Saturday 04 / May / 2024
As the leading and most trusted Islamic bank in the Sultanate of Oman, dedicated to advancing the nation's sustainable development agenda, Bank Nizwa assumed the role of Joint Lead Manager in the issuance of a $500 million Sukuk by OTEL Sukuk Limited (issuer and trustee). This Sukuk exemplifies the bank's resolute commitment to delivering innovative financial solutions rooted in Islamic finance principles.
In this landmark issuance, the Oman Telecommunications Company S.A.O.G. (Omantel) has undertaken the pivotal role of the obligor, while Oztel Holdings SPC Limited is serving as the guarantor, ensuring the meticulous fulfilment of financial obligations. This not only underscores the burgeoning significance of Islamic finance within global markets but also reaffirms Oman's strategic stature as a formidable player in the industry.
Commenting on the issuance, Mr. Khalid Al Barwani, Deputy General Manager and Head of Wholesale Banking Group at Bank Nizwa said, “Sukuks are instrumental in attracting diverse investors and channelling funds towards productive sectors, thereby fostering job creation, infrastructure development, and overall economic prosperity. As a bank invested in the country’s advancement, we take immense pride in our prominent involvement in this issuance. Structured to comply with Islamic finance principles, the Sukuk provides investors with a Sharia-compliant investment opportunity while also contributing to sustainable economic growth."
Highlighting Bank Nizwa's vital role in the process, he added, "Our participation as a Joint Lead Manager underscores our expertise in Islamic finance. With our investment banking team boasting extensive experience, we offer comprehensive support to corporates seeking access to capital markets. Renowned for our profound understanding of market dynamics and alignment to Sharia principles, Bank Nizwa, through this issuance, further cements its standing as the most-trusted Islamic bank and enhances its reputation in the international investment arena.”
Actively pursuing a myriad of financial opportunities, Bank Nizwa remains dedicated to fortifying its investment prowess. In line with its commitment to pioneering benchmark-setting solutions, the bank fosters economic growth by leveraging innovative investment channels.
