KUWAIT, May 19 (KUNA) -- Kuwait Finance House (KFH), a Kuwait-based pioneering Sharia-compliant bank, has signed a contract with ALAFCO Aviation Lease and Finance Company and Turkish Airlines to lease three Airbus passenger aircraft for the latter.
ALAFCO will run the funding process on behalf of KFH throughout the seven-year term of the contract, KFH's CEO Mohammed Sulaiman Al-Omar told reporters after the signing ceremony here on Wednesday.
"KFH is keen backing up the Turkish companies and tapping out into the huge investment potentials available on the diversified market of Turkey," he said, commending the Turkish government for its continuous efforts to facilitate investment.
"KFH tasked ALAFCO with running the leasing operation due to the company's long experience in doing business in Turkey and its close ties with the Turkish Airlines," Al-Omar pointed out.
"The bank is keen on contributing to the airline's efforts to modernize its fleet and meet the targets of its expansion plans," he said, noting that Turkish Airlines planned to open new destinations around the globe.
On his part, ALAFCO's Board Chairman Ahmad Al-Zabin said his company leased five Boeings to Turkish Airlines and three others to Sky, another Turkish airline.
"Today's contract on leasing three Airbuses to Turkish Airlines will further strengthen the close ties between ALAFCO and KFH on one hand and the Turkish firms on the other," he affirmed.
"ALAFCO, an affiliate to KFH and a leading provider of innovative aircraft leasing services, puts its resources at the disposal to KFH to promote the bank's investment activities on the local, regional and international markets, " Al-Zabin added.
Founded in 1977, KFH has grown into a robust banking and financial institution, as well as a leader in the Islamic financial industry. It is now a market leader not only in the Islamic banking industry, but also in the banking sector as a whole, providing a wide range of Sharia compliant products and services covering banking, real estate, trade finance, investment portfolios and corporate, commercial and retail financial markets. - Kuna