Dubai Islamic Bank (DIB), the world’s first Islamic bank and the largest in the UAE, has executed Turkish Airlines’ first-ever Islamic aircraft financing transaction.
DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah).
Dubai Islamic Bank leads cross-border Shariah aircraft deal
The transaction introduces Shariah-compliant structures to Turkish Airlines’ funding portfolio, paving the way for Islamic financing to serve as a catalyst for growth within one of the world’s most prestigious airline fleets and the national carrier of Turkey.
By enabling one of the world’s leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirmed the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding structures.
Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: “At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future.
“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.
“We value this collaboration deeply. It not only supports the airline’s strategic growth but also reinforces the strengthening of economic ties between the UAE and Turkey. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.”
Prof. Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee, 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 signing ceremony in Istanbul was attended by Dr. Chilwan, Prof. Bolat, and Prof. Murat Şeker, Turkish Airlines’ Chief Financial Officer and Member of the Board and Executive Committee.
This transaction further strengthens DIB’s position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors.
Established in 1975, DIB is the world’s first full-service Islamic bank and amongst the largest in the world with assets now exceeding US$95 billion and market capitalisation of more than US$14 billion.
Established in 1933, Turkish Airlines is one of the biggest airlines in the world now with a fleet of 490 (passenger and cargo) aircraft flying to 353 worldwide destinations in 131 countries.