Tilal seeks CMA approval for Oman’s first Sukuk

Omani real estate firm Tilal Development Company has persistently been asking the Capital Market Authority (CMA) for approval to raise funds by issuing a sukuk. According to Abdullah bin Salem Al Salmi - executive president of CMA - as soon as Tilal are ready with a plan, CMA are ready to grant them approval for raising money by means of sukuk. Currently, the next step is for Tilal to submit a formal application for the issue. CMA are encouraging companies to float sukuk issues. The only thing necessary for bringing regulation for sukuk is a minor amendment in the Capital Market Law.

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