Takaful Oman Insurance has issued and listed its Series 2 perpetual sukuk from which it raised OMR6m ($15.6m).
The sukuk was issued through a private placement on 30 December 2025. It carries an indicative profit rate of 6.75% per annum for the first five years, payable semi-annually. The sukuk is listed on the Bonds and Sukuk Market of the Muscat Stock Exchange (MSX).
The Financial Services Authority (FSA) last month approved a supplemental second prospectus submitted by Takaful Oman for the sukuk issuance. The FSA also licensed Takaful Sukuk SPC to perform the task of the special purpose vehicle for the issuance of the sukuk.
The sukuk was issued under the company’s Sukuk Al Mudarabah Trust Certificate Issuance Programme established in 2021.
Series 1 sukuk to be redeemed
This Series 2 sukuk issuance followed that of Series 1, which was allotted in February 2021, also to raise OMR6m. The initial yearly profit rate for the perpetual sukuk was 8.5%, payable semi-annually.
In December 2020, the Capital Market Authority approved the main prospectus of the Sukuk Al Mudarabah Trust Certificate Issuance Programme for the offer of perpetual Sukuk Al Mudarabah at OMR25m.
On 25 December 2025, Takaful Sukuk SPC, upon the instructions of Takaful Oman, notified the holders of the Certificates of the Series 1 sukuk that the trustee will exercise its call option to redeem all of the outstanding Certificates on 1 February 2026. Following the redemption, the certificates will be delisted from the MSX.
The Series 1 sukuk was the first-of-its-kind perpetual sukuk established by a takaful company in Oman.