Sakan Finance, a newly established Egyptian joint stock company specialized in providing innovative mortgage solutions to both residential and commercial property buyers, announced its official launch at a press conference in the Four Seasons Hotel in Giza today.
After becoming the first mortgage finance company to obtain a license from the newly formed “Egyptian Financial Supervisory Authority” (EFSA), Sakan Finance has made its services available to the general public through its branch in Mohandessen since the 6th of December.
The company received its license to operate on the 8th of November, 2009 and opened its doors to the general public early last week and began receiving applications for finance from a variety of sources.
Following the press conference, select members of the media were invited to the Sakan Finance headquarters in Mohandessen, where they were given a tour of the facilities and met with several members of the board and key staff.
With a total start up capital of EGP 150 million, Sakan Finance is the second highest capitalized mortgage finance company in the market to date. Sakan’s approved licensed capital stands at EGP 1 Billion.
Key shareholders in the new venture include the Housing and Development Bank with a stake of 28%, Al Yassin Holding with a 51% share, and the remaining 21% share held by a Dubai based investment group. Sakan Finance has appointed Mr. Fathi El Sebaie to the post of Chairman of the Board. El-Sebaie, also currently heads the Housing and Development Bank.
Bolstered by the company’s investment in a cutting edge IT platform to support its business model, Chairman Fathy El Sebaie believes that the Sakan brand offers the ideal solution for property finance seekers, “The Sakan Flagship branch in Mohandeseen is what we believe is a prototype for what a Mortgage Finance company should be. From leading IT solutions to innovative products, we believe that we’ve effectively achieved a successful formula. In light of the recent financial crisis, we feel that it is of paramount importance that this new venture is launching now to renew confidence in both the Egyptian financial and real estate sectors.”
“Egypt is primed for massive investment in the housing sector, with interest from a number of developers announcing retail, residential and commercial projects across the country,” commented Ahmed Haggag, consultant to the board of Sakan Finance, “It was important to ensure we developed a suite of products to suit the local market, with a robust investment rationale to satisfy our shareholders. In Egypt it is clear that there is strong internal demand for quality housing from both resident and non-resident nationals as well as expatriates,” added Haggag.
Sakan Finance has launched its flagship branch with three key mortgage finance products as a part of its offering, and four new products are scheduled for rollout within the coming year. The current product line consists of Sakan Flex Finance, an 18 yr. adjustable rate home purchase facility, Sakan Business Line, a specialized commercial product offering, and Sakan Home Trust Finance, which the company has billed as being Egypt’s most innovative mortgage product , providing generous monthly savings through a unique repayment scheme.
The company’s flagship branch and headquarters are located in Mohandeseen, one of Egypt’s busiest residential and commercial areas.
