Abu Dhabi Islamic Bank PJSC’s US$80 Million Ijara Facility To Oman Shipping Company SAOC

Clyde & Co has advised Abu Dhabi Islamic Bank PJSC on the provision of a US$80,000,000 Shariah-compliant Ijara facility to Oman Shipping Company SAOC for the financing of 2 VLCC tankers within the OSC group.

This transaction represents OSC’s first Ijara asset finance transaction and demonstrates ADIB’s ongoing commitment and ability to finance significant assets in the marine and energy sectors.

Abu Dhabi Islamic Bank PJSC attracts deposits and offers consumer, corporate, and investment banking services. The Bank finances the purchase of automobiles, real estate and capital equipment, offers letters of credit, sponsors investment funds, and offers property management and evaluation services. Abu Dhabi Islamic Bank lends money in accordance with Islamic law.

The transaction was led by Partners Ian Chung (Picture) and Taimur Malik, with the assistance of Abdelhak El Kinany (Associate) and Emma Fidler (Trainee).

Involved fees earner: Ian Chung – Clyde & Co; Abdelhak El Kinany – Clyde & Co; Taimur Malik – Clyde & Co;

Law Firms: Clyde & Co;

Clients: Abu Dhabi Islamic Bank;

Author: Michael Patrini.