- AMJ Award for work on Oman’s first corporate sukuk
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Al Madina Investment recently organised an event to celebrate the issue of the first sukuk in Oman. At the event which was attended by Sheikh Abdullah Salim Al Salmi, the executive president of the Capital Market Authority, AMJ received an award for its role advising Al Madina on the Oman law aspects of this ‘first of its kind’ deal.
Al Madina acted as the principal advisor, joint lead arranger and joint lead manager for the 50 million rial ($130 million) sukuk issue by Omani real estate developer, Tilal Development Company. The proceeds of the sukuk issue will be used to finance the expansion of Tilal’s flagship mixed-use development comprising residential and retail units as well as the Muscat Grand Mall shopping complex.
The sukuk issue is seen as an important landmark in the development of the nascent Islamic finance industry in Oman and one which paves the way both for further corporate sukuk issues as well as a soveriegn sukuk mooted for 2014.