Dubai's GMMOS in $46mn in sharia- compliant loan

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SHIPPING FINANCE: GMMOS is Standard Chartered's third Islamic ship financing deal. (Getty Images)

Standard Chartered Bank and Noor Islamic Bank on Wednesday announced the joint arrangement of a $46 million, eight-year financing facility for GMMOS Group’s subsidiary, Stanford Charter, for the refinancing, construction and purchase of a fleet of 12 Offshore Service Vessels (OSV’s).

GMMOS Group is a major regional oil and gas services and industrial group operating in the Gulf and Caspian markets. It is jointly owned by Abraaj Capital and Waha Capital, the banks said in a joint statement.

This Sharia-compliant facility was arranged to finance GMMOS’s current and future vessel acquisition programme, they added.

"This is our first experience with Islamic financing and it opens a new avenue for our future financing needs," Elias Nassif, chief executive of GMMOS Group, was quoted as saying.

"This transaction shows the continued strong demand for Shari’a compliant ship financing solutions. This is Standard Chartered Saadiq’s third Islamic ship finance transaction," Afaq Khan, chief executive of Standard Chartered Saadiq, the UK bank's Islamic banking arm said.

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