Finance and Investing

UK ’Shariah-compliant’ airline Firnas targeting $1.29 mln on crowdfunder Eureeca

| 14 June, 2017
UK ’Shariah-compliant’ airline Firnas targeting $1.29 mln on crowdfunder Eureeca
Photo: UK-based Firnas Airways claims to be Shariah-compliant. Courtesy Firnas Airways

UK-based Firnas Airways aims to raise $1,290,506 on crowdfunding site Eureeca, the start-up said in a promotional email today.

It is offering early investors who pre-commit their investment before the campaign goes live a 15 percent discount on the price of Firnas shares offered to later investors.

Firnas is aiming for its maiden flight by the end of this year following delays, and is currently going through the regulatory phase to launch the airline.

Salaam Gateway reported in November that Firnas was targeting its maiden flight for mid-2017 and that it was seeking capital in the range of $50 to $90 million. 

Without revealing any details, Firnas founder Kazi Shafiqur Rahman said the start-up has held discussions with China's HNA Group for potential capital investment, according to a post on his Facebook page on Jun 11.

"They will invest in Firnas Airways UK when the time is right, inshallah," wrote Rahman. 

HNA operates and manages several airlines including its flagship subsidiary Hainan Airlines, and 13 others including Tianjin Airlines, Capital Airlines, Africa World Airlines, and Aigle Azur. 

In 2016, HNA earned revenues of over 600 billion yuan ($88.3 billion) and provided 410,000 jobs, according to its website. 

Firnas has said it will be a Shariah-compliant airline utilising Islamic finance, serving only halal food and no alcohol, and provide prayer facilities on board. 

($1 = 6.7975 Chinese yuan renminbi)

(Reporting by Emmy Abdul Alim)

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