Manama, 14 June 2015: Ibdar Bank ("Ibdar"), the Bahrain based Islamic wholesale investment bank, together with Dubai-based Palma Holding received the African Aviation Awards' "Aircraft Finance Deal of the Year" for their successful structuring of a 12-year agreement for acquiring four brand new Bombardier Q400 Next Gen aircrafts and leasing them to the Ethiopian Airlines.   

The Bank competed with other institutions from all over the world, and was voted the winner by an independent panel of international and regional judges designated by the Africa Aviation Magazine, a specialized institution in aviation business events and media.

The African Aviation Awards were introduced by African Aviation Magazine in 1999 in order to give International recognition to those individuals, companies and organisations who have made significant contributions to Aviation Development in Africa. It recognized efforts and professionalism of leading firms, highlighting excellence in performance, service, management, personnel, and operations serving the African aviation industry.

"We are very proud and happy to recognize the achievements of Ibdar Bank with such important award. The Bank has been quite active in aviation financing during 2014 and in cooperation with Palma Holding, we issued quite an important volume in this direction," said Mr. Basel Al-Hag-Issa, CEO of Ibdar Bank.

Valued at USD 100 million, Ibdar Bank contributed as investor with USD 22 million, while an amount of USD 78 million was secured through a funding agreement with Canada's Export Credit Agency "EDC", the export finance agency of Canada. The Aircrafts, equipped with two engines each, have been delivered over a period of three months, with the first Aircraft delivered on 19 June 2014 and the last Aircraft was delivered on 29 August 2014.

"This is a good example of how a bank can support companies and industries and bring benefits to the whole sector. This is a win-win deal for Ibdar Bank, for the companies involved and for the region. Mr. Al-Hag-Issa said.

"This opportunity was created at a time when Ethiopian Airlines is embarking on an ambitious fleet expansion program amidst strong growth in African air travel," said Mr. Al-Hag-Issa, adding that the aviation industry in Africa and the MENA markets continue to report some of the strongest growth rates of any region.

Ibdar Bank is active in private equity in the GCC and MENA markets, in regional and global real estate and has extensive experience in sectors including infrastructure, oil & gas, maritime and retail, among others.

In addition to financing and leasing in the aviation sector, Ibdar is focused on originating new and innovative transactions that allow the Bank and its partners to excel. We have a strong pipeline of opportunities in other sectors where equally we intend to build on growth in consumer patterns across our markets of focus and in industries where we have the experience and knowledge to deliver solid returns.

-Ends- 

About Ibdar Bank
Ibdar Bank ("Ibdar") is wholesale Islamic investment bank incorporated in the Kingdom of Bahrain, where it operates under a wholesale Islamic banking license and is regulated by the Central Bank of Bahrain.

The Bank has USD300 million in paid up capital, an asset base in excess of USD440 million - as at end of March 2015 - and significant funds for deployment. Ibdar is engaged in private equity, capital markets and real estate, activities through which it aims to generate diversified and recurring income streams for the Bank, its shareholders and co-investors.

Geographically, the Bank's focus is on the GCC and MENA region including Turkey. It also transacts in Southeast Asia and select developed markets on an opportunistic basis. Ibdar has a significant expertise in areas such as Aviation, Infrastructure, Maritime, Oil & Gas, and Real estate, among others.

The Bank was created from the first three-way merger in the Islamic banking industry between Capital Management House (CMH), CAPIVEST and Elaf Bank in 2012 and was then re-launched as Ibdar Bank in November 2013.

For further information, please visit: www.ibdarbank.com

Media Contacts
Ibdar Bank                
Najla Abdulaziz
nabdulaziz@ibdarbank.com                         
+973 17 510090 

FinMark Communication, GCC
Zahraa Taher                                                   
Ztaher@finmarkcoms.com                           
+973 17 749 759
+973 39630997 

© Press Release 2015