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GLOBAL:
DIFC-based Quantum Investment Bank (Quantum) and Palma Capital (Palma),
have collaborated to launch the ALIF Fund, a Shariah compliant aircraft
leasing fund.
Launched
in London yesterday, Airbus and the IDB are the anchor investors and
strategic partners for the new fund. It will be managed by
International Airfinance Corporation (IAFC), with Quantum and Palma as
placement agents.
In
an exclusive statement to Islamic Finance news, Moulay Omar Alaoui chairman of
Palma, and president and CEO of IAFC said: “The establishment of ALIF
Fund was derived from the strong interest of both investors and
financiers for Shariah compliant instruments that generate attractive
and stable returns stemming from the ownership of commercial aircraft
assets over an extended period of time. This is further reinforced by
the inherently significant, growing need and demand for aircraft by
airliners in the GCC and OIC member states.”
“We
are extremely pleased to partner with Airbus in this transaction as we
believe this is a pioneering Islamic investment initiative that will
contribute to the development of Islamic capital markets. Quantum
Investment Bank will always be dedicated towards financial innovation
and our goal is to propose to our clients new investment opportunities
tailored for their financial needs,” said Dr. Idriss Ghodbane, CEO and
board member of Quantum.
At
a targeted size of US$5 billion from a combination of equity and debt,
the fund will focus exclusively on Airbus aircraft. The objective of
the fund is to achieve a risk-adjusted medium to long-term capital
appreciation while generating a quarterly cash dividend to investors.
The
Fund will operate according to Shariah principles and will purchase
brand new and second hand Airbus aircraft to be leased to airline
companies in the GCC and OIC member countries.
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