Bank Muscat's Meethaq gets approval for OMR100mn Sukuk issue
Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has received initial approval from the Capital Market Authority (CMA) to launch the first OMR100mn Sukuk programme. Meethaq is the first Islamic banking entity in the Sultanate to obtain CMA approval for the first ever Sukuk issuance targeting retail investors in Oman. Under the OMR100mn programme, Meethaq proposes to issue Sukuk in various tranches from time to time, to fund its growth plans and expansion of Islamic banking services across the Sultanate. The Sukuk will be listed on the bond and sukuk market of Muscat Securities Market (MSM), thus offering liquidity, said a press release.
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