Manama, Bahrain 13 May 2012: Sakana Holistic Housing Solutions - the Islamic mortgage finance provider held a Board meeting on 30 April 2012 wherein it inducted two additional Board of Directors Mr. Abdulellah Ebrahim Al-Qassimi and Mr. Yusuf Ali Isa Muqla Al Kawari as part of strengthening Corporate Governance in line with the Corporate Governance Code of the Kingdom of Bahrain issued by the Ministry of Industry and Commerce and Central Bank of Bahrain regulations.

Mr. Al-Qassimi and Mr. Al Kawari joined as independent and non-executive Director and with this addition total number of Board members at Sakana will be seven including three independent and non-executive.

Mr. Al Qassimi, Bahraini national holds a Bachelors Degree in Civil Engineering and Masters Degree in Health Facility Planning both from the University of London. Mr. Al-Qassmi has a wealth of public and private sector expertise encompassing engineering, management, facility planning, training and labour.  Mr. Al-Qassimi's past positions include Chief Executive of Tamkeen, Assistant Undersecretary for Training at the Ministry of Labour, Director of Engineering & Maintenance at the Ministry of Health.  Mr. Al-Qassimi is currently a Board member at number of organizations including Bahrain Development Bank, Tamkeen and American Mission Hospital.

Mr. Al Kawari, Bahraini national holds a Bachelors Degree in Science with distinction from University of Bahrain, Certified Public Accountant (CPA) from the State of California, USA, Masters Degree in Investment and Finance with distinction from University of Exeter, UK.  Mr. Al Kawari also completed Executive development program from Darden Business School, University of Virginia, USA. Mr. Al Kawari is an expert in finance, accounting, investments, strategic planning, human resources, IT and project management. Mr. Al Kawari has worked in variety of roles with number of leading organizations in Bahrain including Chief Financial Officer at Manara Real Estate Company, Senior Manager - Financial Services & Support at Batelco, System Development Analyst at Ministry of Finance and National Economy.  Mr. Al Kawari was also a part time lecturer for accounting and finance at BIBF and University of Bahrain.

Mr. Reyadh Yousif Sater, Chairman, said "On behalf of the shareholders and Board members, I welcome Mr. Abdulellah Al-Qassimi and Mr. Yusuf Muqla Al Kawari to Sakana's Board and wish them good luck in their new roles.  Mr. Al-Qassimi and Mr. Al Kawari are well qualified and their invaluable experience will help us to navigate the company during these challenging market conditions.  Their appointment will also strengthen the company's corporate governance framework in line with current regulations.  I also take this opportunity to thank the Central Bank of Bahrain for their continued support and cooperation."

-Ends-

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 2012