Al Busaidy Mansoor Jamal & Co.

Barristers and Legal Consultants

New rules for Oman’s insurance brokers

Filed under Capital Markets, Insurance
Oman insurance broker

In April, Oman’s Capital Market Authority (CMA) issued a new regulation for insurance and reinsurance brokers. The new rules contain more stringent capital and guarantee requirements, major changes to the insurance brokerage licensing regime and restrictions designed to prevent conflicts of interest. Under the new rules the current single brokerage licence which covered both insurance and reinsurance brokerage will be replaced by three separate licences for (i) re-insurance brokerage, (ii) insurance brokerage, and (iii) dual brokerage. Applications for the new licences are likely to entail brokerage firms amending their commercial activities as registered with the Ministry of Commerce and Industry. […]

AMJ advises Oman Government on US$2billion international sukuk

Filed under AMJ Deals, AMJ News, Capital Markets, Islamic Banking and Finance, Sukuk
Oman's US$2billion sukuk

AMJ has advised the Government of Oman and the issuer, Oman Sovereign Sukuk Company, on the Omani law aspects of establishing an unlimited sukuk alijarah trust certificate issuance programme, and the debut US$2bn international sukuk issuance under the Programme. The Programme was listed on the Irish Stock Exchange in mid-May and followed by the US$2bn sovereign issuance which settled on June 1. The sukuk facility, which has a seven-year tenor and profit rate of 4.397 percent, was effected under Rule 144A and Regulation S and listed on the Irish Stock Exchange. The final order book was reportedly in excess of […]

AMJ advises on transport and logistics restructuring

Filed under AMJ Deals, AMJ News, Oman Economy
Oman transport and logisticss

AMJ has advised on the establishment of Oman Global Logistics Group SAOC (OGL), the government’s new transport and logistics development arm. OGL, which has a mandate to implement the nation’s long-term ‘Sultanate of Oman Logistics Strategy 2040’, will bring under one umbrella the 15 different transport and logistics-related undertakings operating in the Sultanate’s ports, free zones, rail, maritime and land transport sectors. This represents the first restructuring of its kind in Oman undertaken jointly by the Ministry of Finance and Ministry of Transport and Communications. A complex deal, it involved transferring shares and assets held in logistics companies by the […]

AMJ advises on Falcon and Arabia Insurance’s landmark deal

Filed under AMJ Deals, AMJ News, Insurance
Falcon insurance merger

AMJ recently acted as sole counsel at the request of both parties with regard to a complex share-purchase transaction in the insurance sector. The transaction, which completed at the end of March, involved the transfer of the Oman branch assets of Lebanese Arabia Insurance SAL, to Omani insurer, Falcon Insurance SAOC. Contemporaneous with Falcon’s acquisition of Arabia’s Oman branch insurance portfolio, Arabia Insurance acquired a majority share (54.29%) in Falcon.The deal involved a number of ‘firsts‘, namely the:-  first ever transfer of a life insurance portfolio by court order in accordance with article 39 of Oman’s Insurance Law;  […]

AMJ top ranked by leading international law directories

Filed under AMJ Awards, AMJ News
AMJchambersranking-2017

For the seventh year running, AMJ has retained its top ranking in Chambers Global, a leading international guide to lawyers and law firms around the world. Chambers Global conducts independent research into the legal markets of 190 countries, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients. The Firm won the select Band 1 ranking for its corporate law practice, and Band 2 for litigation in Chambers 2017 edition released mid-March. Additionally, four AMJ partners and special counsel retained the ‘leading lawyer’ ranking they have held for successive years. Chambers singles out managing […]