$25m funding for Blue Ocean

CIARÁN HANCOCK, Business Affairs Correspondent

 

DUBLIN-BASED maritime communications group Blue Ocean Wireless has secured access to debt funding of $25 million (€17 million) from Bank of London and The Middle East plc (BLME), a Sharia’a-compliant wholesale bank based in the City of London.

This is thought to be the first time that an Irish company has availed of Islamic finance, a form of ethical banking based on the principles of Sharia’a law.

The funds will be used to support the growth of Blue Ocean’s GSM mobile phone service for crew aboard merchant ships. To date the Irish company has been debt free.

“The money will be used to provide the capital for fitting out ships with our kit and support the general infrastructure of the business,” Blue Ocean chairman Dómhnal Slattery told The Irish Times.

Commenting on the agreement, BLME chief executive Humphrey Percy said: “This is our first financing deal in Ireland, which reflects the growing appeal that Sharia’a finance has in the global market.

continue reading at  http://www.irishtimes.com/newspaper/finance/2008/0925/1222207743548.html?via=mr

 

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