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MENAFN - Muscat Daily - 07/05/2014
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(MENAFN - Muscat Daily) Tilal Development Co (TDC) announced that it paid the initial semi-annual payment of five per cent, on April 30, to the holders of its RO50mn sukuk issue. 

The sukuk was announced in 2013 and is based on the ijarah structure, a leasing arrangement commonly used in Islamic financial transaction. In October 2013 TDC became the first company in the sultanate to issue a corporate sukuk, which was offered as a funding instrument for the expansion of the Tilal Complex, which houses the Muscat Grand Mall, a company press release said.

Hassan Jaboub, general manager of TDC, said, ''The sukuk was the key highlight of the Islamic finance industry in the sultanate last year. In addition, as of today, this is the only Omani rial-denominated sukuk “ making it a matter of personal pride for us. TDC has been committed to bringing global standards to the retail market in Oman, and will be offering more alternatives once the expansion of the Tilal Complex is completed.''

Abdul Samad al Maskari, chief executive officer of Al Madina Investment, who acted as a trustee for the sukuk transaction, said, "This is a historic achievement for Tilal Development as this gives more confidence for the sukuk holders to trade the instrument in the third market of the Muscat Securities Market (MSM).''

Mohsin Shaik Sehu Mohamed, head of Islamic finance at Al Madina Investment, said that the sukuk was well subscribed by Islamic banks and windows, pension funds and corporates across Oman and GCC during issuance. To date, the issue has clocked up RO7mn worth of trading in the market post issuance, which shows a great demand for this instrument.

According to Jaboub, ''The initial success of the issue provides us with encouragement and strengthens our resolve to ensure that expansion plans of the Tilal Complex are on track."


Muscat Daily

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