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Whirlybirds: the Latest Flight for Islamic Aviation Finance

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Whirlybirds: the Latest Flight for Islamic Aviation Finance The World’s Leading Islamic Finance News Provider (All Cap) UK unveils The IDB makes Sukuk market Halal Sky: 1200 ambitious Indonesia a forecasted to Bringing 1150 0.28% investment top priority to perform well Shariah 1100 expectations become a world- across the GCC compliant 1,040.93 1,037.98 1050 aimed towards leading Islamic this year; resilient real estate 1000 Islamic fi nance hub...7 to global macro crowdfunding W T F S S M T Powered by: IdealRatings® investors...5 moves...7 to the US...9 COVER STORY 12th August 2015 (Volume 12 Issue 32) Whirlybirds: The latest flight for Islamic aviation finance Aviation fi nancing has picked up the have been paid by lessors through types of fi nance will be essential, and pace in the Shariah compliant fi nance unsecured loans and we were really we’re delighted to be debuting this arena in recent years; with Sukuk keen to re-connect the debt markets with Islamic-structured arrangement with and other forms of Islamic fi nancing true secured PDPs,” said Jaspal Jandu, LCI,” commented Simon Lefevre, the becoming increasingly accepted and CFO of LCI. “This is a true PDP where director of leasing at BLME. The bank ever more popular both as Gulf airlines the banks are taking real asset risk.” is no stranger to the area, having also expand and as institutions look to tap closed a US$25 million pre-delivery the Muslim money pool. But in the A major player in the market, LCI facility for LCI last December to fi nance last few months a new trend has been Helicopters has a total fl eet of 90 AgustaWestland purchases — while gathering momentum — helicopter delivered and ordered helicopters, Airbus is also familiar with Islamic fi nancing. LAUREN MCAUGHTRY including the market-leading fi nance through its involvement in the looks to the skies. AgustaWestland AW139, AW169 and Shariah compliant Alif Fund. AW189 helicopters, and next-generation A landmark deal Airbus Helicopters H175 and H225e. “As a major lessor in the helicopter Last month LCI, the aviation arm of The fi rm is also the launch customer marketplace, we are continually looking Libra Group, closed a pre-delivery for both the AW169 and the H225e. for new and innovative means of payment (PDP) facility with Bank of LCI’s helicopters are currently in fi nancing,” said Jandu. “This agreement London and The Middle East (BLME) operation across four continents — Asia, is just that, and is also an excellent and Lloyds Bank for a three-year Australasia, Africa and Europe. template for future fi nancing deals.” delivery program of US$250 million- Jean-Michel Cerf, the head of customer worth of the Airbus H175 (Airbus Breaking the mould fi nancing at Airbus Helicopters, also Helicopters’s new-generation medium- The deal was based on a master commented that: “LCI is a growing sized seven-ton class rotorcraft) and Murabahah facility while customer of Airbus Helicopters, and H225e (for which LCI Helicopters is the Lloyds also provided a we’re delighted to be partnering with launch customer). conventional loan and them on this innovative fi nancing acted as the mandated agreement.” The facility is the world’s fi rst-ever lead arranger, security secured helicopter PDP, and represents agent and intercreditor A growing market an innovation in the fi eld, with an agent for both facilities. While helicopter fi nancing may Islamic and conventional bank to “As the dynamic currently represent only a tiny work together to create a positive new helicopter leasing portion of the current opportunities solution for the client based on real marketplace continues in aviation fi nancing, it is Shariah principles of risk and profi t- to expand rapidly, nevertheless a growing market sharing. “Recently, most PDP facilities new sources and continued on page 3 REAL-TIME ONLINE ISLAMIC BANKING SOLUTION www.eigertrading.com IFN RAPIDS Volume 12 Issue 32 Tata Consultancy Services DEALS introduces new Islamic ASSET IFN Rapids ................................................... ..2 Indonesian government banking solution through IFN Reports: sells Islamic treasury revamped version of TCS MANAGEMENT • UK unveils ambitious investment bills at a discount on the BaNCS Al Meezan Investments th expectations • The IDB makes Indonesia a top 11 August to fund State KT Bank opens new unveils Meezan Asset Budget branches; looking to expand Allocation Plan-I for priority • Sukuk market forecasted to perform investors to benefi t from Bank Negara Malaysia to more cities well across the GCC this year; resilient to Islamic equity market issues discount-based global macro moves • Sovereign Sukuk: Gatehouse Bank looking Murabahah facility to expand PRS program PMB Shariah Aggressive Back to basics • SECP moves beyond main