Oman: Takaful operator gets green light for sukuk offer
Source: Middle East Insurance Review | Feb 2021
The Capital Market Authority has approved the main prospectus of mudharabah sukuk of Takaful Oman Insurance for the offer of perpetual sukuk worth OMR25m ($65m).
The Oman-based shariah-compliant insurance provider announced in the prospectus that the first issuance of OMR6m in a private placement at an issue price of OMR1.020 for each sukuk unit made up of OMR1 nominal value in addition to 20 baisa for the issue costs, reported Times of Oman.
The minimum subscription in the first issuance is 100,000 sukuk.
The sukuk offer is made in a bid to enhance capital quality and to finance the general objectives of the company. The proceeds will be invested, as per the mudharabah agreement, to explore investment opportunities for the trust assets taking into consideration the regulatory solvency requirements aligned with the growth plans of the company and profitable opportunities in the market.
Such initiatives would contribute to expanding investment activities and a method for issuers to improve their financial positions so as to be able to accommodate huge projects to contribute to furnishing employment opportunities and adding value to the national economy directly and indirectly. M
OMR1 = $2.60