Standard Chartered, Bank of Scotland and First Gulf Bank in Islamic finance deal

More Western banks are getting into Islamic financial instruments.

Topaz Energy and Marine Ltd., one of Dubai's leading oil and gas services companies, today announced that it had concluded a US$ 50 million syndicated Islamic lease finance facility with Standard Chartered Bank, Bank of Scotland and First Gulf Bank. Under the terms of the agreement, the facility will be used towards the construction of eight special purpose ice class work barges which will operate in the north Caspian region of Kazakhstan.

Commenting on the agreement, John Iossifidis, Regional Head of Client Relations, Middle East and Pakistan, Standard Chartered Bank said, "This shari’ah compliant facility was structured innovatively and it gives Topaz total flexibility. Standard Chartered is at the forefront of structured vessel financing and we are pleased to have concluded this transaction with one of the world's leading marine vessel owners and operators.”

Via Al Bawaba.