Asian Finance Bank unveils plans for region’s first Islamic marine fund

Click here: IHT – Asian Finance Bank unveils plans for region’s first Islamic marine fund

A Middle Eastern bank based in Malaysia unveiled plans Wednesday to launch a 1 billion ringgit (US$285 million; €201 million) Islamic investment fund focusing on the shipping industry, the first such fund in the region. The Islamic Marine Fund, which will have a similar concept to that of real estate investment trust, will invest in vessels, particularly in the oil and gas industry, said Faisal Al Showaikh, managing director of the Asian Finance Bank, or AFB.

“This fund is indeed the first of its kind in Malaysia and the region and it is reflective of AFB’s objective to introduce new Shariah compliant products,” he told reporters. “It will give Malaysia the edge in terms of innovation in its (goal) to become an Islamic financial hub in the world.”…Ship owners can cut debt by selling their vessels to the fund, and leasing it back at the same time, said Amanah Raya’s managing director Mohamad Azahari Kamil.

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