EGYPT – Contact Financial Holding, a leading structured finance investment firm, has partnered with Sakneen, an online real estate platform, to enable clients to search for homes and finance them all through one platform.
Sakneen’s search engine provides users with a wide inventory of high-quality listings with accurate prices and a seamless user experience. The platform is unique in offering new properties from over 110+ developers, as well as existing homes on the secondary market.
Also, users can access all the information they need to make the right investment decision – such as payment plans, 3D tours, and search filters to help users refine their search to match their needs.
Contact on the other hand, is providing the financing arm for the properties listed on the Sakneen platform, which gives clients up to EGP3 million (US$191.09m) in finance and up to 10 years in payment tenures.
In addition to the many facilitations, it also offers clients services such as quick financing, customer support and various channels that clients can pay their dues and instalments through.
Potential homebuyers will be able to browse sakneen.com to search through homes eligible for financing and obtain pre-approval within a short period of time with the fastest and easiest procedures for the desired unit.
“The real-estate market is one of Egypt’s essential and important markets, considered as one of the main investment pools for individuals. Property is essential for everyone, and we found in Sakneen the needed technological development to lead the property re-sale market,” CEO of Contact Financial Holding, Mr. Said Zater, said.
“With Contact’s financing abilities, we will open opportunities to many individuals and families to own homes they wish to buy, which will enable us to break the existing stagnation in the market due to lack of financial liquidity.”
Mr. Said Zater – CEO, Contact Financial Holding
Mr. Zater also pointed out that Contact’s vision on developing financing services and products is parallel to Sakneen’s vision to make a breakthrough in the Egyptian real-estate market.
“With an advanced search-engine, interactive technologies and easy financing, this partnership will be the first step to change the concept of buying and selling property in Egypt,” he stated.
Mr. Ramy Khorshed, Sakneen’s CEO & co-founder said that the aim is to change the way property is being offered to the public, which always lacked key information when listing the property on sites and platforms.
“Our platform will help buyers make decisions faster and smoother, resulting in a unique and simple property buying experience,” Mr. Khorshed stated.
“Having Contact as a financing partner to fund the purchase of these units will contribute greatly in establishing the first digitalized home-buying experience with a powerful financing arm. Contact is a credible financer with years of experience, and we believe that with a trusted name such as Contact, we will be able to make a huge change in the real-estate market.”
Meanwhile, Contact Financial Holding has closed its second Sukuk issuance worth EGP 2.5 billion (US$159.25m) by its Sukuk arm, Sarwa Sukuk Company.
The Shariah-compliant Mudaraba Sukuk, which has a seven-year tenor, received a high credit rating of A- by Middle East Ratings and Investors Service (MERIS), Contact Financial Holding said in a bourse disclosure.
The proceeds will be directed to finance further expansion of Contact Credit and its subsidiaries. This issue marks Contact’s second transaction, bringing its total Sukuk issuances to EGP 5 billion (US$318.49m).
Sarwa Promotion and Underwriting served as lead manager and arranger on the transaction, while Misr Capital was the underwriter alongside Banque Misr.
The issue was co-underwritten by Commercial International Bank – Egypt (CIB) and Ahli United Bank. Alieldean Weshahi & Partners (ALC) acted as the legal advisor, while Elite Consulting Group acted as the independent financial consultant on the transaction.
It is noteworthy to mention that Sarwa Sukuk Company was the first to receive the Sukuk licence in Egypt by the Financial Regularity Authority (FRA) in July 2019.