MUSCAT: Sohar International has been successful in maintaining a pioneering position in the banking sector within the Sultanate. Adding to its list of accolades, the bank won the ‘Debt Deal of the Year - Oman’ and ‘Equity Deal of the Year – Oman’ award at the recently concluded Corporate and Investment Banking Awards presented by Asian Banking and Finance (ABF) Magazine, based in Singapore. The annual award ceremony, which was conducted virtually, recognizes the very best of players in the banking and finance industry. The award was presented to the Investment Banking division at Sohar International for its advisory and placement services to clients, even under challenging macro environment conditions.
Speaking on the occasion, Ahmed al Musalmi, Chief Executive Officer, Sohar International, said, “At Sohar International, we are driven by a vision to become a world-class Omani services company that helps customers, community and people to prosper and grow. These awards place us at par with international organizations and are a testament to the effectiveness of our growth strategy. It also gives us the assurance that our well-conceived plans are geared in the right direction having instilled the required capabilities both on the people and technological fronts, whilst continuously contributing meaningfully to the economy. Like every win at Sohar International, these accolades will serve as an impetus for us to achieve greater milestones, set new benchmarks and lead the way in the banking sector.”
Both accolades award the issuance of RO 6 million Perpetual Sukuk al Mudaraba Trust Certificate, by Takaful Oman Insurance SAOG completed successfully earlier this year. Being the first-of-its-kind, the Perpetual Sukuk has an initial yearly profit rate of 8.5%, payable semi-annually through Takaful Sukuk Specialized Purpose Company (SPC). As the issue managers and financial advisor, Sohar Islamic, Sohar International’s Islamic Window, played a pivotal role in ensuring the successful issuance and completion of the entire activity. The placement of the issue was done through a private placement to select investors whilst receiving a strong interest from institutions, fund managers, and wealth management clients of the bank.
Al Musalmi added, “The one-of-a-kind Perpetual Sukuk was initiated and completed with immense success on all fronts. This transaction helps in boosting CMA’s strategy to upgrade various sectors and maximize domestic and foreign investors' confidence in the local market. These awards reflect the great success of the Perpetual Sukuk which illustrates investors' strong confidence in the bank’s strategy and growth potential. It also underpins the large untapped growth potential in the Oman insurance sector in both traditional as well as the Takaful space.”
With a strong purpose that puts winning at the heart of everything done, Sohar International continues to deliver institutional advisory services that are drawn from a thorough understanding of the local market and further complemented with valuable insights gained from international partnerships. At Sohar International, the aspiration has always been to bring the best of international banking practices to Oman as well as take the best of Oman to the world.
The ABF Corporate and Investment Banking Awards is a highly revered platform where participants are judged by a panel of esteemed industry experts based on nominations received. Following stringent guidelines, for deal-based categories, the bank was required to highlight exceptional milestones of the deal, effectiveness in achieving set targets and its diligent assessment to ascertain success, as well as the impact it had on the client and the bank.