Trowers & Hamlins advises Ominvest on Oman's largest standalone Sukuk issuance

The Certificates are unsecured, perpetual and subordinated Sukuk Al Mudaraba instruments with a nominal value of OMR 1 each and no fixed maturity or redemption date. The Certificates will be admitted to trading on the Bonds and Sukuk Market of the Muscat Stock Exchange and carry an expected profit rate of 6.50% per annum.

Ubhar Capital S.A.O.C. and Alizz Islamic Bank SAOC acted as joint issue managers in connection with the issuance, while Trowers & Hamlins advised as transaction counsel on all aspects of the transaction.

The transaction further highlights Trowers' continued market-leading position in the Oman debt capital markets generally and Islamic finance in particular.

The Trowers team was led by Partners Salman Ahmed, Elias Moubarak and Jonathan Grosvenor, and Associates Lowri Fernyhough and Shamsa Al Sharji.

Salman Ahmed, Partner and Head of Islamic Finance at Trowers & Hamlins, commented:

"We are delighted to have advised Ominvest on this landmark transaction, which represents the largest standalone Sukuk issuance in Oman to date. This issuance demonstrates the increasing depth, scale and sophistication of Oman's Islamic capital markets and is a testament to the confidence that leading Omani institutions have in the domestic Sukuk market. This also reflects the continued development of Oman's capital markets, the success of which is a credit to various market participants, including the FSA and MCD.

"We are grateful to Ominvest for the trust it placed in us and were pleased to support the company, together with Alizz Islamic Bank SAOC and Ubhar Capital SAOC, in bringing this significant transaction to market. We would also like to express our appreciation to the Financial Services Authority and Muscat Clearing and Depository Company SAOC for their valuable support and contribution to the successful completion of this transaction.

"This transaction also highlights the continued growth and strength of Oman's capital markets, which have benefited from the collaborative efforts of all market participants, regulators and service providers involved."

Jon Grosvenor, Partner at Trowers & Hamlins, added:

"This issuance highlights the continued evolution of Sukuk as an effecttive capital markets funding instrument for leading Omani corporates. The perpetual Sukuk Al Mudaraba structure provides Ominvest with a flexible and efficient platform to support its investment strategy and long-term growth objectives, while also contributing to the continued development of Oman's domestic debt capital markets. We are proud to have advised on a transaction of this scale and significance."