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United Arab Emirates : Two DUBAI's FINANCIAL firms selected as Agents for ALIF Fund

June 25, 2014

Quantum Investment Bank and Palma Capital, two Dubai-based financial Companies announced that both have been chosen as the agents to bring in a new shariah compliant aircraft leasing fund, called ALIF Fund.

The International Airfinance Corporation (IAFC) with Airbus and Islamic Development Bank (IDB) as investors and strategic partners, would manage the finance.

As per the shariah principles, it would run and acquire brand new and second hand Airbus aircraft to be leased to airline companies in the GCC and Organization of Islamic Conference member countries, the statement said.

The objective of the fund is to achieve a risk adjusted medium to long-term capital appreciation while generating a quarterly cash dividend to investors, it added.

On June 23, 2014, June 23, the fund was launched in London.

Airbus has been very successful in growing its market share in the MENA region over the last two decades and this innovative financing initiative will enable us to satisfy our customers financing needs even more effectively, said Habib Fekih, president of Airbus for MENA & Africa who is also the chairman of the board of ALIF Fund.

Moulay Omar Alaoui, chairman of Palma Capital and president and CEO of IAFC added: The establishment of ALIF Fund was derived from the strong interest of both investors and financiers for sharia compliant instruments that generate attractive and stable returns stemming from the ownership of commercial aircraft assets over an extended period of time, This is further reinforced by the inherently significant, growing need and demand for aircraft by airliners in the GCC and OIC member states.

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Source: TendersInfo (India)

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