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ADIB Oman Shipping Company

ADIB funds $80 million Sharia-adhering facility to Oman Shipping Company

OSC will invest the funds from this Ijara facility in purchasing very large crude carriers.

Abu Dhabi Islamic Bank (ADIB) has inked a deal to offer an $80 million worth Sharia-adhering Ijara facility to Oman Shipping Company (OSC).

The funding by ADIB will provide Oman’s shipping firm the wherewithal to lower its total financing expenditures while carrying on with its process of expanding its group of funding partners.

Oman Shipping Company will invest the funds provided for this Ijara facility will be invested into purchasing VLCCs (Very Large Crude Carriers).

Last year, the bank forged more than 15 significant collaborations across structured and syndicated finance, sukuk, and advisory services and products.

And, especially in the Islamic capital markets, ADIB has played a key role as a co-manager and bookrunner on several sukuk mandates, including Majid Al Futtaim’s maiden green corporate sukuk.

Currently, the Oman Shipping Company (OSC) that was established in 2003, has 53 vessels in its fleet. Commenting on the new deal forged with ADIB, Michael Jorgensen, chief financial officer and acting CEO at OSC, said that it was vital for them to get a reliable alliance for their maiden Sharia-adhering Ijara facility.

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