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Qatar Airways secures Finance Arrangement with Qatar Islamic Bank

Search ASIA Travel Tips .com Tuesday, 27 March 2007

Qatar Airways has entered into an agreement with Qatar Islamic Bank for the funding of its newest Airbus A340-600 aircraft, which is due to be delivered to the airline at the end of the month.

The agreement is Qatar Airways first under Islamic principles and part of the airlines committed strategy to diversify its financing options as the companys fleet size grows.

The new aircraft will be Qatar Airways fourth A340-600 and will be used to operate long-haul routes to Asia and North America. It has 266 seats in a three-class configuration of 8 First Class, 42 Business Class and 216 Economy Class. The aircraft features unique facilities such as a dedicated First Class lounge for passengers to unwind and relax.

Qatar Airways Chief Executive Officer Akbar Al Baker signed the agreement with his CEO counterpart at Qatar Islamic Bank, Salah Al Jaidah at the airlines headquarters in Doha.

We are pleased to be introducing Qatar Islamic Bank to our group of relationship banks, said Al Baker. This is part of Qatar Airways funding diversification plans and we hope the agreement we have entered into with Qatar Islamic Bank will be one of many to help drive forward Qatar Airways business.

Salah Al Jaidah added, The lease-to-own agreement signed between the two parties is the first step towards forging a long-standing strategic partnership with Qatar Airways.

Qatar Airways currently operates a modern fleet of 54 all-Airbus aircraft to 72 destinations across Europe, Middle East, Africa, Far East and the Indian subcontinent.

See other recent news regarding: Airlines, Qatar Airways, Airbus, Finance

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