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Home / Shipping News / International Shipping News / ADIB provides $80mln
Sharia’a-compliant financing to Oman Shipping Company






ADIB PROVIDES $80MLN SHARIA’A-COMPLIANT FINANCING TO OMAN SHIPPING COMPANY

in International Shipping News 07/01/2020



Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has signed an
agreement to provide a US$80 million Shariah-compliant Ijara facility to 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 OSC’s first Sharia based leasing “Ijarah”, as well as
ADIB’s ongoing commitment and ability to finance significant assets in the
marine and energy sectors.

Christopher Phillips, Head of Ship Finance at ADIB, said: “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 OSC is a
testament to the hard work 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.”



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
Sharia-compliant Ijara facility. ADIB’s team were able to provide a competitive
Ijara facility which served our needs, allowing us to finance two VLCC tankers
and further support our expansion plans.”

Founded in 2003, OSC is today an international full-scale shipping company
having a well-diversified fleet of 53 modern vessels (owned and chartered-in)
and is a leader in shipping transportation services. The company’s business
investments and growth strategy are closely aligned with the strategic maritime
transportation interests of the Sultanate’s rapidly industrialising economy.

ADIB has a strong track record of delivering several landmark and award-winning
transactions for high profile Corporate and Institutional customers from across
the region. In 2019, ADIB concluded over 15 high profile transactions across
structured and syndicated finance, Sukuk, M&A and advisory products.

In the Islamic Capital Markets, ADIB acted as a Joint Lead Manager & Bookrunner
on a number of high profile Sukuk mandates including Majid al Futtaim’s first
ever Green Corporate Sukuk, Warba bank and Al Dar.

ADIB’s corporate financing has also been recognised through numerous awards ,
including: “Best Shipping Financier” and “Shipping Deal of the year” at the
Seatrade Middle East Awards, as well as “Best Islamic Financier” at the
International Trade Finance Awards 2019, “World’s Best Islamic Bank” by the FT’s
The Banker Magazine, “Best Premium Banking Service in the UAE” from Banker
Middle East; and “Best Islamic Bank” at the EMEA Banking Awards. In 2019, ADIB
won seven awards from EMEA finance for its corporate banking offering.
Source: ADIB

2020-01-07
hellenicshippingnews.

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