Subscribe Free
in Business & Finance

ICD provides financing to ALAFCO Aviation Lease and Finance

Posted 12 October 2021 · Add Comment

Islamic Corporation for the Development of the Private Sector and ALAFCO Aviation Lease and Finance Company (ALAFCO) have signed a four-year syndicated secured financing agreement for USD 75 million with a USD 50 million participation from ICD making it the lead financier in the transaction.

 

Adel Ahmad Albanwan, the CEO of ALAFCO.  Image: ALAFCO

While the aviation sector plays a crucial role in global connectivity and mobility as well as economic growth, it has been one of the hardest hit sectors during the pandemic. ICD’s financing will strengthen the operations of ALAFCO and help it to be well prepared as economic activities and travel picks up. This transaction was arranged by KFH Capital.

 

Ayman Sejiny, the CEO of ICD, said: “We are very pleased to support ALAFCO in its efforts as a leading player in the aircraft leasing market following Islamic finance principles. ICD is also pleased to work in collaboration with KFH Capital in this transaction. ICD fosters sustainable economic growth in its 55 member countries by financing private sector investments, mobilizing capital from the international financial markets, and providing advisory services to businesses and governments.”

 

Adel Ahmad Albanwan, the CEO of ALAFCO added: “I am delighted and pleased to have worked closely with ICD in finalizing the secured financing agreement. The agreement demonstrates the confidence ICD has in ALAFCO's business model, its long-term sustainability and the outlook of the aviation sector. I would like to thank ICD for their support and efforts throughout the process. Furthermore, I would like to thank KFH Capital for their contribution and support in advising ALAFCO on this financing arrangement”.

 

Abdulaziz Almarzooq, KFH Capital’s CEO said: “KFH Capital is pleased to have advised ALAFCO on this very important transaction given the current aviation market conditions. He added “I would like to thank all the parties involved in making the transaction a success and especially ALAFCO for placing their trust in KFH Capital’s capabilities.”

Other Stories
Advertisement
Latest News

The Allen key to success

Steve Allen’s promotion to executive vice president of Dnata has come at a tough time for the industry, but, as he tells Jill Stockbridge, he is unlocking opportunities and planning growth.

Gulfstream adds new features to the G280

Gulfstream Aerospace has added several new features and options to the popular super-midsize Gulfstream G280 as investment in the aircraft and interest in the segment continue.

Why pilot mental health has jumped up the agenda

After a six-month delay, new EU pilot mental fitness rules came into effect earlier this year. With many non-EU countries and airlines mirroring European Aviation Safety Agency (EASA) best practice, several Middle East carriers are

Accelerating the transition of long-haul aviation towards net zero

Rolls-Royce, Airbus and Shell are investing in technology required to achieve the transition of long-haul aviation towards net zero.

Boeing releases Q3 deliveries

The Boeing Company has announced programme deliveries across its commercial and defence operations for the third quarter of 2021.

Al Qubaisi named as new director-general of UAE national space agency

The UAE has appointed Salem Butti Salem Al Qubaisi as the new director-general of its national space agency.

WDS SK2601090322
See us at
DAS BT2909181121World Defence Show 2022Aviation Africa 2022DIACC BT0809131121