Bank Nizwa plays key role in Oman telecom's $500m sukuk
COMMERCIAL NEWS
Bank Nizwa, a leading Islamic bank in Oman, has announced that it had played a vital role in the issuance of a $500 million sukuk (Islamic bond) by the Oman Telecommunications Company as the joint lead manager.
This sukuk exemplifies the Omani bank's resolute commitment to delivering innovative financial solutions rooted in Islamic finance principles.
A leading Islamic bank in the sultanate, Bank Nizwa said it remains dedicated to fortifying its investment prowess actively pursuing a myriad of financial opportunities.
In line with its commitment to pioneering benchmark-setting solutions, the bank fosters economic growth by leveraging innovative investment channels, it stated.
In this landmark issuance, Omantel has undertaken the pivotal role of the obligor, while Oztel Holdings 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.
On the issuance, 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," he stated.
Highlighting Nizwa's vital role in the process, Al Barwani said: "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," he added.-TradeArabia News Service
