Ibdar announces first Sharia-compliant deal for Africa

The Bahrain bank structured the deal through under a joint venture with Dubai-based operating lessor Palma Holding. The agreement is the first ever Sharia-compliant transaction in Africa’s aviation sector.
Valued at $100 million, Ibdar Bank contributed as investor with $22 million, while an amount of $78 million was secured through a funding agreement with Canada’s Export Credit Agency, the export finance agency of Canada.
The agreement includes options for an additional four Q400 NextGen aircraft, which Ibdar Bank intends to exercise in the near future, a statement said.