Cost of CapitalData
Emirates closes 12-year Islamic French Lease for two A350s
Dubai Islamic Bank and Natixis CIB arranged the Shariah-compliant structure combining French lease mechanics with Islamic finance principles.
Emirates closed a 12-year Shariah-compliant French Lease financing for two Airbus A350-900 aircraft delivered in 2026, with Dubai Islamic Bank and Natixis Corporate & Investment Banking acting as Islamic Financiers and Arrangers. The transaction was announced on 9 November 2026. Derek Blaney, Acting Chief Financial Officer at Emirates Group, disclosed the completion in a published statement.
Structure combines French lease mechanics with Shariah compliance#
The financing aligns French lease features with Islamic finance principles within a single structure, according to the announcement. French lease mechanics typically operate separately from Shariah-compliant frameworks. Dubai Islamic Bank's Shariah team aligned French lease considerations with Shariah standards as part of the structuring process. Naveed Ali, Chief of Corporate Banking at DIB, stated that DIB acted as Islamic Financier, Arranger and Shariah Structurer. The published statement described the transaction as creating a framework for future international aviation financings seeking to harmonize the two frameworks while meeting Islamic law requirements.
Financing supports fleet expansion with diversified capital sources#
The 12-year tenor supports Emirates' fleet expansion strategy, Blaney stated. The structure diversifies Emirates' funding sources by blending optimized aviation structures with Islamic finance, according to the announcement. The transaction demonstrates how airlines can access alternative pools of capital through Shariah-compliant structures in the global aviation market, the statement said. No transaction value was disclosed in the published materials.
DIB and Natixis CIB roles and next applications#
Dubai Islamic Bank acted as Islamic Financier, Arranger and Shariah Structurer, drawing on its corporate banking and Shariah structuring capabilities, Ali stated. Natixis CIB acted as Islamic Financier and Arranger alongside DIB. The published announcement stated that the transaction can be applied to future international aviation financings seeking to meet Islamic law requirements while using French lease mechanics. DIB's Shariah team aligned the relevant requirements of the French Lease structure with Shariah standards, according to the statement.
Sources1 source across 1 domain
- economymiddleeast.comEconomy Middle EastEmirates closed 12-year Shariah-compliant French Lease financing for two A350-900s delivered in 2026, announced 9 November 2026, with DIB and Natixis CIB as Islamic Financiers and Arrangers
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