Bank Muscatel’s Islamic unit plans $300m dual-currency sukuk issue | GulfNews.com:
"The Islamic unit of Bank Muscat, Oman’s largest lender, plans a dual-currency US dollar and riyal sukuk issue worth around $300 million (Dh1.1 billion) that would be the first sukuk sale by a bank in the country.
The issue, which could carry tenors of between three and five years, would be part of a 500 million riyal ($1.3 billion) sukuk programme which the bank’s shareholders approved in March, said Sulaiman Al Harthy, group general manager of Meethaq, Bank Muscat’s Islamic operation.
He added, “The idea is to have the sukuk in dual currency since Omani riyals are pegged to the US dollar.” The sukuk, which would be the first international issuance of Islamic bonds from Oman and still require regulatory approval, would help to fund Meethaq’s expansion."
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