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National carrier Gulf Air has signed a $70 million four-year loan facility with Bahrain Islamic Bank (BIsB) to partly finance eight A320 aircraft, which are expected to delivered around the end of the year.
The Airbus deal was struck last year and is part of the airline's plan to upgrade with more fuel efficient and modern models.
"We are glad to have partnered with BIsB, the first Islamic Bank in the country and one of the pioneering Islamic banks in the region," said Talal Al Zain, chairman of Gulf Air board of directors and chief executive of Bahrain Mumtalakat Holding Company.
"As the national carrier of the Kingdom of Bahrain, Gulf Air is an integral part of the nation's economy and this ijara arrangement will facilitate Gulf Air to further strengthen its presence as a key player in the regional and global aviation industry."
Mohammed Ebrahim Mohammed, BIsB's chief executive officer, said the bank was 'delighted' to have arranged this facility to meet Gulf Air's financing requirements, demonstrating its 'confidence and faith' in the airline.
Gulf Air Chief Executive Officer Samer Majali said: " This loan facility is an example of the trust and confidence that BIsB have upon the national carrier's future."
