Muscat: Alizz Islamic Bank signed an agreement with Oman Oil Refineries and Petroleum Industries Company (Orpic) to provide Islamic financing facilities for the construction of a petroleum coke (petcoke) storage facility at the company's refinery complex in Sohar.
This is the first agreement of its kind in which Orpic avails sharia-compliant financing. Alizz Islamic Bank offers various structured financing solutions that are designed to meet all the development requirements in various sectors such as in the oil and gas, energy, infrastructure (roads, ports, airports), communications, transport, contracting, machinery, equipment, manufacturing, education, healthcare, tourism and hospitality.
On the other hand, Alizz Islamic Bank has recently received the license for investment banking services and is now actively arranging various sukuk transactions that provide an attractive opportunity for investors to finance projects in Oman. This step is a part of Alizz Islamic Bank’s commitment in providing the diversified banking solutions that supports the Sultanate’s economic strategy.
The agreement was signed on behalf of Alizz Islamic Bank, by Salaam bin Said Al Shaksy, chief executive officer of Alizz Islamic Bank and by Ahmed Saleh Al Jahdhami, chief executive officer of Orpic on behalf of Orpic. The signing ceremony was led by the project finance team at Alizz Islamic Bank, which has extensive experience in providing structured financing solutions that comply with the principles of Islamic Sharia.
The signing ceremony was attended by a number of senior officials from the two organisations.
"We are delighted to partner with Orpic in building its petcoke storage project. The signing of this agreement is in line with Alizz Islamic Bank’s strategy to support and finance various projects in the Sultanate and contribute to the growth of the local economy. Islamic financial institutions have created a variety of banking products and services that meet all the financing needs of government owned entities and corporations operating in Oman,” said Al Shaksy.
“There are a number of projects that our project finance team is actively evaluating in various sectors including manufacturing, logistics, healthcare, mining, tourism, utilities, which are currently in the due diligence stage. All these projects are aligned with Alizz Islamic Bank’s financing strategy and gives us the flexibility to choose amongst the best of these projects. All these projects are of great economic importance to the bank as well as the Sultanate,” added Al Shaksy.
"This agreement with Alizz Islamic Bank will provide us with the groundwork to continue our achievements in the construction of important national projects. Alizz Islamic Bank is one of the important local banks that offers strategic solutions and we are proud to strengthen our relationship with them and build a partnership for future project financing,” noted Al Jahdhami.