Al Hilal Bank, the freshest face in Islamic Banking, sees the realisation of its USD 110 million aircraft financing facility with Etihad Airways in the delivery of the airline’s latest A340-600 aircraft. The Abu Dhabi-based bank provided Etihad with a Shariah-compliant USD110 million aircraft financing facility, comprised of a 12-year lease for the purchase of its A340-600.
Etihad Airways and Al Hilal Bank senior officials received the aircraft, with iconic Formula 1™ branding this week at Abu Dhabi airport. Etihad is the title sponsor of the 2009 Formula 1™ Abu Dhabi Grand Prix.
Speaking on the occasion Mohamed Jamil Berro, CEO Al Hilal Bank, stated: It is with great pride that Al Hilal Bank participates in this deal with Etihad Airways. We are very pleased to work closely with Etihad as plays its central role in the economic vision of 2030. “This type of deal underscores the stable nature of our economy and we are pleased that our bank was chosen after a rigorous vetting process that ultimately highlighted our commitment and credentials.”
The partnership between the two Abu Dhabi-based companies is also an indicator of continued growth in the emirate for 2009.
James Hogan, Etihad Airways’ chief executive, said: “This deal is testament to the growing credibility and confidence Etihad now enjoys among its key business partners. We appreciate the support of like-minded business partners such as Al Hilal Bank who continue to underpin the present and future growth and development of Etihad Airways.
“It’s particularly fitting that this particular A340-600 aircraft – with the new Formula 1™ livery to help promote the forthcoming Formula 1™ Etihad Airways Abu Dhabi Grand Prix - was financed by an Abu Dhabi-based bank”.
Al Hilal Bank has already established itself as a key player in the local financial sector and has partnered with a number of strategically significant institutions and government bodies within the UAE. The bank’s partnership with Etihad Airways marks one of its first strategic airline tie-ups.