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An Emirates aircraft financing has been named as global 'Aircraft leasing deal of the year 2001,' a major investment banking award. The deal, arranged by HSBC, is an $89m financing for a new A330 aircraft for Emirates, the Dubai-based international airline.

The award, from prestigious UK-based Jane's Transport Finance Magazine, recognises the innovative deal, which combines structured and Islamic finance. HSBC arranged export credit guarantees to finance the aircraft, then converted some 25% of its $89 million value into Islamic funding in August. Emirates took delivery in April.

The award was presented at a gala dinner at London's Millennium Gloucester Hotel to Brian Jeffery, Aircraft Finance Director, HSBC (pictured left) and Riyaz Peermohamed, Emirates' Corporate Treasurer (right).

Mr Peermohamed said: "By 2006, as one of the world's fastest-growing and most successful airlines, we expect to fly more than twice as many customers as we do now.

"To do this, we need to expand our fleet significantly. This new type of financing, combining Islamic and structured finance, marks an exciting innovation in aircraft financing and will provide us with a new means of supporting our expansion."

Emirates flies to 56 cities in 39 countries. Recently it announced a $15 billion order for new aircraft, including 25 Boeing 777s and 22 Airbus A380s. To date it has won more than 200 international awards.

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