Morgan Lewis Advises Al Madina Investment on First Corporate Sukuk in Oman

Al Madina Investment has announced the arrangement of the first corporate Sukuk (Islamic bond) in Oman for Tilal Development Company (TDC). The Sukuk has an issue size of OMR50 million and is based on the Ijarah structure.

As an obligor in the structure, TDC has registered a special purpose vehicle in Oman under the name of Modern Sukuk to facilitate the issuance. Proceeds will be utilised in the expansion of TDC’s unique flagship project – the Tilal Complex, a mixed-use development in Oman comprised of residential, retail and business space.

The Sukuk has been rated BBB+ by Capital Intelligence and will pay a five percent profit rate per annum over its five year tenure.

Morgan Lewis served as Al Madina Investment’s lead counsel led by Ayman Khaleq, Dubai based partner in the firm’s Business & Finance practice and with support from associate, Amanjit Fagura.

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