Emirates has closed a 12-year Shariah-compliant French lease financing for two new Airbus A350-900s, arranged by Dubai Islamic Bank (DFM:DIB) and Natixis, the airline said on November 9.
The deal combines two structures that are usually arranged separately, fitting the features of a French lease to Shariah principles in a single financing. Emirates said the model gives airlines access to alternative, diversified pools of capital and sets a repeatable blueprint for future international aircraft deals. It closed days after Emirates Group said its half-year profit before tax fell 66% to $1.1bn.
DIB and Natixis Corporate & Investment Banking (Natixis CIB) acted as Islamic financiers and arrangers. DIB was also the Shariah structurer.
“Drawing on the complementary strengths of Dubai Islamic Bank and Natixis CIB, this landmark transaction combines Islamic finance with a French Lease structure, helping to diversify our funding sources while supporting the continued expansion of our fleet,” said Derek Blaney, acting chief financial officer of Emirates Group.
Naveed Ali, chief of corporate banking at DIB, said the bank’s Shariah team aligned the requirements of the French lease with Shariah standards.
“By bringing together the French Lease framework and Shariah-compliant financing, we have helped structure a solution that supports Emirates’ long-term financing requirements while demonstrating how Islamic finance can be applied to complex, cross-border aviation transactions,” Ali said.
“This transaction demonstrates our ability to develop tailored financing solutions and bring high added value to our clients,” said Jean Chedeville, head of transportation finance at Natixis CIB.
Emirates is acquiring the two A350-900s in 2026. DIB, founded in 1975, is the largest Islamic bank in the UAE by assets, with group assets above $118bn and more than 540 branches.
