Takaful Oman Insurance SAOG Issues First of its Kind Sukuk Al Mudarabah Trust Certificates

Takaful Oman Insurance SAOG (Takaful Oman) has become the first Takaful company in the world to establish its debut Sukuk Al Mudarabah Trust Certificate Issuance Programme. The transaction represents a perpetual Sukuk programme established by a Takaful company.

Through Takaful Sukuk SPC, a special purpose company set up by Takaful Oman purely for this Sukuk programme, the first series of Sukuk certificates worth OMR 6 million were successfully issued. Takaful Oman will use the net proceeds of the Certificates to strengthen the quality of its own capital, as well as for general corporate purposes.

Sohar Islamic, a unit of Sohar International GAOG, served as the sole dealer and issuance manager for the transaction. The Sukuk Certificates were listed by the Muscat Secur...