Turkish Airlines, the country’s flag airline, and DIB, the first Islamic bank in the world and the biggest in the United Arab Emirates, have successfully completed a historic aircraft financing deal. This transaction, the first Islamic aircraft finance agreement to support the flag carrier’s expansion, opens the door for Shariah-compliant structures to serve as a development engine within one of the world’s most prominent airline fleets.
In DIB’s continuous efforts to increase the global influence of Islamic finance, the deal marks an important turning point. DIB reinforces the power, legitimacy, and flexibility of Islamic finance in providing intricate cross-border funding arrangements by allowing one of the top airlines in the world to implement a financing structure that is completely consistent with Shariah.
As part of its larger diversification plan, the deal represents Turkish Airlines’ first-ever financing of aircraft backed by Islamic finance, adding Shariah-compliant structures to its financial portfolio. Through a 12-year Islamic financing lease (Ijarah), DIB served as the financier for the purchase and integration of a new Airbus A350-941 into Turkish Airlines’ fleet.
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