Latest news with #ShariahCompliant
Al Bawaba
a day ago
- Business
- Al Bawaba
DIB Executes the First Islamic Finance Deal with Turkish Airlines
DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed a landmark aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah).A high-level signing ceremony was recently held in Istanbul, in the presence of Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.'Commenting on the milestone transaction, Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation. It reflects DIB's continued focus on delivering innovative structures that not only meet financial objectives that uphold ethical and faith-based finance standards across markets.
Khaleej Times
2 days ago
- Business
- Khaleej Times
DIB executes first Islamic finance deal with Turkish Airlines
DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed an aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline fleets. The deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. The transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah). The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global markets. Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future. For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities. We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.' Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation.
Zawya
2 days ago
- Business
- Zawya
DIB executes the first Islamic finance deal with Turkish Airlines
Dubai, UAE – DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed a landmark aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline fleets. The deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding structures. The transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah). A high-level signing ceremony was recently held in Istanbul, in the presence of Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global markets. Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future. For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities. We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.' Commenting on the milestone transaction, Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation. It reflects DIB's continued focus on delivering innovative structures that not only meet financial objectives that uphold ethical and faith-based finance standards across markets. About DIB: Established in 1975, DIB is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world's first full service Islamic bank and amongst the largest Islamic banks in the world. With Group assets now exceeding USD95 billion and market capitalisation of more than USD 14bln, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients. In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, The launch of Panin Dubai Syariah Bank in Indonesia early marked DIB's first foray in the Far East, with a stake of nearly 25% stake in the Indonesian bank. Additionally, DIB was given the licence by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in UAE. The acquisition of Noor Bank has solidified its position as a leading bank in the global Islamic finance industry. Recently, DIB has successfully acquired minority stake of 25% of T.O.M. Group which provides digital banking services in Türkiye. The bank's ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the 'Best Islamic Bank' in various prestigious ceremonies marking the bank's leadership position in the Islamic finance sector. As a progressive Islamic financial institution, DIB embraces the opportunities and challenges associated with integrating sustainability into its business by delivering sustainable products and services and by advancing the green and social composition. 2025 marked DIB Golden Jubilee, with a Bold New Vision for the Future to be prepared to meet the challenges ahead and continue building a legacy of success for the years to come. For more information, please visit us at About Turkish Airlines: Established in 1933 with a fleet of five aircraft, Star Alliance member Turkish Airlines has a fleet of 490 (passenger and cargo) aircraft flying to 353 worldwide destinations as 300 international and 53 domestics in 131 countries. More information about Turkish Airlines can be found on its official website or its social media accounts on Facebook, X, YouTube, LinkedIn and Instagram.
Argaam
6 days ago
- Business
- Argaam
Qomel renews SAR 52M credit facility with SNB
Qomel Co. renewed a SAR 52 million Shariah-compliant credit facility with Saudi National Bank (SNB), the company said in a statement to Tadawul. The one-year financing facility was secured on July 23 and will be used to finance various projects. The facility is backed by a promissory note and project revenue assignment. There are no related parties to the contract, the statement added.
Zawya
6 days ago
- Business
- Zawya
ICIEC inks credit insurance policy with Al Baraka Islamic Bank
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a shariah-based multilateral insurer and member of Islamic Development Bank Group, has signed a documentary credit insurance policy with Bahrain-based Al Baraka Islamic Bank. As per the deal, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible shariah-compliant goods and services, said the Corporation in a statement. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC's member states, it stated. The DCIP serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC's broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries. It aims to strengthen support for shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem, remarked Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, after signing the deal with Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, "This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC's unwavering commitment to advancing intra-OIC trade and investment," he noted. "By supporting shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals," he added. Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development, said the statement. The duo is putting in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively, it added. Dr Salem said: "We are delighted to partner with ICIEC on this pioneering Credit Insurance Policy, which empowers us to extend shariah‑compliant trade finance to our clients, bolster Bahrain's role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide." "This collaboration underscores our unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets," he added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
