Gulf Air signs $70m ijara facility with Bahrain Islamic Bank
Bahrain's flag carrier Gulf Air has signed a $70m facility with Bahrain Islamic Bank (BIsB). The carrier said this four year medium-term facility will be used to partly finance eight A320 aircraft, which are expected to be delivered in the fourth quarter 2009 and first quarter 2010.
“We are glad to have partnered with BIsB, the first Islamic Bank in the country and one of the pioneering Islamic banks in the region,” said Chairman Talal Al Zain.
“As the national carrier of the Kingdom of Bahrain, Gulf Air is an integral part of the nation's economy and this ijara arrangement will facilitate Gulf Air to further strengthen its presence as a key player in the regional and global aviation industry and move on with its realignment programme in tune with Bahrain's 'Vision 2030' strategy,” he said
New Chief Executive Samer Majali added: “In 2007 Gulf Air became a 100% Bahraini owned company and since then the airline has made a conscious effort to work with local companies whenever possible.
“Our ultimate aim is to build an efficient, sustainable business and a dynamic national airline that effectively serves the people and economy of Bahrain. This loan facility is an example of the trust and confidence that BIsB have upon the national carrier's future,” he said.
“As the national carrier of the Kingdom of Bahrain, Gulf Air is an integral part of the nation's economy and this ijara arrangement will facilitate Gulf Air to further strengthen its presence as a key player in the regional and global aviation industry and move on with its realignment programme in tune with Bahrain's 'Vision 2030' strategy,” he said
New Chief Executive Samer Majali added: “In 2007 Gulf Air became a 100% Bahraini owned company and since then the airline has made a conscious effort to work with local companies whenever possible.
“Our ultimate aim is to build an efficient, sustainable business and a dynamic national airline that effectively serves the people and economy of Bahrain. This loan facility is an example of the trust and confidence that BIsB have upon the national carrier's future,” he said.
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