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The Abu Dhabi Islamic Bank, ADIB, a leading financial institution, has signed an agreement to provide a US$80 million Shariah-compliant Ijara facility to the Oman Shipping Company SAOC, OSC, a member of the ASYAD Group, for the financing of two VLCC (Very Large Crude Carriers) tankers within the OSC group.
The transaction represents the OSC's first Sharia-based leasing "Ijarah", as well as the ADIB's ongoing commitment and ability to finance significant assets in the marine and energy sectors.
"The ADIB has significant experience and expertise working on Middle East shipping deals across the full range of industry segments. Over the years, we have been able to add significant value to partners across a wide range of innovative structures, in terms of both bilateral and syndicated facilities. Completing this transaction with the OSC is a testament to the hard work of our team, and we are well-positioned to build on our track record in this specialised business in order to assist our clients in 2020 and beyond," said Christopher Phillips, Head of Ship Finance at ADIB.
Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer at OSC, added, "It was important for us to find a trusted partner for our first Shariah-compliant Ijara facility. The ADIB team was able to provide a competitive Ijara facility which served our needs, allowing us to finance two VLCC tankers and further support our expansion plans."
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