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Oman's first sovereign sukuk attracts strong orders

Muscat - The 200 million rial ($520 million), five-year sukuk issue with an ijara format drew 22 orders totalling 336 million rials during the subscription period.

Oman's first issue of sovereign Islamic bonds has received strong orders ahead of its final pricing on Tuesday, state news agency ONA quoted an official as saying on Sunday.
The 200 million rial ($520 million), five-year sukuk issue with an ijara format drew 22 orders totalling 336 million rials during the subscription period, which ran from October 8 to 22, Mohammed Hussain Jawad, advisor at the finance ministry and head of the committee handling the issue, told ONA.
Results of the sale and allocations will be announced on November 3. Jawad also said the ministry planned a second sukuk issue next year.
The first issue is a step towards developing Oman's Islamic finance industry and gives the government a fresh channel to raise money. It was open to sophisticated investors - usually taken to mean fund managers, banks and other institutions, as well as wealthy individuals - with a minimum subscription of 500,000 rials.
The issue will give the country's Islamic banks, insurance firms and funds a badly needed tool to manage their money more efficiently. - Reuters