Muscat:The Oman Sovereign Sukuk Company has announced the launch of the twelfth issue of local sovereign sukuk, valued at RO 100 million. The offering, on behalf of the Government of the Sultanate of Oman, includes an option to increase the amount by up to RO 50 million. The sukuk has a maturity period of seven years with an annual profit rate of 4.85 percent.
According to Oman News Agency, subscriptions for the sukuk will open tomorrow and close on Sunday, 25 October. The issuance is set for the settlement day, 29 October. Profit payments will be made quarterly, on 29 January, 29 April, 29 July, and 29 October, until the sukuk reaches maturity on 29 October 2033.
The sukuk issue is open to individuals, institutions, and investors both within and outside Oman. There are two subscription tracks a competitive track for all investors through specified local bank branches, and a non-competitive track for individual investors via electronic bank applications, with a profit rate of 4.85 percent. The non-competitive track has a maximum subscription limit of RO 10,000 per investor. Subscription forms and prospectuses are available on the Ministry of Finance and collecting banks' websites.
To subscribe, investors need an investor number, obtainable from the Muscat Clearing and Depository Company website or the "Oman Stocks" application, at least one day before submitting their application at the specified collecting banks.
These sukuk comply with Islamic Sharia law and are tradable on the Muscat Stock Exchange. All subscriber details will be recorded in a special sukuk register managed by Muscat Clearing and Depository Company. The Oman Sovereign Sukuk Company stresses the importance of matching the bank account number on the subscription application with the one registered with the Muscat Clearing and Depository Company to ensure smooth processing and timely payments.