IslamicFinance.de

The government of Oman sold a $500 million six-year sukuk in a private placement. The profit rate is set at 3.5%, the amount will have to be repaid in three equal instalments after four, five and six years. Oman's first Ijara format five-year sukuk worth RO 200 million ($520 million) was issued in October last year and received strong orders. The government which is facing a widening fiscal deficit has been adopting several measures tide over the falling revenue from lower oil prices. Recently, the government raised a $2.5 billion two-part bond and a $1 billion loan from banks. This was the first international bond issue in two decades by the Sultanate.