International law firm Trowers & Hamlins has advised Dhofar Islamic, Bank Dhofar S.A.O.G. (Dhofar Islamic) on the establishment of its OMR250 million (approximately USD650 million) Sukuk Al Musharaka programme and the inaugural issuance of Series 1 under it.
The inaugural issuance was of three years, five per cent certificates listed on the Muscat Stock Exchange and subscribed on a private placement basis.
Trowers acted as sole transaction counsel and advised on all aspects of the establishment of the programme and the inaugural issuance. Trowers advised on the Sukuk structure, the disclosure requirements and compliance requirements with the applicable laws and regulations of the Financial Services Authority, Muscat Clearing and Depository and the Central Bank of Oman.
Salman Ahmed, Partner and Head of Financial Institutions and Capital Markets at Trowers & Hamlins, commented:
"We are delighted to have advised Dhofar Islamic on the establishment of its programme, marking a significant milestone for both the institution and the wider Islamic finance market in Oman. We are grateful to Dhofar Islamic for the trust placed in us and for the opportunity to support this important initiative and we commend the Dhofar Islamic team for their dedication and collaborative engagement throughout the process.
The programme establishes a flexible platform to support Dhofar Islamic’s future capital markets activity and funding strategy. We also wish to acknowledge, with appreciation, the support and guidance of the Central Bank of Oman, the Financial Services Authority, and Muscat Clearing and Depository."
Trowers continues to advise all major Omani financial institutions on their domestic debt issuance programmes and is proud to be the leading debt capital markets practice in Oman.
The Trowers team was led by Salman Ahmed, supported by Partner Elias Moubarak, Co-Head of Debt Capital Markets Moeen Qayum, Associate Rashi Jain and Trainee Shamsa Al Sharji.
