$90m Islamic financing for new Emirates A330
Emirates has signed a $90 million Islamic Lease for one Airbus A330 airliner over a 12-year term.
The financing, structured as an Islamic operating lease, was arranged by HSBC Structured Finance, Hong Kong with HSBC Amanah Finance (Dubai) and Dubai Islamic Bank as Islamic structuring advisers.
The funding is provided by Dubai Islamic Bank, Abu Dhabi Commercial Bank, National Bank of Dubai, HSBC Bank Middle East and Emirates Bank International at a competitive rate of return as compared with more conventional modes of financing.
The financing covers one new Airbus A330-200 aircraft, delivered earlier on April 29.
Riyaz Peermohamed, Emirates’ corporate treasurer, said: “Of our total fleet of 50 aircraft, this is Emirates’ sixth wide-bodied aircraft financed using Islamic funds and takes the total amount raised from Islamic investors to more than $500 million for the first time.
This is a significant amount, and diversification of funding sources has been one of our key financing strategies.”