08 Feb 2012
(MENAFN) Emirates airline said that in order to finance 3 planes to be delivered in 2012, the carrier would raise USD517 million, with the help of a consortium of 3 local Islamic banks, reported Emirates 24/7.
The company added that the consortium would be led by Dubai Islamic Bank (DIB), which would be the coordinating bank and a mandated lead arranger, in addition to Al Hilal Bank and Ajman Bank, which would also act as mandated lead arrangers.
It also said that the twelve-year Islamic Lease (Ijara) financing would be for a total of 3 aircraft, a combination of Boeing 777-300ERs and Airbus A380s.
It is worth noting that the Islamic finance market is more resilient at the current time, according to Emirates airline, as international banks withdraw from plane contracts due to the euro zone debt crisis.
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