Meethaq Islamic Banking has launched a Sharia-Compliant Equity Fund, in partnership with Bank Muscat’s Asset Management Unit.
The Fund is designed to capitalize on the growing potential of the economies in the Sultanate of Oman and GCC, providing investors with a gateway to invest in the fast-growing equity markets.
The initial public offering for the Meethaq Equity Fund will open on 4 August and will run till 15 August 2024. The initial offer price for the Fund will be RO 1.010 per unit, including issuance costs. The Meethaq Equity Fund offers daily liquidity with no minimum holding period. Investors can subscribe to the Fund with a minimum subscription amount of RO 50.
The Fund’s Net Asset Value (NAV) will be published daily on the websites of Meethaq Islamic Banking, Bank Muscat, and on Muscat Stock Exchange (MSX), allowing investors to track the value of their investments daily.
Referring to the launch of the Fund, Khalifa Abdullah Al Hatmi, Deputy General Manager of Investment Banking and Capital Mar
kets at Bank Muscat said: ‘The Meethaq Equity Fund offers an attractive investment option for investors to benefit from the investment expertise of Bank Muscat’s Asset Management and the robust Sharia governance of Meethaq Islamic Banking. Having demonstrated our expertise in developing and managing investor-centric products designed to provide the best investor experience, we are confident that the Meethaq Equity Fund will meet investors’ expectations.’
From his side, Ali Ahmed Al Lawati, Assistant General Manager of Meethaq Corporate Banking said: ‘The Sultanate of Oman’s equity markets particularly and GCC equity markets generally offer an attractive investment proposition for medium to long-term investors. The Fund will provide investors an opportunity to diversify their investments and benefit from growth in the regional markets. Additionally, this offering is in line with Meethaq’s objective to introduce more sophisticated products to meet the growing demand of Islamic structured solutions.’
Source:
Oman News Agency