JAKARTA (TheInsiderStories) - Qatar First Bank (QFB), a Shari’ah-compliant bank, has partnered with Novus Aviation Capital, one of the growing aircraft leasing platforms, for an indirect acquisition and lease of two 2011 vintage Boeing 737-900ER single-aisle aircraft to Indonesia’s Lion Air, Trade Arabia reported.
“The outlook for the leased aircraft type, the B737-900ER, is very favorable which has positive implications for the preservation of its market value, and more importantly will provide strategic investors with recurring and sustained income streams.” Ziad Makkawi, the chief executive of QFB said.
The lease agreement will be managed by Dubai-based Novus Aviation Capital, a specialist in aircraft sourcing, trading, leasing and other related services. With a current portfolio of around US$3 billion, Novus has closed over 400 lease and financing agreements valued at $8 billion and has executed aircraft transactions with over 40 major airline companies.
Commenting on the transaction, Safwan Kuzbari, the president and CEO of Novus said the partnering with Qatar First Bank on another landmark aircraft transaction for the company.
“Deploying capital, alongside our clients, and making investments in selected industries, such as the aviation sector, is an attractive direction in today’s challenging market and economic conditions,” stated Kuzbari.
Novus acted as sole arranger for both the financing and leasing elements of the deal, with QFB exclusively involved in the Islamic financing part of the transaction. (*)