MUSCAT, OMAN – Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk Series 7 issuance on behalf of the government.
The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange, a press release said.
Maisarah played a pivotal role in managing the Sukuk issuance.
The issuance raised OMR 143.6 million — surpassing the initial target of OMR 50 million.
The exceptional oversubscription rate of almost three times highlights the robust demand from investors, leading to an allotment of OMR 73.6 million.
This substantial oversubscription underscores the strong confidence in Oman’s Islamic financial instruments and highlights Maisarah’s prowess in Islamic finance.
Kamal Hassan Al Maraza, Chief Islamic Banking Officer at Maisarah Islamic Banking Services, noted the strategic importance of the Sukuk issuance for the local Islamic capital market.
He said, “This Sukuk issuance aligns seamlessly with the increasing demand for fixed income instruments, showcasing the resilience and attractiveness of Islamic financial products in the Sultanate of Oman.”
Mohsin Shaik, Head of Investment Banking & Capital Markets at Maisarah Islamic Banking Services, expressed satisfaction with the success of the Sukuk issuance.
He said, “We are encouraged by the positive response by investor community in Oman and it falls in line with the growing demand we’ve seen for Sharia-compliant fixed income products in the region.”
Maisarah Islamic Banking Services has a notable operating history in Oman, solidifying its position as a key player in the Islamic finance industry.
The institution’s dedication to providing comprehensive and innovative Islamic banking services has contributed significantly to the development of Sharia-compliant financial solutions in Oman.
The Sukuk issuance, managed by Maisarah Islamic Banking Services, stands as an example of collaborative efforts between the public and private sectors in Oman, the release added.
It also underscores the growing significance of Islamic finance in the region.