Dubai Islamic Bank has successfully completed a historic transaction to finance the purchase of a new aircraft for Turkish Airlines, as part of their strategic plan to expand their fleet.
This marks the first Islamic financing deal of its kind in Turkey’s aviation history, representing a significant shift toward the adoption of financial structures that align with Sharia law. This initiative aims to support and enhance the growth of one of the world’s prominent airline fleets. The transaction is a vital achievement for Dubai Islamic Bank in its ongoing effort to advance the scope of Islamic financing and strengthen its global presence.
This development underscores the strength, credibility, and adaptability of the Islamic finance framework in meeting the demands of complex and cross-border transactions.
Dubai Islamic Bank acted as the financier for the acquisition and operation of a new Airbus A350-941 for Turkish Airlines, through a 12-year Islamic financing agreement.
The agreement was signed in Istanbul, with the presence of Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, and Professor Ahmet Bolat, Chairman of the Board and Executive Committee at Turkish Airlines.
Dr. Adnan Chilwan stated, “This deal firmly establishes that Islamic financing is no longer merely an economic model; it has evolved into a global financial system that aligns with future aspirations.”
The adoption of Sharia-compliant financing by Turkish Airlines for the first time in its history, coupled with the choice of Dubai Islamic Bank as the provider, highlights the strength of our principles and institutional efficiency, serving as clear evidence of the trust that a leading airline has in our capabilities.
We value this strategic partnership not only for its support of the growth of Turkey’s national carrier but also for its contribution to strengthening the economic ties between the UAE and Turkey, ensuring that the relationship between the two countries continues to flourish and grow, based on mutual respect, shared ambitions, and ongoing cooperation.