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Oman's Tilal to issue Islamic bond
- Oman: Sunday, May 05 - 2013 at 01:36
Omani developer Tilal Development, owner of the Muscat Grand Mall, has announced plans to sell the country's first Islamic bond, Bloomberg has reported. The developer seeks to raise OR50m ($130 million) from the sale of securities that comply with Islam's ban on interest this month, said Mohsin Shaik Sehu Mohamed, head of Islamic finance at Muscat-based Almadina Investment, which is managing the sale. The sukuk, to be listed on the Muscat Securities Market, will have a coupon of 5% and will be privately placed, Mohamed said. "We are in the documentation phase now," he said. "Next week we will hand over an official submission to the CMA for approval."
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