Oman announces Omani Rial sovereign Sukuk issuance for retail investors
Muscat: The Government of Oman represented by the Ministry of Finance (MoF) has announced the successful completion of Series 4 of the Omani Rial Sukuk issuance programme.
The sovereign Sukuk was issued for an amount in excess of OMR200 million as against the issuance target of OMR175 million following strong demand from local investors and oversubscribed order book of Circa OMR220 million.
The Sukuk was offered with a minimum value of OMR10,000 during the period from November 4–10, 2020.
Similar to the previous issuance, this Sukuk is structured under the Sharia principle of Ijarah.
The Omani Rial Sukuk issuance programme forms an integral part of the strategy of the government to enhance the depth and scale of the overall capital market in Oman, enabling it to play a more vital role in the economic development of the country, and further developing Oman’s secondary Islamic capital market. The issuance of the Sukuk will support the government in fulfilling its development targets.
Maisarah Islamic Banking Services (Bank Dhofar SAOG), and Ubhar Capital SAOC are the Issue Managers for the Transaction. Muscat Clearing & Depository Company SAOC will act as certificate holders’ agent, paying agent and registrar for the Sukuk.
Full information on Prospectus including the offer terms and conditions are available on websites of the CMA (www.cma.gov.om), the MSM (www.msm.gov.om), and the websites of all the collecting banks/agents.
Investors who wish to subscribe for ‘Sukuk Certificates’ can complete an application which can be downloaded from the websites of the issue managers or the collecting banks/agents. All conventional and Islamic banks, Islamic banking windows, and securities brokerage companies licensed to operate in Oman by the Capital Market Authority (CMA) of Oman will accept application forms for the subscription.