DUBAI, June 29 (Reuters) - Oman's government has sold a $500 million six-year sukuk in a private placement, a document from the lead manager showed on Wednesday.

The sukuk's profit rate is 3.5 percent and the Ijara-structured instrument will be repaid in three equal instalments after four, five and six years, according to the document from Standard Chartered.

Ijara is a common sharia-compliant sale and lease-back contract.

Gulf governments are turning to debt markets to raise money to make up for budgetary shortfalls following the sustained slump in oil prices. Oman has already raised a $2.5 billion two-part bond and a $1 billion loan from banks in 2016. urn:newsml:reuters.com:*:nL8N194059 urn:newsml:reuters.com:*:nL8N14Y2YZ



(Reporting by Matt Smith; Editing by David French) ((matt.smith1@thomsonreuters.com; 00971506354039; Reuters Messaging: matt.smith1.thomsonreuters.com@reuters.net))