The Capital Market Authority has approved the prospectus of Ijarah Sukuk issued by Al Hadithah Sukul SAOC which is the first Islamic Sukuk to be issued in the Sultanate.

The number of issued Sukuk is 500,000 to be offered in private placement at an issue price of RO 100 per Suk as nominal value with a total  value of the issue RO 50 million.

The Issue Manager  “ Al Madinah Investment” said the issued Sukuk are Ijarah Sukuk and that the issue will be finalized during July and the return will be calculated on the day following the conclusion of subscription and the proceeds will be used in  financing the second phase of the Grand Mall.

CMA deals with Sukul with regard to legal and procedural issues the same way they deal with bonds, and such new securities will be negotiable after listing on the MSM and that the Sharia aspects of the  issue will be the responsibility of their respective Sharial boards of the issuers.