Emirates: Islamic Finance and French Lease Combine to Fund Two A350-900 Jets

Emirates said in a statement on Monday, Nov. 9, that two new Airbus A350-900 jets it is acquiring this year have been financed through a deal combining Islamic finance with a French lease structure.

The 12-year arrangement was put together with Dubai Islamic Bank (DIB) and Natixis Corporate & Investment Banking (Natixis CIB), with both institutions acting as Islamic Financiers and Arrangers.

Emirates noted that the two frameworks are usually structured as separate transactions. In this deal, the features of the French lease were aligned with Shariah principles within a single structure.

The airline described the transaction as part of its ongoing effort to expand its fleet, and as a sign that Shariah-compliant structures are gaining flexibility across global aviation. It added that the model could be repeated in future international aircraft deals requiring both frameworks to meet the standards of Islamic law.

Derek Blaney, Acting Chief Financial Officer at Emirates Group, said the deal reflects a long-term strategy of pursuing varied funding structures and broadening the airline’s sources of capital. He credited the company’s financial results and track record for opening access to such options, adding that the structure “sets a precedent for future aircraft financing.”

Naveed Ali, Chief of Corporate Banking at DIB, said the bank also served as Shariah Structurer, with its Shariah team working to reconcile the French Lease considerations with Shariah standards. He said the deal reflects the growing international reach of Islamic finance and its use in complex aviation transactions spanning several countries.

Jean Chédeville, Head of Transportation Finance at Natixis CIB, said the bank was able to design solutions tailored to its clients’ needs. He added that he was pleased to support Emirates with a further delivery funding package and to work alongside Dubai Islamic Bank.