The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Euromoney innovations in Islamic finance 2016: Emirates Airline

UK Export Finance $913 million sukuk (Khadrawy)

Innovations Islamic 2016 196w
View award winners
Joint lead managers: Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, ENBD Capital, HSBC, JPMorgan, National Bank of Abu Dhabi, Standard Chartered Bank Airbus A380s do not come cheap. Needing long-term funding to buy four of them through its Khadrawy leasing vehicle, Emirates sought just over $913 million – and chose to use a sukuk to do it; the first time the Islamic structure had been used to pre-fund the acquisition of an aircraft.

The bigger significance of the deal was that it broke new ground with export credit agencies. “The sukuk marks the world’s first sukuk financing supported by an ECGD [export credit guarantee department] and the largest-ever capital markets offering in the aviation space with an export credit agency guarantee,” says Qudeer Latif, head of the global Islamic finance practice at Clifford Chance. The ECGD in this case was the UK Export Finance agency, for whom it was its largest-ever guaranteed debt capital markets transaction. 

The UK agency’s presence in an Islamic deal was in itself important and should be seen in the context of the UK’s aim to be a hub for Islamic finance.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree