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Emirates may issue Islamic bonds to pay for aircraft

Brian Jeffery, senior vice president for corporate treasury at Emirates Airline, has said the world's biggest airline by international passenger traffic, is considering the sale of Islamic bonds as it seeks to raise $4.5bn in the financial year starting April 2014 to pay for planes, Bloomberg has reported. The Dubai-based carrier will need an average of $5.34bn a year over the next five years, including 2013, to finance 119 aircraft deliveries, said Jeffery. Emirates' decision on whether to sell bonds will depend "on pricing and an acceptable structure," Jeffery said. Other options for funding are commercial debt, operating leases and export credits, which are typically restricted to 20% of the deliveries, he said