Qatar First Bank (QFB), a leading Shari’ah-compliant bank based in Qatar, has partnered with Novus Aviation Capital, one of the world's fastest growing aircraft leasing platforms, for an indirect acquisition and lease of two 2011 vintage Boeing 737-900ER single-aisle aircraft to Indonesia’s Lion Air.

The transaction will pay for the investment in two B737-900ERs, the largest variant of Boeing’s hugely successful Next Generation (NG) series which is the current production family for the B737.

Commenting on the deal, Ziad Makkawi, the chief executive of QFB, said: "We are delighted to have provided our clients, who have shown a strong interest, with this attractive investment. The transaction is in line with our strategy to diversify QFB’s revenue sources."

"We see opportunities in the aviation industry as it has historically generated relatively predictable returns over the medium to long term, something the market is in search off," he added.

The lease agreement will be managed by Dubai-based Novus Aviation Capital, a specialist in aircraft sourcing, trading, leasing and other related services.

With a current portfolio of around $3 billion, Novus Aviation Capital has closed over 400 lease and financing agreements valued at $8 billion and has executed aircraft transactions with over 40 major airline companies.

“The outlook for the leased aircraft type, the B737-900ER, is very favorable which has positive implications for the preservation of its market value, and more importantly will provide strategic investors with recurring and sustained income streams.” Makkawi added.

Commenting on the transaction, Safwan Kuzbari, the president and CEO of Novus Aviation Capital, said: "We are very pleased to be partnering with Qatar First Bank on another landmark aircraft transaction and look forward to further developing our relationship on other attractive yielding aircraft assets."

Novus Aviation Capital acted as sole arranger for both the financiering and leasing elements of the deal, with QFB exclusively involved in the Islamic financing part of the transaction.

"Deploying capital, alongside our clients, and making investments in selected industries, such as the aviation sector, is an attractive direction in today’s challenging market and economic conditions," stated Kuzbari.

"We are in the process of structuring several Shari’ah-compliant products to enable our shareholders and clients, private and corporate, to participate in these investments," he added.-TradeArabia News Service