Meethaq Islamic Banking, the Islamic banking arm of Bank Muscat, has launched its second sukuk programme. The second sukuk issuance will be for RO25mn worth of certificates, which will become due in 2024, and is part of Meethaq’s programme of issuing RO100mn worth of sukuk overall.
Meethaq’s Sukuk Series 2 comes with a green shoe option in case of oversubscription and the issue has an indicative profit rate of 5.5 per cent per annum with a tenor of five years.
The sukuk is priced at RO1.002 per certificate, including issue expenses of 2bz per certificate, and will have a face value of RO1 per certificate. The public offer is open to all Omani and non-Omani individuals as well as institutional investors from April 29 to May 15.
Speaking to investors at the special roadshow organised by Meethaq at the Bank Muscat head office on Tuesday, Abdul Wahid Mohammed al Murshidi, DGM – Islamic personal banking at Bank Muscat said:
“The Sharia’a-compliant sukuk from Meethaq offers a good investment opportunity to investors who are looking for stability, growth and long-term prosperity. Reiterating core Islamic banking values, Meethaq believes in spreading wealth for the progress and prosperity for all. After the successful issue of the first series in 2017, we are delighted to offer the second series of the Meethaq Sukuk.”
The minimum subscription is for 1,000 certificates and those who would like to invest higher amounts can invest thereafter in multiples of 100 certificates each. There is no limit for maximum subscription.
Source Muscat Daily