Al Madina Investment SAOG Plays a Key Role on the issuance of OMR50 Million Sukuk Ijarah.
17 November 2013: Muscat: Al Madina Investment SAOG (Al Madina), on Thursday 14 November 2013, has organized an event to celebrate the issuance of the first sukuk in Oman. The Executive President of the Capital Market Authority (CMA), H.E. Sheikh Abdullah Salim Al Salmi, witnessed this event
Al Madina acted as the Principal Advisor, Joint Lead Arranger and Joint Lead Manager for the OMR50 million Sukuk Al Ijarah issued by Modern Sukuk SAOC on behalf of Tilal Development Company SAOC (TDC). The proceeds from the sukuk will be utilized for the expansion of TDC's flagship project - the Tilal Complex.
Khamis Al Kiyumi, Vice Chairman and Managing Director of Al Madina, said in his remark that "The issuance of the sukuk will create a new wave in the Islamic finance industry in the Sultanate mainly on the Islamic Capital Market. Al Madina has been always a believer on shariah compliant offerings and this sukuk issuance has positioned us as one of the innovative institutions in the Islamic finance arena in Oman".
Abdul RahmanBarham, Board Member of TDC added, "We were always optimistic about this innovative transaction. Being the first corporate to issue the sukuk, we are delighted that we managed to play a historic part in the Islamic finance sector in Oman. With the successful issuance of the sukuk, we are in line with our aim for the expansion of Tilal Complex which will benefit the retail market in the Sultanate".
In the event, Al Madina honors the stakeholders and also the participants in the sukuk by presenting them with an award for their contribution to successful issuance of the sukuk.
Abdul Samad Al Maskari, Chief Executive Officer, Al Madina Investment, informed that among the recipients of the award was Bank Nizwa SAOG for their involvement as Joint Lead Arranger and Joint Lead Manager. Bank Dhofar SAOG, Meethaq Islamic Banking (Bank Muscat) and Qatar International Bank were also appreciated for their role as Joint Lead Manager.
Amanie Advisors also was awarded for their contribution as Shariah Advisor. Not to forget the legal advisors namely, Morgan Lewis &Bockius who acted as the lead legal counsel advising Al Madina, supported by Al Busaidy, Mansoor Jamal & Co who advised on the local regulations. Trowers&Hamlins who acted on behalf of TDC are among the recipients.
TDC's flagship Tilal Complex is the first of its kind, offering mixed-use development comprising residential and retail units as well as a shopping complex known as Muscat Grand Mall.
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© Press Release 2013
