Emirates Combines French Lease and Islamic Finance to Fund Two Airbus A350-900s

The parties said it is the first time the two frameworks, normally used separately, have been brought together in a single structure. The aircraft are being acquired during 2026. No transaction value was disclosed.

For Emirates, the deal adds another source of money as it keeps expanding its fleet. For Islamic lenders, it is a test of whether Sharia-compliant financing can be fitted to the specialised tax and legal structures that dominate international aircraft finance, and the banks presented it as a template other airlines could use.

Dubai Islamic Bank and Natixis acted as Islamic financiers and arrangers. Dubai Islamic Bank was also responsible for the Sharia structuring, and its Sharia team worked to align the requirements of the French lease, including considerations that apply in France, with Islamic finance standards, according to Navid Ali, the bank's head of corporate banking.

Derek Blaney, acting chief financial officer of the Emirates Group, said the airline continues to diversify its financing and develop new structures that support its long-term financial strategy. He said the airline's strong financial performance and record allow it to use such structures, and that this one could serve as a model for future aircraft financing.

Jean Chedeville, head of transportation finance at Natixis CIB, said the bank was pleased to keep supporting Emirates with a new financing solution tailored to aircraft delivery.

The deal follows other recent financings for the airline's A350 fleet. HSBC was mandated last year to finance six A350-900s, most of them through Japanese operating leases with call options, according to earlier reports. Emirates is taking delivery of A350-900s as it adds mid-sized widebody jets to a fleet built around the Airbus A380 and Boeing 777.