ADIB provides US$80 million (AED 293.86 million) Sharia’a-compliant financing to Oman Shipping Company

• Oman Shipping Company (OSC)’s USD 80 million Sharia based leasing facility “Ijarah” with ADIB is the first of its kind in the company’s history
• The facility will allow OSC to enhance its debt position by reducing overall financing costs and eliminating refinancing risk, all while continuing to diversify its pool of financial partners.

Abu Dhabi, 5 January 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.”