Demand for Islamic Ship Finance on the rise in the Middle East

Though Gulf-based maritime companies have been dealing in Islamic ship leasing transactions since 1980s, it was only in 2005 that Islamic equity was combined with conventional debt for a VLCC (Very Large Crude Carriers). The USD 26 million Al-Safeena Ijara Sukuk was structured, arranged, and co-underwritten by the London-based ABCIB Islamic Asset Management for a VLCC owned by one company belonging to Saudi Aramco and chartered to another one, also a subsidiary of Saudi Aramco.

The Gulf Maritime Conference, which will be held at Expo Centre Sharjah on April 17, 2007, alongside the fifth edition of the Gulf Maritime Exhibition, will address several crucial issues regarding Islamic Ship Finance from a regional ship owner's point of view.

To be addressed by well-known shipping expert, Mr. George Zambartas, senior legal consultant with Cyprus-based Economides, Dionysiou & Co., the Conference will compare Islamic Ship Finance to conventional western ship finance and will focus on ship mortgage terms, conditions and mortgagee's rights, including a full description of documentation, legislation and registration procedures.

Besides, Islamic Ship Finance, the Gulf Maritime Conference will feature several other important issues currently facing the regional maritime industry.

Among the subjects that will be taken up for discussion and debate during the conference are criminalization of maritime accidents by Mr. George Chalos, Partner of US-based Chalos, O' Connor & Duffy, Natural gas powered ship by Dr. Mohamed Mosaad, Professor of Ship Performance and Propeller at Suez Canal University, Egypt, Design for Construction of Floating Oil Field Structure by Mr. N.T. Anildas, CEO of India-based Conceptia Software Technologies, and Maritime Education and Training by Capt. M.A. Shafique, Principal of Maritime College in Pakistan.

Besides the conference, the Gulf Maritime Exhibition will be hosting product presentations by several global maritime companies.

"The Gulf Maritime Conference is an important forum for taking up crucial issues facing the regional maritime industry for debate and discussions," said Mr. Saif Al Midfa, Director General, Expo Centre Sharjah.

"The event is aimed at providing senior personnel from the regional maritime companies and key players in the global maritime sector with a platform for exchange of ideas, debate, and constructive networking," he added.

The Gulf Maritime Exhibition, the only event dedicated to meeting the complete requirements of the region's commercial, government, and the military maritime industry, will begin at Expo Centre Sharjah on April 16, 2007.

The three-day exhibition, under the Patronage of Sharjah Crown Prince and Deputy Ruler His Highness Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, will host 110 exhibitors from 20 countries including a national pavilion from Romania.

The 2007 edition of the Gulf Maritime exhibition will showcase Deck machinery and other vessel equipment, Docking equipment, Electronics, Communication and navigation systems, Engine and propulsion systems, Fuel and lubricants, Ride control systems, Sound and vibration control systems, Marine interiors, Paints and coatings, latest vessel building designs and technology, equipment for fishing, Offshore support vessels, cargo ships, tankers, tugs, ferries, and patrol boats, Ship repair and port operations products, and Cargo handling services.

Categories of visitors expected at the Gulf Maritime Exhibition include Vessel Owners and Operators, Ship and boat builders and repairers, Ship chandlers, Classification society and naval architects, Suppliers/Manufacturers/Repairers of engines and propulsion systems, Marine engineers, Suppliers of shipbuilding material, marine equipment and services, and electronic equipment, and Government agencies.

The Gulf Maritime Exhibition is an initiative of Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI).