Today, the recently established "Al Rubban NFC Shipping Fund IV", a USD 80 million Islamic investment fund, closed its first transaction in Singapore. The transaction involves the purchase of a 1990 built product tanker by the Fund and the subsequent charter for 5 years to the prominent Indonesian shipping company PT Arpeni Pratama Ocean Line (Arpeni). Founded in 1975 Arpeni provides a wide range of diversified maritime services in transporting general, bulk and liquid cargoes and agency services. The structure used is developed from the Ijara operating lease structure. For the Al Rubban Fund this is an attractive investment opportunity with a balanced trade off between current high values and the residual value. This transaction allows Arpeni to further expand their business and to continue providing their customers with a quality service. In addition to the transaction closed, the Al Rubban Fund has two other transactions in documentation. The Al Rubban NFC Shipping Fund IV is the fourth shipping fund managed by NFC, the joint venture of DVB Bank and the Northern Navigation Group. The Al Rubban NFC Shipping Fund IV was established year end 2004 jointly with Kuwait Finance House, a leading Islamic bank. The NFC Shipping funds focus on (preferred) equity investments in the shipping and off shore sectors and have executed over 30 investments in the last three years.