Emirates closes 12-year Shariah-compliant French Lease for two A350-900s

Emirates has closed a 12-year Shariah-compliant French Lease financing with Dubai Islamic Bank and Natixis Corporate & Investment Banking. The money supports the carrier's acquisition of two new Airbus A350-900 aircraft, which arrive in 2026. The three parties announced completion on a Monday.

The structure is the part worth watching. A French Lease and a Shariah-compliant facility would normally be arranged as two separate deals. This one puts both inside a single framework, so the ownership and tax mechanics of the French structure and the contractual rules of Islamic finance sit together rather than being negotiated apart.

Dubai Islamic Bank served as Islamic Financier, Arranger and Shariah Structurer. Its Shariah team handled the work of aligning French Lease requirements with Shariah standards. Natixis CIB was an Islamic Financier and Arranger alongside it.

Derek Blaney, Emirates Group's acting chief financial officer, said the group looks for varied approaches and new structures as part of its long-term financing strategy. The deal pairs Islamic finance with the French Lease model, he said, broadening the group's funding sources and supporting fleet expansion.

Naveed Ali, chief of corporate banking at DIB, described the transaction as evidence of how far Islamic finance has developed and how much international reach it now holds. It meets Emirates' long-term funding requirements, he said, and shows that Islamic finance can be applied to complex aviation deals that cross borders. Ali added that well-built Shariah-compliant arrangements are capable of serving the capital needs of major international industries.

Jean Chédeville, head of transportation finance at Natixis CIB, said the deal shows the bank's ability to develop tailored financing with high added value for clients. Natixis CIB was pleased to support Emirates with another bespoke funding package for an aircraft delivery, he said, and to partner with Dubai Islamic Bank on it.

Those involved present the financing as a blueprint that can be repeated for future international aviation deals combining the two frameworks under Islamic law. The implication is about capital access. Aircraft buyers have long relied on a narrow set of channels: export credit support, tax-based leases, syndicated bank debt. A Shariah-compliant layer opens alternative and more varied pools of capital, and for a Gulf carrier with a large order book the useful question is how many of those pools it can draw on at once.