November 30, 2016 / 3:06 PM / a year ago

Saudi shipping group signs $350 mln Islamic finance deal for oil tankers

DUBAI, Nov 30 (Reuters) - National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco IPO-ARMO.SE, said on Wednesday it had signed a $350 million Islamic 10-year financing deal to pay for the building of five oil tankers.

The 10-year murahaba financing was arranged by Standard Chartered, which also contributed to the deal along with Arab National Bank and National Bank of Abu Dhabi, it said.

A murabaha is a cost-plus-profit arrangement which complies with Islamic finance standards.

The tankers were previously ordered from South Korea’s Hyundai Samho Heavy Industries Co.

Reporting by Reem Shamseddine; Writing by Tom Arnold. Editing by Jane Merriman

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