Palma Holding and Ibdar Bank sign new lease with Falcon Aviation

This is the third Shari’ah compliant leasing transaction executed by the joint venture as part of its strategy to serve the aviation sector. The first two transactions were executed with Ethiopian Airlines and RwandAir, where a total of five aircraft were acquired and leased. 

“The purchase of three additional Q400 NextGen aircraft underlines a commitment by Palma and Ibdar to airlines in the Middle East and Africa and reflects a strong acquisition strategy that has resulted in the addition of eight aircraft to our portfolio over the last nine months.  It also underscores our joint ability to structure financing and lease agreements with leading players in the market. With other transactions approaching completion, we look forward to making further announcements regarding the addition of more aircraft to our expanding portfolio in the near future,” said Moulay Omar Alaoui, president of Palma Holding. 

"We are pleased to bring this transaction to the market. This lease agreement with Falcon continues to show our commitment to originating and structuring innovative Shari’ah compliant financing opportunities for our investors, who are seeking exposure to strong, asset backed products that provide attractive yields. We look forward to building on the momentum we have established in the aviation sector across the Middle East and Africa, where our deal pipeline is robust and growing," said Ibdar Bank CEO Basel Al-Hag-Issa. 

“Falcon is happy to collaborate with Palma Holding Limited and Ibdar Bank, two world class partners,” said Mahmoud Ismael, chief operating officer of Falcon aviation services said during the signing of the agreement. “The combination of Palma and Ibdar’s unique financial expertise and their significant presence in the GCC will greatly ensure the success of the lease agreement in fully capitalizing the vast potential growth of MENA region for aviation based services. “We wish to express our gratitude to His Highness Dr. Sheikh Sultan Bin Khalifa Al Nahyan for his valuable assistance in consummating this project.”