IslamicFinance.de

Emirates have secured a $425 million shariacompliant loan from a group of UAE banks to finance the acquisition of two Airbus A380 aircraft. Emirates used the loan to take delivery of its 50th A380 in Hamburg last month. The aircraft is scheduled to enter into service sometime in early August. Abu Dhabi Islamic Bank (Adib), Commercial Bank of Dubai (CBD) and Dubai Islamic Bank (DIB) were the joint book runners and initial mandated lead arrangers in the transaction. Emirates is the largest operator of the superjumbo A380 and have a further 90 on order. The airline’s president, Tim Clark, has previously said he is interested in ordering more of the superjumbos if Airbus is able to manufacture a more fuel efficient “neo” version.

Dubai Multi Commodities Centre (DMCC) has announced the inaugural Commodity Murabaha transaction on its DMCC Tradeflow platform. The transaction took place between Noor Islamic Bank and Commercial Bank of Dubai, marking the official launch of the DMCC Tradeflow Islamic product portfolio. According to Ahmed Bin Sulayem, Executive Chairman, DMCC, the DMCC Tradeflow pioneered the use of an electronic central registry of commodity ownership in Dubai. The commodities available on DMCC Tradeflow include oil products, foodstuffs and base metals and if required these goods can be inspected easily by Shari’ah scholars.

An improved version of Attijari Al Islami's Ijarah Home products has been introduced to the public. Thus, UAE nationals and residents are enabled to afford their dream home compliant to the principles of Shariah. The improved version contains some new features and aims to address the growing demand for Shariah-compliant financial instruments in the UAE. Transparent and competitive rates are offered in order to be able to guarantee great value to the clients of the Commercial Bank of Dubai.