Bank Muscat seeking shareholders’ nod for sukuk issue

March 3, 2014 1:35 am

Bank Muscat has said its proposed sukuk issue, which is going to be the first Islamic bond of an Omani lender, is seen sometime in September, Times of Oman has reported. The lender is seeking a blanket approval from shareholders to raise OR500m by way of Meethaq Sukuk Programme in various tranches in the Muscat Securities Market (MSM) and international markets, through public subscription or private placement. “We have to address any mismatch (in asset and liability) and that is the reason for the issue,” said Group General Manager, Islamic Banking, Sulaiman Al Harthy. The bank is also seeking permission from shareholders for a SR1bn sukuk programme by its Saudi branch.