OSC’s Shariah-based leasing facility ‘Ijarah’ is the first of its kind in the company’s history
Abu Dhabi Islamic Bank (ADIB) has signed an agreement to provide a US$ 80MN Shariah-compliant ‘Ijarah’ facility to Oman Shipping Company (OSC), a member of the ASYAD Group, for the financing of two VLCCs (Very Large Crude Carriers) tankers.
The transaction represents OSC’s first Shariah-based leasing ‘Ijarah’, as well as ADIB’s ongoing commitment and ability to finance significant assets in the marine and energy sectors.
“Over the years ADIB has been able to add significant value to partners across a wide range of innovative structures in terms of both bilateral and syndicated facilities,” stated Christopher Phillips, Head of Ship Finance, ADIB.
“ADIB’s team were able to provide a competitive loan facility which served our needs, allowing us to finance two VLCC tankers and further support our expansion plans,” noted Michael Jorgensen, Chief Financial Officer and Acting Chief Executive Officer, OSC.
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.
