A subsidiary of the state-owned logistics firm Asyad Group, OSC has accrued $80 million (Dh293.6 million) in a bid to enlarge its fleet through a Sharia-compliant facility.The ADIB-funded Ijara facility will enable OSC to acquire two more massive crude carriers, thus bolstering its naval capabilities even further.

Established in 2003, Oman Shipping Company has an opportunity to salvage its debt situation by minimising the total monetary costs and eliminating the threats of refinancing.Last year, Oman Shipping Company had signed a deal with Standard Chartered for a $110 million refinancing facility to acquire three tankers and two VLCCs.

Christopher Phillips, head of ship financing at ADIB, said that the bank’s prowess in handling major shipping transactions in the Middle East has resulted in adding a great deal of value to its partners.

As the Islamic finance market is gaining traction, ADIB has accomplished over 15 important agreements in 2019 alone.By the virtue of being Abu Dhabi’s largest lender adhering to Sharia law, ADIB in 2013, started a dedicated financing unit to cater to structured shipping and other marine sectors.

The following year, it facilitated a Dh1.55 billion transaction for UAE-based Zakher Marine.

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October 4, 2016: Abu Dhabi Islamic Bank (ADIB), a top-tier financial services institution, has partnered with Fidor Bank to launch the first ‘community based digital bank’ in the UAE. The new platform is designed to fit the lifestyle of millennial consumers also known as Generation Y, as well as those looking for a digital offering that matches their banking needs.

Fidor Bank is Europe’s original digital challenger bank. Founded in 2009, Fidor is the world’s first ‘fintech bank’, pioneering the collaboration between traditional financial services and technology businesses. Fidor Bank centres around an online community, where users can exchange financial advice and also help co-create banking products.

“Our research is clearly telling us that customers are looking in particular for digital banking services that offer a seamless, easy and intuitive user experience. Our proposition will allow users to completely change the way they bank and manage their finances using digital technology to serve all their banking needs,” said Tirad Al Mahmoud, CEO of ADIB.

“The features and services offered by the new offering are based on customer insights gained from intensive research. As we strive to constantly innovate with our offerings, we believe Fidor is an ideal partner to help us introduce this revolutionary solution,” Al Mahmoud added.

Matthias Kroener, CEO of Fidor Bank commented: “We’re delighted to partner with ADIB to bring the first community based digital bank to the region. Given ADIB’s track record in offering pioneering digital banking services, our partnership makes perfect sense.”

The ‘new digital bank’ with its new services, features and online community will be available for existing and new customers to sign up to in the upcoming months.

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