Bank Muscat shareholders approve RO 500 million sukuk programme

Bank Muscat's shareholders have approved the Board's recommendation for the setting up of a RO 500 million (or its equivalent in US Dollar currency) Meethaq Sukuk Programme for the issuance of sukuk in various tranches in the domestic and international markets through public subscription or private placement. The Sukuk tranches under the Meethaq Sukuk Programme will be in different amounts, maturities, and profit rates, issued on different dates with varying terms and conditions of subscription. All Sukuk will be issued within five years. Approval was also given to the Board's recommendations to issue convertible bonds.