February 21, 2018 / 1:30 AM / a year ago

Oman's Golden Group lists 50 mln rials debut sukuk

SYDNEY, Feb 21 (Reuters) - Omani conglomerate Golden Group has listed its first sale of Islamic bonds, or sukuk, raising 50 million rials ($130 million) via a 5-year deal, according to an exchange filing.

The company set up a 200 million rials sukuk programme last year, part of a small but growing list of corporates opting to use sharia-compliant financing in the Sultanate.

Golden Group, which has interests in construction, real estate, hospitality and logistics, hired the Islamic banking unit of Bank Dhofar to arrange the sukuk.

The first tranche pays a profit rate of 6.5 percent.

Corporate issuance is relatively rare in the nascent Omani sukuk market, which has seen deals mostly from the government and local Islamic financial institutions.

The Omani government raised $2 billion via sukuk last year, but until now only conglomerate MB Holding Co and real estate firm Tilal Development Co had issued corporate sukuk. ($1 = 0.3850 Omani rials) (Reporting by Bernardo Vizcaino; Editing by Biju Dwarakanath)

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