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Muscat – The initial public offering (IPO) of the Ishraq Endowment Investment Fund officially opened on Monday following the approval of its prospectus by the Financial Services Authority (FSA). The IPO aims to raise an initial capital of RO10mn.
The subscription period will run until January 2, 2025.
The Ishraq Endowment Fund was established in partnership with the Ministry of Endowments and Religious Affairs, Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa. Oman National Investments Development Company (Tanmia) has been appointed as the fund’s investment manager.
The fund’s subscription is open to both individual and institutional investors. Individuals can subscribe with a minimum investment of RO500, while companies must invest no less than RO5,000. A premium of 20bz per unit will apply to all subscriptions, with the unit price set at RO1.
The fund offers three subscription categories: (1) Permanent endowment: The endower commits to a permanent endowment for charitable purposes, with proceeds directed to specific beneficiaries such as mosques, the underprivileged, orphans, or charitable causes. These funds will be managed under the supervision of the Ministry of Endowments and Religious Affairs. (2) Temporary endowment: The subscriber allocates funds for a fixed period, with proceeds directed to purposes specified by the endower at the time of subscription. (3) Investor subscriber: This category is designed for those seeking financial returns through the fund’s investments.
Dr Ahmed Ali al Kaabi, Chairman of the Board of Directors of the Ishraq Endowment Fund, said, “This IPO marks a pioneering step in the development of endowment sector investments in Oman. It seeks to preserve the foundational values of endowment while contributing to the long-term welfare of Omani society and its economic development.”
He further emphasised that the fund’s subscription enhances its role in promoting Sharia-compliant financial solutions, creating sustainable value for both investors and the wider community. “This initiative reinforces the pivotal role of endowment as a key pillar in empowering society,” he added.
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