Golden Group Launches the Issuance of Series 2 of “Sukuk Al Ijara” Following Timely Repayment of Series 1

Golden Group ensures timely repayment of the Sukuk al Wakalah, despite the odds of the market conditions and showcases the Company’s promise to meet their obligations and safeguard the interests of its investors.

Maisarah Islamic Banking Services acts as the sole Lead and Issue Manager on the sukuk program

Golden Group had successfully set-up OMR 200 million sukuk program in 2018. Maisarah Islamic Banking Services acted as the sole Lead and Issue Manager on the sukuk program. This is the largest Shariah compliant sukuk program in Oman established by a corporate entity. The first tranche of the Sukuk Al Wakalah with a size of OMR 50 million which was raised in 2018 by way of private placement and has now matured on 05 February 2023 and successfully repaid to the investors.

Contributing towards the growth of Oman’s Islamic Capital Market, Maisarah, the Islamic Banking Services window of BankDhofar is advising the issuance of series 2 of “Sukuk Al Ijara” for Golden Group Holdings Company, after the successful close of the first tranche of the sukuk Al Wakalah by the group.

Defying the odds of the market conditions due to the unforeseeable COVID19, The Golden Group successfully redeemed the Series 1 Sukuk. Their timely repayment of the Sukuk al Wakalah showcases the Company’s promise to meet their obligations and safeguard the interests of its investors.

The Founder and Chairman Sheikh Salim Al Ghazali expresses his gratitude to the investors who participated in the Series I supporting the success of the company through the challenging times.

Currently, Golden Group is planning for Series II Sukuk Al Ijara with a size of OMR 50 million. Elaborating on that, Kamal Hassan Al Maraza, GM & Chief Maisarah Islamic Banking Officer said: “This Sukuk will be an opportunity for investors to deploy their funds in the local currency issuance in compliance with shariah principles.”

Maisarah Islamic Banking Services is acting as the sole Lead and Issue Manager. The Sukuk Al Ijara shall be offered to selective investors by way of private placement. The proposed Sukuk has a tenure of 5 years and provides full security coverage and will be listed on the Muscat Stock Exchange.

Regarding the Series II, Sheikh Salim Al Ghazali highlighted, “The Group is focused on growing its business portfolio with investments in Oman aiming to support the growth of the Nation’s economy.”

Golden Group is operating in diversified sectors covering from hotels, travel & tourism, real estate development and management to logistics and oil & gas.

Maisarah is one of the fastest growing Islamic banking windows in the Sultanate with a wide range of financial products and services. As a part of its strategy it operates as an independent Islamic banking window and has maintained high standards of corporate governance, research and development, corporate social responsibility and customer service that have helped in winning various awards in local and international markets. As part of its future growth plan, Maisarah plans to distinguish itself by focusing on providing outstanding customer service, developing and launching new products, investing in technology to provide the best customer experience in a timely and convenient manner.

Maisarah is committed to leading the Islamic banking sector by investing in resources, sharing expertise and following best international practices in the market. Its products and services set the standard for best Islamic financial solutions and it is committed to lead with creativity and innovation to provide the best customer experience.