Manama-Based Bank to Set up Aviation Company
The Bahrain-based Gulf International Bank (GIB) announced Tuesday a project to launch an aviation leasing company with a fleet of up to 20 aircraft for hire to airlines in the region, reported the Gulf Daily News.
GIB said the project, sponsored by a group of Arab businessmen, will offer its services to airlines to diversify the types of aircraft they use.
The bank said the project, being jointly managed by Ernst and Young, would be run under Sharia principles.
The Islamic Aircraft Leasing Company (IALC) will offer investors an opportunity to participate in the equity of a company that will build a portfolio of up to 20 aircraft, said the paper.
Its shares have a par value of $1 million and consequently are targeted primarily at institutions, which are then expected to offer units or participation to their investors and depositors – Albawaba.com