Linklaters advises the Government of Oman on its debut sovereign sukuk
Linklaters has advised the Government of the Sultanate of Oman, represented by the Ministry of Finance, on its proposed issuance of sukuk (Islamic bonds). The transaction is the first sovereign sukuk by Oman.
The sukuk is proposed to be issued on the basis of a sukuk al-ijara structure, over Government land, for a tenor of five years. Application will be made to the Muscat Securities Market for listing and trading of the sukuk in Oman.
The proposed issue represents a landmark stage in the development of the sukuk market and Islamic Finance industry in Oman, paving the way for further sukuk issues in Oman in the future.
Jonathan Fried, who leads the capital markets practice for Linklaters in the Middle East, said:
“The firm has acted on Sovereign sukuk issues by a range of countries, including the United Kingdom, Luxembourg, Hong Kong and Middle Eastern countries including, now, the Sultanate of Oman, a key regional power. These deals demonstrate how truly international the sukuk market is today.”
The Linklaters team was led by Partner Jonathan Fried (Dubai), working in conjunction with Neil Miller, Global Head of Islamic Finance, and Associate Leah Weldon, both in Dubai.