Kuwait's Dar plans Airbus Islamic finance venture

Kuwait's Islamic firm Investment Dar is in advanced talks with European plane maker Airbus to set up a joint venture to finance aircraft purchases, a newspaper said on Saturday.

Kuwait's al-Rai newspaper said the joint venture would have a capital of 100 million dinars ($347.1 million), of which 50 % would be sold in a private placement. It did not disclose the source of the report.

Investment Dar could not be immediately reached for comment. A spokesman for EADS had no immediate comment.

Investment Dar would own 30 %, while Airbus would get 20 % of the new firm, the paper said.

The details of the deal would be announced next month, it said. The joint venture's business would be financing aircraft deals for governments or airlines compliant with Islamic law.

Shares of Investment Dar, which bought a stake in British luxury carmaker Aston Martin in March, closed 1.69 % higher.

Via Arabian Business.