Fund realizes 8.3% returns Viable Chip seeks to as part of initiatives by the despite 7.9% drop in market financial center; targeting smaller cities to extend maturity dates for government in promoting bolster capital markets • Halal Sky: Bringing its Islamic debt securities Islamic fi nance in the UK Standard Chartered Bank Malaysia wins mandate Shariah compliant real estate crowdfunding Sunway Treasury Sukuk AAOIFI’s Shariah as trustee for fi rst Shariah to the US • IIFM to provide guidance on sells one-month Islamic Standards Review and compliant ASEAN Passport Islamic derivative instruments; issuing commercial papers Translation Committ ee holds meeting in Pakistan Fund new standards this year • IFN Weekly Poll: Pension Funds Association Azzad Asset Management rejects debt-to-equity swap ISFIN partners with Does the weakness of the Malaysian ringgit completes external Shariah proposal from Sukuk Slovenian law fi rm Rojs, have an effect on pricing of the global Sukuk audit; fi rst US investment issuer Berlian Laju Tanker; Peljhan, Prelesnik & fi rm to do so market? ................................................ 5 demands payment of debts Partners to welcome Islamic accordingly investment IFN Analysis: Al Othaim Real Estate and AlBaraka Turk Katilim TAKAFUL Morocco: Connecting Europe and Africa ......... 11 Investment Co confi rms Bankasi selects banks to Shariah compliant life arrange US$400 million Regulatory advancements in Islamic marketing its fi ve-year insurance premiums debut Sukuk dual currency syndicated command 11% market finance ............................................12 Murabahah fi nancing share in Egypt, says National Shipping Case Study: facility authority Company of Saudi Arabia Maxis Sukuk: Proof of the demand for high commences listing and Islamic fi nance could quality unrated papers ........................... 13 trading of Sukuk on the 11th help meet Africa’s large RATINGS IFN Country Correspondents: August infrastructure needs but Moody’s revises Emirates regulatory reforms needed, Jordan; Kazakhstan; Kyrgyzstan; Morocco ........ 14 NBD’s outlook to positive says S&P IFN Sector Correspondents: NEWS Fitch affi rms UAE banks’ Emirates NBD ready to ratings; upgrades one non- Islamic fi nance .......................................................... 17 BMI Off shore Bank fi nance Suez Canal projects; bank fi nancial institution Special Report: to convert into Shariah demonstrates support and Japanese initiatives in Islamic finance .......................18 compliant bank confi dence in the Egyptian MARC affi rms Ranhill Group’s Sukuk ratings Country Feature: Malaysia Building economy at ‘AAAIS(bg)’ and Society dismisses report Islamic fi nance: An aid to India’s infrastructure Center for Islamic ‘AAAIS(fg)’ with a stable on unoffi cial regulatory needs .......................................................... 20 Banking, Finance and outlook approval of merger with Management signs MoU Sector Feature: Bank Muamalat with International Islamic Masraf Al Rayan receives Capital strategies of Islamic banks in rating outlook upgrade as Islamic Finance Educators University College UK unit registers profi ts Malaysia likely to evolve under new Bill to be tabled in Selangor regulatory framework ............................... 22 parliament soon; aims to Iran stresses need for Fitch assigns Iraq’s fi rst monitor quality of Islamic brokerage ties with rating at ‘B-‘ with a stable fi nance educators outlook Islamic Finance news ................................... 23 Azerbaijani banks; wants banks and insurers to Deal Tracker .................................................28 Bank Islam concludes syndicated Tawarruq resume activities in MOVES REDmoney Indexes .................................... 29 fi nancing facility for Kerian Azerbaijan David Tayeh joins Eurekahedge data ....................................... 31 Energy Jordan Islamic Bank Investcorp as head of Performance League Tables .......................33 Pak-Kuwait Takaful inaugurates new cash offi ce corporate investment in Events Diary................................................. 37 escapes huge fi ne due to in Sameh Mall North America Company Index ........................................... 38 a lack of provision in the Subscription Form .......................................38 Insurance Ordinance 2000 Disclaimer: IFN invites leading practitioners and academics to contribute short reports each week. Whilst we have used our best endeavors and eff orts to ensure the accuracy of the contents we do not hold out or represent that the respective opinions are accurate and therefore shall not be held responsible for any inaccuracies. Contents and copyright remain with REDmoney. © 2 12th August 2015 COVER STORY Whirlybirds: The latest fl ight for Islamic aviation fi nance Continued from page 1 — and MENA is leading the charge. “Near-term demand
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