Sakana implements FLEXCUBE

MUMBAI, INDIA: i-flex solutions, provider of technology solutions to the global banking and financial services industry, announced today that Sakana Holistic Housing Solutions BSC, an Islamic financial institution based in Bahrain has completed implementation of FLEXCUBE for Islamic Banking, for its mortgage financing operations.

Sakana is the fifth financial institution in the Middle East to use the universal IT banking solution for Islamic financing.

FLEXCUBE for Islamic Banking provides a back-office processing environment for Islamic financial products. It supports all transaction and investment processes including calculations and payments, deployment and tracking of funds, and asset valuations.

Joseph John, Executive vice-president, Universal Banking Products, i-flex solution, said: “i-flex views the lending opportunity, in particular the Islamic mortgage finance market, with great seriousness. As an emerging and rapidly expanding company, Sakana is a prestigious win for us in the region. We are confident that the recently completed FLEXCUBE implementation will provide Sakana with the edge to maintain its existing market lead by staying ahead of the competition.”

Formed as a partnership between BBK and Shamil Bank, two of Bahrain’s leading financial institutions, Sakana provides solutions to the real estate and housing sectors in Bahrain by offering mortgage finance, property development, brokerage and management, as well as project financing.

Sakana Holistic Housing Solutions, chief executive officer, R. Lakshmanan, said: “Our core issues are those of servicing the expectations of our customers, cutting operational costs and out-pacing the competition in the marketplace. These challenges have been intensified by the welcome liberalization of Bahrain’s real estate market and a significant investment in infrastructure, both of which have made the Kingdom an attractive choice for both local and overseas property investors.”