Oman: Oman Sovereign Sukuk Company, acting on behalf of the Government of the Sultanate of Oman, has announced the launch of the 11th issue of local sovereign Sukuk valued at RO 100 million. There is an option to increase the size by an amount not exceeding RO 20 million, with a maturity period of 5 years and an annual profit rate of 4.2 percent.
According to Oman News Agency, the subscription period for submitting bids will commence tomorrow, Thursday, and close on Wednesday, 10 June. The Sukuk will be issued on the settlement day, 15 June, with the profit due to be paid biannually on 15 June and 15 December of each year, until the maturity date on 15 June 2031.
The Sukuk issue is accessible to all individuals, institutions, and investors, both locally and internationally, regardless of nationality. The issuance will be conducted through a competitive bidding process, requiring investors to submit their bids during the subscription period via the Islamic windows of the collecting banks. Prospective investors can access subscription prospects and application forms through the Ministry of Finance's website or the collecting banks' websites.
Interested subscribers must secure an investor number by visiting the Muscat Clearing and Depository Company website or using the 'Oman Shares' application, at least one day before submitting their subscription application to the designated collecting banks.
These Sukuk are compliant with Sharia principles and are tradable at the current market price on the Muscat Stock Exchange. The allocated Sukuk details for subscribers will be registered and documented in the private Sukuk register, managed by the Muscat Clearing and Depository Company.
The Oman Sovereign Sukuk Company has highlighted the importance of ensuring that the bank account number on the subscription application matches the one registered with the Muscat Clearing and Depository Company. This is to facilitate a smooth subscription process and ensure the proper receipt of profit and the principal subscription amount upon maturity.