International law firm Trowers & Hamlins acted as legal counsel to Alizz Islamic Bank (Alizz), one of the Sultanate of Oman’s leading Islamic financial institutions, on the successful issuance of OMR 30 million Additional Tier 1 Capital Sukuk.
The issuance was structured as a dual currency issue in OMR and USD of OMR 20 million, with an option to increase the issue size to (in aggregate value) OMR 30 million. With strong investor demand, Alizz availed the option to increase the issue size to OMR 30 million.
This landmark transaction represents a significant achievement for Alizz and marks an important milestone in the development of Oman’s Islamic finance and capital markets sector. The dual-currency nature of this issue allowed Alizz the flexibility to attract a diverse investor base and respond to varying market demands.
Trowers & Hamlins worked closely with the Alizz Islamic Bank team to navigate the complexities of structuring and executing this dual-currency Sukuk issue. The transaction also aligns with the Sultanate’s objectives to strengthen its position as a hub for Islamic finance and innovation in the GCC region.
The legal team at Trowers & Hamlins was led by Salman Ahmad, Head of Finance and Capital Markets, supported by Moeen Qayum, Co-Head of Debt Capital Markets, and Senior Associate Pheobe Lim, as well as Associates Rashi Jain, Kasab Vora, Jerry Wang and Trainee Solicitors Fatma Al Mataani and AlShaima Al Hinai. Leveraging its deep expertise in Islamic finance and capital markets, the team provided strategic guidance at every stage of the transaction, ensuring its successful and timely completion.
This achievement further cements Trowers & Hamlins' reputation as a leading advisor in Islamic capital markets, with a strong track record of advising on innovative and complex Sukuk transactions in the GCC region. In recent years, the firm has been instrumental in delivering successful outcomes for a range of high-profile clients, including debut Sukuk issuances and other landmark capital markets transactions.
“We are honoured to have been a part of this important milestone for Alizz Islamic Bank,” said Salman Ahmad. “The dual-currency Sukuk is a testament to the evolution of Islamic finance in Oman and the GCC, and we are committed to supporting our clients in delivering innovative and impactful financial solutions.”
Trowers & Hamlins remains at the forefront of Islamic finance, advising on pioneering capital markets transactions that shape the future of the industry.
