Emirates repays $500m Sukuk at maturity

Source: Flightglobal.com
This story is sourced from Flightglobal.com

Emirates Airlines repaid its first ever $550 million sukuk financing today and plans to further tap the Islamic funding markets due to ongoing weakness in the eurozone financial sector.

"With the eurozone debt crisis on-going it is likely that Islamic financing, with its large pool of liquidity, will play an increasingly important role for us moving forward," said Emirates Airline and group chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum.

The sukuk bond, listed on the Luxembourg Stock Exchange, was originally issued in 2005 with a seven-year term.

"The repayment of our first ever sukuk bond is part of Emirates' varied financing strategy and reflects our robust financial position," said Saeed Al Maktoum.. "Our consistent profitability and sound business model continue to ensure that we receive sufficient offers of financing to support our long-term growth."