Bank Nizwa acts as issue manager for Sovereign Sukuk Series 7 issuance on behalf of the Govt. of the Sultanate of Oman

Bank Nizwa acts as issue manager for Sovereign Sukuk Series 7 issuance on behalf of the Govt. of the Sultanate of Oman

Muscat: In a testament to its unwavering commitment to financial innovation and collaborative growth, Bank Nizwa, the Sultanate of Oman’s leading Islamic bank, has successfully acted as the issue manager for Sovereign Sukuk Series 7 issuance by the Oman Sovereign Sukuk Company S.A.O.C (issuer and trustee), which concluded on December 7, 2023. Leveraging its pioneering position in the market, the bank also assumed the additional responsibility of serving as the collecting bank. This dual role underscores the bank's commitment to ensuring a seamless and efficient management process for transactions of such national stature.

Represented by The Ministry of Finance, the Government of the Sultanate of Oman undertook the role of the Obligor in the Sukuk issuance, an integral part of the Omani Rial Sukuk Issuance Programme. This Series 7 issuance comprises OMR 50 Million Trust Certificates, with the potential to expand up to OMR 100 Million through the Greenshoe option. The certificates, structured as Sukuk Al Ijarah, carry a competitive profit rate over a 7-year period from the issue date, with profits paid out semi-annually. The Sukuk is listed on the Bond and Sukuk Market of Muscat Stock Exchange (MSX), reinforcing its visibility and thereby enhancing market accessibility. The issuance achieved