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Oman’s debut five-year sovereign Islamic bond, or sukuk, opened this week and is expected to close on 22 October, the Ministry of Finance says. The debut sovereign sukuk will have a tenor of five years and will mature in 2020, said a ministry statement.
Muhammad Jawad bin Hasan, Advisor to the ministry and Chairman of the Sukuk Committee, said the new Shari’a-compliant issue is an important step in support of the government’s objective of “developing the capital market in Oman.” The profit rate on the sukuk will be set through a uniform price auction, with the issue size to be finalized upon completion of the book building exercise. (CONTINUED - 405 WORDS)