Emirates Closes 12-Year Shariah-Compliant French Lease for Two A350-900s

Emirates has closed a 12-year financing arrangement covering two A350-900 aircraft scheduled for acquisition in 2026, pairing a French Lease structure with Shariah-compliant principles in a combination that, according to AeroTime and Arabian Business, has never previously been packaged together in this way.

The deal, announced on 9 November 2026, supports the acquisition of both widebodies next year and was arranged by Dubai Islamic Bank and Natixis Corporate and Investment Banking. Dubai Islamic Bank served as Islamic Financier, Arranger and Shariah Structurer, while Natixis CIB acted as Islamic Financer and Arranger, Aviation A2Z reports.

Why the structure breaks new ground

French Lease and Shariah-compliant frameworks are normally structured separately. Both AeroTime and Aviation A2Z note that the two regimes sit in distinct corners of the financing world: one shaped by French tax lease law, the other governed by Islamic finance standards.

Bringing them into a single transaction meant aligning the specific requirements of French tax lease law with Shariah standards. That reconciliation work fell to the Shariah team at Dubai Islamic Bank, according to AeroTime and Aviation A2Z.

Who did what

Jean Chédeville, Head of Transportation Finance at Natixis CIB, and Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank, led the two banking sides of the transaction — titles confirmed by both AeroTime and Aviation A2Z.

Chédeville told AeroTime: "This transaction demonstrates our ability to develop tailored financing solutions and bring high added value to our clients."

Derek Blaney, Acting CFO at Emirates Group, framed the deal in terms of what it signals about the airline's standing in capital markets. He was quoted by AeroTime as saying: "Our strong financial performance and proven track record give us access to innovative solutions like this one, and we are pleased to have worked with both partners on a structure that sets a precedent for future aircraft financing."

How Emirates funds its order book

AeroTime reports that Emirates funds its aircraft order book through a mix of conventional and Shariah-compliant structures. The airline has consistently pursued arrangements that deliver commercial efficiency while meeting the requirements of Islamic finance, and this transaction sits squarely at the intersection of the two.

The 12-year tenor and the dual-bank arrangement reflect the scale of the carrier's delivery pipeline. Two A350-900s arriving in 2026 represent only a slice of a sizeable order book, and each delivery requires its own funding path.

Is this a one-off or a template?

Emirates has drawn attention to what the deal could mean for how it finances aircraft going forward. According to AeroTime and Aviation A2Z, the airline characterises the structure as a template that can be applied to future international aviation financings.

That claim is worth testing against delivery schedules rather than taking at face value. If Emirates intends to reuse the framework, as it says it does, the structure will reappear as further deliveries arrive from its order book — and each repetition would confirm whether combining French Lease mechanics with Shariah compliance can move from novelty to standard practice.

What comes next

The significance of the transaction extends past two airframes. By fusing French Lease mechanics with Shariah compliance in a single 12-year structure, Emirates and its banking partners have produced something neither the Islamic nor the conventional finance worlds have routinely offered together.

The aviation finance community will now watch whether other carriers follow the same path — and whether Emirates itself returns to this framework for its next wave of A350 deliveries.