Abu Dhabi Islamic Bank (ADIB) has agreed to provide a US$80 million Sharia-compliant Ijara facility to Oman Shipping Company (OSC), a member of the ASYAD Group. This will be used to cover the financing of two VLCC tankers operating within the OSC group.
According to Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer at OSC, “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 the two VLCCs and further support our expansion plans.”
The deal further reflects ADIB’s ongoing commitment and ability to finance significant assets in the marine sector. Christopher Phillips, Head of Ship Finance at ADIB, commented, “We have 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 specialized business in order to assist our clients in 2020 and beyond.”