Earlier this month, UK International Airlines, a new UK-based airline formed by local British Muslim businesspeople, has launched service from East Midlands Airport offering cheap flights to Sharjah in the UAE and Islamabad in Pakistan using a largely purple 762 formerly of United. This project apparently has many doubters owing mainly to the lack of major financial backing and the non-airline background of the founders which makes it all the more noteworthy that service has apparently begun. They got their AOC in September and launched on 19 October. Emirates they aren't, but they certainly meet the unique needs of a specific community, in fact I imagine this is the first time an airline has been created with this sort of target market in mind. Read more and see some pics here:

http://www.ukinternationalairlines.com/firstflight.asp