Bahrain-based First Islamic Investment Bank has signed agreements worth more than $133 million to acquire a substantial stake in Cirrus Industries, it was reported. US-based Cirrus is the third largest maker of single-engine, piston-powered general aviation aircraft.

It is expected that the acquisition will be completed by the beginning of next month, the bank said. "Cirrus has accumulated a backlog of approximately 620 aircraft, representing 18 to 24 months of production," First Islamic bank chief executive officer Atif Abdulmalik said.

"These revolutionary aircraft are drawing new pilots into the market by making flying less intimidating and more fun."

Cirrus uses a new design and composite construction for its aircraft. Its two models, the SR20 and SR22, offer superior price to performance compared to other products, the company said.

Other features include a ballistically deployed parachute, which lowers the aircraft and occupants to the ground in an emergency situation.

Cirrus has been named one of the 50 best US products and best private airplane by Forbes. "By challenging every significant aspect of general aviation aircraft design, Cirrus has created planes possessing a combination of performance, safety, avionics and ergonomics that is unsurpassed in the general aviation market," said John Dyslin, director for direct investment at First Islamic Bank. Today with a paid-up capital of $112.5 million and more than 80 shareholders, the bank declares its mission is to offer innovative Sharia-compliant investment banking solutions to institutional and individual investors internationally.