Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

TDC pays first interest on RO50mn sukuk issue  Join our daily free Newsletter

MENAFN - Muscat Daily - 07/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Muscat Daily) Tilal Development Co (TDC) announced that it paid the initial semi-annual payment of five per cent, on April 30, to the holders of its RO50mn sukuk issue. 

The sukuk was announced in 2013 and is based on the ijarah structure, a leasing arrangement commonly used in Islamic financial transaction. In October 2013 TDC became the first company in the sultanate to issue a corporate sukuk, which was offered as a funding instrument for the expansion of the Tilal Complex, which houses the Muscat Grand Mall, a company press release said.

Hassan Jaboub, general manager of TDC, said, ''The sukuk was the key highlight of the Islamic finance industry in the sultanate last year. In addition, as of today, this is the only Omani rial-denominated sukuk “ making it a matter of personal pride for us. TDC has been committed to bringing global standards to the retail market in Oman, and will be offering more alternatives once the expansion of the Tilal Complex is completed.''

Abdul Samad al Maskari, chief executive officer of Al Madina Investment, who acted as a trustee for the sukuk transaction, said, "This is a historic achievement for Tilal Development as this gives more confidence for the sukuk holders to trade the instrument in the third market of the Muscat Securities Market (MSM).''

Mohsin Shaik Sehu Mohamed, head of Islamic finance at Al Madina Investment, said that the sukuk was well subscribed by Islamic banks and windows, pension funds and corporates across Oman and GCC during issuance. To date, the issue has clocked up RO7mn worth of trading in the market post issuance, which shows a great demand for this instrument.

According to Jaboub, ''The initial success of the issue provides us with encouragement and strengthens our resolve to ensure that expansion plans of the Tilal Complex are on track."


 


Muscat Daily




  MENA News Headlines
 Apr 20 2015 - Under the radar: The up and coming Egyptian fashion industryDaily News Egypt
(MENAFN - Daily News Egypt) Several mannequins stand in a wide white room, representing the dreams of Egypt's upcoming talents. MSA's Career Gate is one of Egypt's most famous educational ...

 Apr 20 2015 - Emaar Misr registers EGP 172.7m in Q1 net profitsDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian arm of UAE real estate developer Emaar Misr has registered a 462% increase in profits in the first quarter (Q1) of 2015, the company announced on Sunday.Net ...

 Apr 20 2015 - HSCB launches EGP300m growth fund for SMEsDaily News Egypt
(MENAFN - Daily News Egypt) HSBC announced the launch of its second international growth fund in Egypt with a total EGP 300m for "Egypt's international and internationally aspirant" small and medium ...

 Apr 20 2015 - 300,000 tonnes of wheat to arrive in JuneDaily News Egypt
(MENAFN - Daily News Egypt) Egypt is set to import 300,000 tonnes of Russian, Romanian and French wheat at an average price of approximately $221 per tonne, the General Authority for Supply ...

 Apr 20 2015 - Sun City to be established by coalition of foreign, Arab companies: AGI ChairmanDaily News Egypt
(MENAFN - Daily News EgyptArabia Group for Investment (AGI) is still negotiating with the Ministry of Housing and Urban Communities regarding the establishment of the Sun City compound in 6th of ...

 Apr 20 2015 - Hygiene vouchers distributed to Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) Jordan's Red Crescent Society, with the support of the German Red Cross, handed out hygiene coupons on Sunday for some 436 Syrian refugee families and a local community ...

 Apr 20 2015 - 109 new Syrian refugees cross to JordanJordan News Agency
(MENAFN - Jordan News Agency) Border Guards received a total of 109 new Syrian refugees from various age groups, who crossed the frontier in the past 72 hours.The guards provided the refugees with ...

 Apr 20 2015 - Sanmar India pumps $350m new investments in EgyptDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's Ambassador to India Hatem Tag El-Din met with Sanmar Group Vice-President and Head of the Egyptian-Indian Business Council's Indian arm, Vijay Sankar, said a ...

 Apr 20 2015 - Egypt- Former PM Nazif's graft charge retrial postponed to MayDaily News Egypt
(MENAFN - Daily News Egypt) The Cairo Criminal Court postponed Saturday the retrial of former Prime Minister Ahmed Nazif to 17 May.Nazif had been on trial on graft charges dating back to his ...

 Apr 20 2015 - US special envoy for countering IS discusses with Shoukry developments in IraqDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's Foreign Minister Sameh Shoukry met Sunday the US special presidential envoy for the Global Coalition to Counter IS John Allen, discussing the cooperation within ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help