CMA Organize a Training Programme on  Sukuk

 

The Capital Market Authority has organized today  a workshop on Sukuk in the Sultanate of Oman for the employees of CMA and MSM to acquaint them with the Sukuk Regulation and the recent Sukuk issuances in Oman.

 

The workshop was presented by Mr. Kemal Rezadi  who talked about Sukuk as financing instrument stating that Sukuk are Securities of equal value, issued for a specific term, that represent joint ownership in underlying assets or services or rights or a combination thereof.

 

He said the  Regulation comprises nine chapters covering Sukuk issuance, requirements and terms and conditions and  the contents of the prospectus, a chapter for  Sukukholers’ agent which is a company licensed to  deal in securities to be appointed by the beneficiary. Chapter four regulates the general meeting of Sukukholders as well as  a chapter on Sharia supervision, issue of Sukuk in private placement and terms and conditions of disclosure, financial trust, conciliation and fees.

 

He added Sukuk regulation  and Sukuk issuance rules  will promote the Sukuk market in Oman as it is one of the financing  options  specially for big projects. The previous Sukuk issues in the local market were covered.

 

Global Sukuk market has  expanded with regard to the number of Sukuk issues and volume in the new millennium  to US$ 116 billion at the end of 2014 a 127% increase over the year 2010 which was US$ 51 billion which is an indication of the great success of the Sukuk market in  a relatively short term with the participation of the private and public sectors in the market.