|Dubai Islamic Bank (DIB) yesterday linked up with Tufton Oceanic Finance to create a route for Muslims to invest in Gulf and global shipping.
The two set up the joint enterprise Alislami Oceanic Shipping which will allow Islamic investors to put money into internationally traded marine vessels.
The new company will be capitalised at $100 million and will provide an Islamically compliant source of finance for regional shipowners and operators to acquire commercial vessels.
DIB and Tufton have already committed to underwrite the Islamic equity subscription for the company. Tufton will manage AOSC through its Isle of Man-based investment management subsidiary.
“We are delighted to offer a truly innovative product, which testifies to the capability of DIB to meet the demands from the market and offer to our investors a dynamic product range with attractive returns,” said Aref Kooheji, executive vice president of investment banking at DIB.
“By capitalising on the strengths of Dubai, we are proud to offer a product from the region, to the region.”
Rhys Thomas, managing director Tufton, added: “We are delighted to work with Dubai Islamic Bank and our local associates on this exciting new development in maritime finance, which provides a new source of capital to the shipping industry while offering excellent returns to regional investors.”