British International Campaign to Attract Islamic Investments

British International Campaign to Attract Islamic Investments
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British International Campaign to Attract Islamic Investments

British International Campaign to Attract Islamic Investments

The UK's Department of International Trade has announced the launch of a wide-ranging campaign in the Middle East and the Gulf to encourage investment in the UK in accordance with Islamic Sharia.

According to a report published by the Dubai-based regional Media and Communications Center, the United Kingdom is ranked the first Western country in the field of Islamic banking and investment in accordance with Islamic Sharia.

London is considered the largest market for Islamic finance outside the Islamic world and has more than 20 banks providing Islamic financial services. Five of the banks operate in accordance with Islamic Shariawhile the value of Islamic net assets in Britain is $728 million.

The London Stock Exchange (LSE) supported the sukuk issue, raising $48 billion from the issuance of 65 Sukuk programs, the report said.

It pointed out that Britain ranks 22nd out of 124 countries in the world that use Islamic banking, placing it first in Europe and fourth among non-Muslim majority countries after Singapore, Sri Lanka and South Africa.

According to the report, the number of institutions and centers in the UK that offer Islamic finance services is almost double that of the United States and is well ahead of other Western countries. The assets of UK-based institutions providing Islamic finance services have amounted to more than five billion dollars in 2016.

"More than 6,500 homes are being financed in the north-west of the UK and the Midlands through an investment of £700 million from the Sharia-compliant Gatehouse Bank," the report added.

Among the important features of the UK's development as a center for Islamic finance has been a set of supportive government policies over the last decade that created a tax and regulatory framework aimed at expanding the Islamic finance market, including the elimination of double taxation, the extension of Islamic mortgage tax and the reform of debt arrangements.

The United Kingdom is the first sovereign Western country to issue sovereign sukuk. In 2014, the British government sold £200 million sukuk payable in 2019 to UK-based investors and major global Islamic finance centers.

The first sovereign sukuk in the Kingdom was subscribed with a very strong demand and orders totaling about 2.3 billion pounds sterling.

There are currently more than 100,000 Islamic finance customers in the UK with accounts opened according to Islamic Sharias, whether current or residential loan accounts, savings accounts, investment accounts or others.

In September, London hosted the fourth annual meeting of the Global Islamic Finance and Investment Group ( GIFIG ), where senior policymakers from around the world met in London to discuss inter-state cooperation to develop the global Islamic finance industry.



Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
TT

Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.