Emirates has closed a 12-year financing arrangement for two Emirates A350-900 aircraft that merges a French Lease structure with Shariah-compliant principles, a combination AeroTime reports and Arabian Business confirms has not previously been packaged together in this way. The deal supports the acquisition of both aircraft in 2026.
A Structure That Breaks New Ground
French Lease and Shariah-compliant frameworks are, as AeroTime and Aviation A2Z both note, normally structured separately. Bringing them together in a single transaction required aligning the specific requirements of French tax lease law with Shariah standards, work that fell to the Shariah team at Dubai Islamic Bank, according to AeroTime and Aviation A2Z.
Dubai Islamic Bank and Natixis Corporate and Investment Banking arranged the transaction, according to AeroTime, Arabian Business and Aviation A2Z. Aviation A2Z reports that Dubai Islamic Bank served as Islamic Financier, Arranger and Shariah Structurer, while Natixis CIB served as Islamic Financier and Arranger.
The Roles Each Party Played
Speaking to AeroTime, Jean Chédeville, who leads Transportation Finance at Natixis CIB, commented: "This transaction demonstrates our ability to develop tailored financing solutions and bring high added value to our clients."
Naveed Ali is Chief of Corporate Banking at Dubai Islamic Bank, according to AeroTime and Aviation A2Z. Jean Chédeville holds the title of Head of Transportation Finance at Natixis CIB, as confirmed by both AeroTime and Aviation A2Z.
The deal was announced on 9 November 2026, AeroTime reports.
Emirates A350-900: The Broader Financing Approach
AeroTime reports that Emirates funds its aircraft order book through a mix of conventional and Shariah-compliant structures. The airline has consistently sought financing arrangements that reflect both commercial efficiency and the requirements of Islamic finance, and this transaction sits at the intersection of both.
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Emirates has drawn attention to what this deal could mean for how it finances aircraft going forward. According to AeroTime and Aviation A2Z, the airline characterises the structure as a template that can be applied to future international aviation financings. That position implies Emirates is likely to return to this framework as further deliveries arrive from its sizeable order book.
Derek Blaney, Acting CFO at Emirates Group, is quoted by AeroTime as saying: "Our strong financial performance and proven track record give us access to innovative solutions like this one, and we are pleased to have worked with both partners on a structure that sets a precedent for future aircraft financing."
The Bottom Line
This is more than a routine aircraft financing. By successfully combining French Lease mechanics with Shariah compliance in a single 12-year structure, Emirates and its banking partners have produced something that neither side of the Islamic and conventional finance worlds has routinely offered together. If Emirates treats this as a template, as it says it intends to, the deal could matter well beyond these two A350-900s. The aviation finance community will be watching closely to see whether other carriers follow the same path.
This article draws on reporting by AeroTime, arabianbusiness and Aviation A2Z.
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