(MENAFN- Muscat Daily) Al Madina Investment organised on Thursday an event to celebrate the issuance of the first sukuk in Oman. Capital Market Authority (CMA) executive president Sheikh Abdullah Salim Al Salmi presided over the event
Al Madina acted as the principal advisor, joint lead arranger and joint lead manager for the RO50mn sukuk issued by Modern Sukuk on behalf of Tilal Development Co (TDC).
The proceeds from the sukuk will be utilised for the expansion of TDC's flagship project - the Tilal Complex.
Khamis al Kiyumi, vice chairman and managing director of Al Madina, said, ''The issuance of the sukuk will create a new wave in the Islamic finance industry in the sultanate. Al Madina has been always a believer in Sharia-compliant offerings and this sukuk issuance has positioned us as an innovative institution in the Islamic finance arena in Oman.''
Abdul Rahman Barham, board member of TDC, added, ''We were always optimistic about this innovative transaction. Being the first corporate to issue the sukuk, we are delighted to have played a historic part in the Islamic finance sector in Oman. With the successful issuance of the sukuk, we are in line with our aim for the expansion of the Tilal Complex which will benefit the retail market in the sultanate.''
Al Madina also honoured stakeholders and participants for their contribution to the successful issuance of the sukuk.<
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