Islamic Finance

ADIB provides US$80 million Shariah-compliant financing to Oman Shipping Company

January 6, 2020

ABU DHABI, 5th January, 2020 (WAM) -- The Abu Dhabi Islamic Bank, ADIB, a leading financial institution, has signed an agreement to provide a US$80 million Shariah-compliant Ijara facility to the 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 the OSC's first Sharia-based leasing 'Ijarah', as well as the ADIB's ongoing commitment and ability to finance significant assets in the marine and energy sectors.

'The ADIB has"...