Capinnova Investment Bank, the Shari’a compliant investment banking arm and fully owned subsidiary of BBK, has acquired 50 per cent stake in Sakana Holistic Housing Solutions. Bahrain based Sakana was earlier 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. After the approval of the Central Bank of Bahrain, Capinnova’s issued and paid-up capital has increased to US$151.5 million. Capinnova took this stake in Sakana in January 2010 and is in process to complete all legal proceeding of the transfer.
Sakana known as the innovative Islamic mortgage finance provider has been in commercial operations for 3 years and asset base as at 30 November 09 based on un-audited results was approximately US$ 100 Mil. Sakana was awarded the “Best Islamic Mortgage Provider in the Middle East” in the International Real Estate Finance Summit – IREF ME 2009 last month in London. Sakana has won this award for the 2nd year in a row.
“Our industry is evolving and it is important to embark upon such initiatives to enhance the performance and also taking the organization to the next level. We are proud to have a highly respected entity – BBK, which is committed to the growth of not only Capinnova and Sakana but the industry as a whole. We are delighted to offer our customers and stakeholders more services and we are looking forward to synergize our combined wealth of knowledge and expertise,” said Mr. A. Karim Bucheery, Chairman of Capinnova Investment Bank.
“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. We aim to scale new heights and set a new benchmark for the industry in the years to come and we will continue to strengthen and innovate our Islamic products’ framework to provide our investors with the best services,” said Mr. Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank.
Capinnova aims to provide quality investment products and innovative solutions to companies, financial institutions and high net worth individuals.