This landmark deal is the first of its kind to combine Islamic funding with European Export Credit Agency debt.
The financing, structured as a 10-year Finance Lease, was arranged by Hong Kong-based bank HSBC and 85% guaranteed by the UK's Export Credit Guarantee Department (ECGD), Germany's HERMES and France's COFACE.
The export credit debt is financed at a rate of 5.94 per cent, while the Islamic funding bears a similarly competitive rate of return.
The highly attractive Islamic funding is provided by Dubai Islamic Bank, National Bank of Dubai, British Arab Commercial Bank and HSBC Bank.
The other leading banks involved are DGZ.DekaBank Deutsche Kommunal Bank, Norddeutsche Landesbank Girozentrale and Kreditanstalt Fur Wiederaufbau.
Dermot Mannion, Emirates' Chief Director Finance, IT & Services, signed the financing documents with Brian Jeffery, HSBC' Aircraft Finance Director; Butti Khalifa Bin Darwish Al Falasi, General Manager, Dubai Islamic Bank; Abdulshakoor Hussain Thalak and Omar Al Shamsi, both Assistant Chief Managers, National Bank of Dubai; and Cornelia Thale, Assistant Vice President for the German banks.
Mr Mannion said "Emirates is extremely grateful for the support of the Islamic investors and is proud to be involved in this landmark deal."
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Emirates completes landmark Islamic financing deal
- United Arab Emirates: Thursday, August 16 - 2001 at 09:25
- PRESS RELEASE
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Emirates has signed an Islamic financing agreement worth USD 88.6m for the acquisition of an Airbus A330-200 with Rolls-Royce engines.
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Posted by Anne-Birte Stensgaard, News EditorThursday, August 16 - 2001 at 09:25 UAE local time (GMT+4)
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This article was updated on Tue Jun 15 2004.
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Emirates' fleet of 36 aircraft includes 18 A330-200s, four B777-300s and nine B777-200s. The airline is also the launch customer for the 575-seat Airbus A380 double-decker, and has ordered seven for delivery from 2006.
For more information, contact David Snelling, Media Relations Manager, Emirates Group, PO Box 686 Dubai, UAE, Tel: 00 9714 203 2165 fax 2950758
For more information, contact David Snelling, Media Relations Manager, Emirates Group, PO Box 686 Dubai, UAE, Tel: 00 9714 203 2165 fax 2950758
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