Bahrain-based Islamic investment institution, Ibdar Bank has announced the distribution of a 10% dividend for the year ended 2014 to investors in the Aircraft Leasing Investment Company.
Basel Al-Hag-Issa, Chief Executive Officer of Ibdar Bank, said: “The dividend payment by the Aircraft Leasing Investment Company demonstrates Ibdar Bank’s ability to deliver superior performance and continue to add value to its esteemed clients, despite today’s challenging market conditions.”
The Aircraft Leasing Investment Company was established in January 2011 and has been structured around a transaction concluded with Emirates of the sale-leaseback of one 777-200ER aircraft. The deal was undertaken in partnership with Novus Aviation and Muzun Partner, with financing provided by DVB.
“This investment continues to generate healthy returns for the Bank and our co-investors,” Al-Hag-Issa said highlighting that the global aviation industry has shown consistent long-term growth despite the various challenges in the global financial markets, with the Middle East region representing one of the fastest growing travel hubs in the world today.
“We continue to look for opportunities in this sector and others that will enable us to acquire assets that are both income-yielding and provide for medium to long-term upside potential,” Al-Hag-Issa said.