Dubai Islamic Bank (DIB) has completed a notable aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye.
The deal marks the airline’s first use of Islamic finance and represents a broader shift towards incorporating Shariah-compliant structures in the aviation sector.
Structured as a 12-year Islamic lease (Ijarah), the transaction supports the acquisition of a new Airbus A350-941, now part of the Turkish Airlines fleet.
DIB acted as the financier, with the deal forming part of the airline’s ongoing strategy to diversify its funding sources.
The agreement highlights the increasing role of Islamic finance in complex cross-border transactions.
It also reinforces DIB’s commitment to promoting ethical finance globally, particularly in capital-intensive sectors such as aviation.
Dr Adnan Chilwan, Group Chief Executive Officer of DIB, said:
“For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities.”
Professor Ahmet Bolat, Chairman of the Board and the Executive Committee at Turkish Airlines, added:
“This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.”
The deal is seen as a milestone in strengthening economic ties between the UAE and Türkiye, while also expanding the scope of Islamic finance into new markets and sectors.
Featured image credit: DIB
