delivering GSM communication capability for the merchant maritime sector, today announced that it has partnered with Bank of London and The Middle East plc (BLME), the London based wholesale, Sharia’a compliant bank, to provide asset financing for the continued roll out of its global GSM maritime service.

BOW was founded in March 2007 by Claret Capital, the Irish private equity firm. BOW has successfully established the first GSM service for the global maritime industry. BOW launched and completed its first full year of installations without recourse to third party financing - BOW has no debt. Since foundation, Claret Capital has spearheaded a series of fundraisings for BOW which contribute to a current valuation of over US$87 million.

Claret Capital is BOW’s largest shareholder. Other shareholders include NTT DOCOMO, Inc. the world's leading mobile communications company, Smart Communications, Inc, the Philippines mobile phone company, Altobridge, the Irish remote communications company, and Bank of Scotland (Ireland), a wholly owned subsidiary of HBOS Plc.

BOW has now partnered with BLME which provides access to an asset finance facility of US$25 million to support its growth targets. BOW is also among the first Irish companies to avail of Islamic (Sharia’a compliant) financing.

BOW CFO, Tariq Aslam commented: “We are pleased to announce the partnership we have established with BLME, an Islamic Finance Bank whose Sharia’a compliant criteria are a clear endorsement of the strong and ethical business we have. Blue Ocean Wireless and BLME have worked together in structuring a Sharia’a compliant asset finance facility tailored to Blue Ocean Wireless’ business model that supports our ambitious growth plans. The execution of this finance facility during the current global financial crisis is a testament to Blue Ocean Wireless’ business model and the financial strength of the Islamic banking sector.”

BOW Chairman, Dómhnal Slattery added: “Our partnership with BLME is another significant step forward in delivering a world class GSM service to the global maritime industry. Since our foundation, we have established a strong set of industry partners each of whom is a leader in its chosen sector. We are now partnered with a bank that shares our objectives and will grow with us as we continue to roll-out our unique service offering. ”

Humphrey Percy, CEO of BLME added: “This deal marks the first time that Blue Ocean Wireless has used Islamic finance and is BLME’s first financing deal in Ireland, both of which reflect the growing broad appeal that Sharia’a finance has in the global market. We are very pleased to be working with Blue Ocean Wireless to support their future growth plans.”

Information Source:    Business Wire