Muscat, Oman: Energy Development Oman SAOC (Energy Oman) has announced the opening of Category I subscriptions for its second Omani Rial Sukuk issuance (Series 2), providing institutional investors with an opportunity to participate in a Shariah-compliant investment offering. Non-individual investors can submit their applications until November 12, 2026, through a competitive bidding process. Applications must be submitted using physical application forms and the prescribed yield table to any of the designated collecting banks. Applicants are also required to maintain an investor account with Muscat Clearing and Depository (MCD).
The Sukuk offers a fixed annual profit rate of 5%, payable quarterly, with a maturity period of five years. The initial issuance size is OMR 50 million, with an additional greenshoe option of OMR 25 million to accommodate potential investor demand. The offering provides institutional investors with an opportunity to invest in a Shariah-compliant financial instrument supported by Energy Oman’s business and financial profile.
The Sukuk has been structured in accordance with the Islamic principles of Ijarah (leasing) and Wakala (agency). Its structure has received approval from the Shariah Supervisory Board of Muzn Islamic Banking, operating under National Bank of Oman SAOG, ensuring compliance with the applicable Shariah requirements.
Commenting on the issuance, Sultan Al Mamari, Chief Financial Officer of Energy Oman, highlighted the investment opportunity offered by the Sukuk. He stated, “Energy Oman’s Sukuk provides an attractive, low-risk investment option for institutional investors, given our strong and stable credit profile. We encourage applicants to review the terms and application procedures carefully.”
Following the conclusion of Category I subscriptions, the cut-off yield and fixed price applicable to Category II investors are expected to be announced on or around November 16, 2026. The subscription period for Category II investors is scheduled to run from November 18 to November 30, 2026, providing an additional opportunity for eligible investors to participate in the issuance.
Bank Nizwa and National Bank of Oman have been appointed as Joint Issue Managers for the Sukuk issuance, while Oman Investment Bank will serve as the Liquidity Provider to conduct market-making activities. The designated collecting banks include Ahli Bank, Ahli Islamic Bank, Bank Dhofar, Dhofar Islamic, Bank Nizwa, National Bank of Oman, Muzn Islamic Banking, Oman Arab Bank, Sohar International, and Sohar Islamic.
The issuance represents a further development in Oman’s Islamic capital market, offering institutional investors access to a Shariah-compliant investment instrument while supporting the continued growth of Islamic finance and capital market activities in the Sultanate.