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Oman's Dhofar Islamic has issued the first tranche of a rial-denominated sukuk under a newly established OMR 250 million ($650 million) Sukuk Al Musharaka programme.
The inaugural series was issued for OMR 5 million with a tenor of three years and carries an annual profit rate of 5%. The programme allows Dhofar Islamic to issue additional sukuk in future tranches.
In a disclosure on the Muscat Stock Exchange (MSX), the lender didn’t disclose how it plans to use the funds.
The sukuk will be listed on MSX.
(Writing by Ahmad Mousa; editing by Brinda Darasha)
