The Ministry of Finance affirmed that the sultanate has successfully concluded the issuance of RO200mn local sovereign sukuk.
The ministry said in a statement that the sukuk were listed on the Muscat Securities Market (MSM) and are available for trading. The sukuk issue will carry an annual profit rate of 5.25 per cent for a period of six years.
The Ministry of Finance explained that the sukuk issue paved the way for local banks, Islamic banking windows, business firms and individual investors to utilise their funds in a smooth manner.
The sukuk issuance is considered a step to develop the local financial instruments for the Islamic banking industry, the ministry added.