Islamic Money for Ships

Kuwait Finance House Labuan, a wholly-owned subsidiary of Kuwait Finance House (Malaysia) Bhd, will be setting up a Shariah compliant shipping fund together with SFS Group Public Company via a limited partnership by the end of this year.

In a joint statement released this week, both companies said the target fund size is approximately USD 150 million, to be managed by an equally-owned company acting as the general partner based in the Cayman Islands. The objective of the Shariah compliant shipping fund is direct investments in shipping assets with long term charters to top shipping companies. The fund will invest in high quality and modern vessels with a preference for offshore ships such as Offshore Supply Vessels (OSV) and Platform Supply Vessels (PSV) among others. The term of the fund is seven years from first closing with up to three additional one year extensions to allow for an orderly liquidation of its assets.

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