Falak Investments Ltd has signed an LOI for the purchase of five aircraft to add to its current portfolio. Leased to major airlines in Europe, India and Asia, the portfolio is comprised of A320 family aircraft, B737NG, B747-400, and Embraer ERJ-145. The aircraft were sourced by Novus Aviation, the asset and aircraft lease manager of Falak Investments Ltd.
Falak continued growth
Established earlier this year, this acquisition brings Falak’s portfolio to 11 aircraft with value of around USD 400 million. Falak Investments Ltd plans to continuously grow its portfolio and expand its aircraft acquisitions and leasing activities, while keeping the same rigorous seek for attractive assets and quality lessees.
Novus President and Falak board member, Safwan Kuzbari, stated “Falak, with its outstanding diversified portfolio and Shariah compliant investment venture is providing attractive and steady returns to its investors in accordance with aviation industry standards and entails exceptional potential for growth and capital gains. Both co-founders are committed to support and attain new horizons in its sector”.
Hussain Sarhan, General Manager Treasury and Investment at United International Bank (UIB) and Falak board member added that ” Falak investment venture has proven to be a popular product in the market and there has been great interest from the investors. This is part of UIB’s efforts to offer its customers attractive investments that are also complaint with the requirement of Islamic Shari’a.”
Falak has invited selected GCC investors to participate in this flourishing venture, which has experienced significant expansion over the last six months. To cope with the overwhelming feedback from GCC selected institutional investors, an increase in capital is targeted within the next few months.
About Falak Investments
Falak Investments is a joint venture between United International Bank and Muzun Partner Ltd, a company related to Novus Aviation. It has already booked six aircraft on lease to Gulf Air, Etihad Airways, and Silverjet with aggregate asset value of over $200 million.
About UIB
UIB is licensed and regulated as an Islamic investment bank by the Central Bank of Bahrain with an authorized share capital of US$2.5 billion and paid-up capital of $291 million.
About Novus Aviation
Novus Aviation enjoys over 30 years of global experience in the aviation industry, covering different segments of commercial jet aircraft business including trading, leasing, financing, management and remarketing. At present, Novus’ co-owned and managed portfolio has an aggregate value in excess of US$ 1 billion and comprises modern Airbus and Boeing aircraft types including A319/320/321, A330, A340, B737NG, B747, B767, B777, and MD11CF.
