and Information-Ajman Government where also among the top VIPs who opened their new accounts during a visit to the new branch this week. In terms of retail banking, Ajman Bank will be offering current, savings and deposit accounts in all major currencies from day one as well as credit cards and Murabaha personal finance, in compliance with Shariah principles. Later additions to the range expected to be available in 2009, including home finance, enterprise banking and payroll management. While ladies banking, internet and affluent banking services will be available early on, the propositions will be enhanced throughout 2009 to include advanced online and affluent banking, mobile and SMS banking as well as increasing numbers of off-site ATMs. The ATMs will be positioned in key areas from shopping malls to business centers across the UAE. – SG Qtel offers free connections DOHA - Qatar will enjoy a more connected 2009, as leading telecommunications provider Qtel looks to offer a fixed landline connection for every home in the country. Under a new campaign, which will run until February 28, 2009, Qtel will offer free connection and free rental fees for the first three months for any customer who wishes to install a new landline. The direct savings for customers will be extended by Qtel's long-standing practice of providing free landline-to-landline local calls, which positions Qatar as one of the few nations in the region to enjoy such a service. Qtel extends its ongoing efforts to provide the highest standard and range of services to customers in Qatar.
