Dubai: Oman’s debut sovereign Sukuk, with a tenor of five years and expected to mature in 2020, will open for subscription on October 8 and will close on October 22.
The issuance is open to subscription by investors with a minimum investment of 500,000 Omani Riyals (Dh4.8 million), the ministry of finance said in a statement.
Moody’s Investors Service is expected to assign a provisional rating of (P) A1 to the issuance which is in line with the Sultanate’s rating and represents the Government’s full backing and support to the issuance.
Bank muscat is the sole issue manager. The joint lead managers are bank muscat together with its Islamic window Meethaq, and Standard Chartered Bank.
“The Government has studied the Islamic finance industry in the country and identified a need for investment avenues for Islamic financial institutions, Islamic funds and Takaful operators in Oman to deploy their excess funds in a Sharia compliant manner in the country. The debut sovereign Sukuk is an important step in achieving this objective and also supports the Government’s objective of developing the capital market in Oman.” said Mohammad Jawad Bin Hassan, Advisor to the Ministry of Finance & Chairman of the Sukuk Committee, said in a statement.
