Sakana Holistic Housing Solutions, an innovative Islamic mortgage finance provider, signed a Memorandum of Agreement with City View Real Estate Development Company.

Under the Agreement, Sakana, a joint venture between Shamil Bank, a leading Bahrain-based Islamic Bank and a wholly-owned subsidiary of Ithmaar Bank, and BBK (formerly known as Bank of Bahrain and Kuwait), will provide Sharia-compliant mortgage financing for the Landmark City View project near Dana Mall. The Project is being implemented by City View Real Estate Development Company, a joint venture between Shamil Bank and Ebrahim Abdul Aal Group.

The Agreement was signed at a ceremony hosted at the Shamil Bank headquarters in the Seef District. Present were Sakana Chief Executive Officer R. Lakshmanan, Shamil Bank Investment Banking Manager Hisham A. Rahman Khalifa and City View Real Estate Development Director Y.P Madan. Also present was Waleed Abdulaal Alfahad, the Managing Director of Century Homes, the exclusive sales agent for Landmark City View.

“In utilizing Sakana Holistic Housing Solutions to offer Sharia-compliant financing to City View buyers, we are tapping into the synergies that have been built up as part of our banking organization over the years,” said Khalifa. “Recognizing and benefiting from such synergies is crucial in today’s stressed markets,” he said.

“Sakana Holistic Housing Solutions is pleased to provide mortgage finance to the Landmark Citvview project being developed in the heart of the city,” said Lakshmanan . “As we continue to weather the current market conditions, we are expanding our partnership with developers to provide a wide range of choice to customers,” he said.

“Following tremendous response from investors in 2007 and 2008, Landmark City View continues to work towards achieving apartment handover by April 2010,” said Madan. “To date, Landmark City View building construction work is in progress, with floor slab up to the third floor completed. Concrete structural work for other floors is now in progress as well,” he said.

“With this partnership with Sakana, we are now all the more confident that we can meet the continuous and growing demands of property investors and residential buyers by making their dreams of luxurious and modern living a reality,” said Madan. “These achievements would not have been possible without the support of our valued investors,” he said.

Backed by a team of experts from across the Gulf region, Landmark City View offers world-class luxury right. Building Contractor is Gannon Dunkerley Middle East, one of Bahrain’s leading contractors. Project architect and consultant is Dubai-based Dimensions Engineering Consultants. Landmark City View offers tenants a lifestyle of the future combined with the traditions of the Gulf, right in the heart of Bahrain. Located at the Seef District, the impressive 20-storey tower places you in the vicinity of the world’s most exclusive shopping brands whilst the modern architecture of the building design smartly surrounds the modern interiors of three bedroom executive suites and luxury one and two bedroom apartments.

The partnership aims to bring clients closer to the home of their dreams as Sakana will be providing end-users a Sharia compliant financial solution, offering flexible home finance terms and world-class consultancy services.

“We have always prided ourselves with our well-trained property consultants and highly qualified marketing team, ensuring remarkable sales records and customer satisfaction,” said Alfahad. “With a record sale of 51% sold apartments, our success goes hand in hand with City View Real Estate Development,” said Alfahad. “With the partnership between Sakana Holistic Housing and City View Real Estate Development, our clients will now be more at ease in purchasing property, making luxurious lifestyle living within their reach,” he said.