Emirates raises $265m in Islamic financing for planes

Zawya – Emirates raises $265m in Islamic financing for planes

Emirates Airline has raised $265 million (Dh973m) in Islamic financing to pay for the lease of two new Boeing 777-300ER aircraft delivered earlier this year.

The transaction involves long-term leases for a period of 12 years. The first aircraft was delivered in May and the second at the end of August, Emirates said.

The airline said Noor Islamic BankNoor Islamic BankLoading… was mandated lead arranger of the group, which also included Barclays Capital, CCB International Finance, Samba Financial Group and Standard Chartered Bank.Standard Chartered Bank.
was also the facility’s structuring bank, investment manager and investor security trustee.

Brian Jeffery, Emirates’ Senior Vice-President of Corporate Treasury, said: “Islamic financing is an important source of financing for Emirates and we have now raised $1.3bn from this market, including the sukuk bond. Islamic financing provides competitive pricing with flexibility, which are both key elements in our financing strategy.”

The aircraft brings Emirates’ passenger fleet to 111.

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