Manama, Bahrain: 14 Aug 2011: Bahrain-based Sakana Holistic Housing Solutions, the Islamic mortgage finance provider recently announced promotion of eight of its employees to the next grade.

Commenting on these promotions Sakana's Chief Executive Officer, Mr. R. Lakshmanan said that: "I take this opportunity to congratulate the employees and wish them continued success in their career.  The promotions are consistent in line with the company's policy to develop human capital and encourage employees attain higher levels of responsibility.  We are proud to have 82% Bahraini nationals in our workforce."

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About Sakana Holistic Housing Solutions BSC (c)
Sakana Holistic Housing Solutions commenced operations in December 2006 as a dedicated mortgage finance provider in Bahrain, offering a comprehensive range of Sharia'a-compliant mortgage products. Sakana's holistic approach is paving the way for significant change in the Kingdom's mortgage market by making Islamic finance easier to understand and acceptable, as well as making it available to an ever-wider group of customers.The company demonstrated significant growth since inception and has broadened its holistic focus by adding property consulting and property development to its portfolio. Sakana is a finance company with paid up capital of BD 20 Million, regulated by the Central Bank of Bahrain.  Sakana started as a 50:50 joint venture between BBK and Shamil Bank.  In early 2010, Capinnova Investment Bank, the Sharia'a-compliant investment banking arm and fully owned subsidiary of BBK acquired 50% stake in Sakana from BBK. Further, Shamil Bank was merged with its parent Ithmaar Bank during the year 2010 and accordingly Ithmaar Bank became a 50% stakeholder.

Sakana is a member of the Waqf Fund for Research, Education and Training in Islamic Finance  and a member of Bahrain Property Development Association (BaPDA).

For more information is available at www.sakanaonline.com

This note is intended as a guide only, for journalists regarding the significance of the different terminology for an Islamic lender.

Sakana Holistic Housing Solutions is an Islamic financial institution. As such, please consider using the following suggested preferred terminology:

Usual terminology

Preferred terminology

Loan

Finance

Lender / Lending / Lend

Financier/Financing/Finance

Credit facility

Funding facility

Interest

Profit

Issued by Sakana

For press information contact:
Mrs. Haya Khalil
Sakana Holistic Housing Solutions BSC (c)
Tel:  +973 17 20 19 37
Fax: +973 17 21 46 63
E-mail haya@sakanaonline.com 

© Press Release 2011