Dubai: Dubai Islamic Bank said on Wednesday it has signed a $230 million financing deal with Air Arabia, to facilitate the delivery of six new Airbus in 2015.

The $230 million Ijara facility will finance the delivery of a new aircraft every two months starting January 2015, the program culminating with the final unit being handed over by the end of the year.

“This Ijara facility is another milestone in our collaboration with Air Arabia, epitomising the bank’s commitment to make Islamic finance a household name in every industry segment in the UAE and beyond,” said Adnan Chilwan, CEO of Dubai Islamic Bank.