Oman’s sovereign sukuk in demand

Oman’s first issue of sovereign Islamic bonds has received strong orders ahead of its final pricing. The $520 million (200 million rial), five-year sukuk issue withan ijara format drew 22 orders totalling $872 million (336m rials) during the subscription period, which ran from Oct. 8 to 22, Mohammed Hussain Jawad, advisor at the finance ministry and head of the committee handling the issue has said. Jawad also said the ministry planned a second sukuk issue next year, but he did not elaborate on the size or timing.The issue will give the country’s Islamic banks, insurance firms and funds a badly needed tool to manage their money more efficiently, which could help them to become more profitable. – ARABIAN BUSINESS

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