Trowers & Hamlins advised Bank Nizwa on OMR 50 million Sukuk Al Mudaraba Trust Certificate Issuance Programme 

Trowers & Hamlins assisted Bank Nizwa in the bank’s inaugural Sukuk issuance of OMR 50 million.

This transaction represents a significant milestone for the bank, the Islamic banking sector, and the GCC region. The strategic issuance positions Bank Nizwa for further growth and development, and is notable for being the first mandatorily convertible Sukuk issuance programme with no cash redemption features in the GCC. It is also the first Sukuk to be issued under the new Issuance of Bonds and Sukuk Regulation. 

Trowers & Hamlins’ team

The Trowers team was led by head of Islamic Finance and partner Salman Ahmed (pictured), senior associate Phoebe Lim, and associates Maximilian Spies-Majewski and Kasab Vora.

The team also included corporate and commercial partner Benjamin O’Brien-McQueenie and corporate associates Arslaan Mahmood and Aida Al Jahdhami, projects, energy and infrastructure associate Reem Al Mahrizi and disputes resolution and litigation partner Raya Al Harthy.

Bank Nizwa team

The Bank Nizwa team was led by Mr. Salman Kabani, head of enterprise risk management and strategy at Bank Nizwa. The Trowers & Hamlins team worked diligently alongside the Bank Nizwa team at every stage to ensure the successful completion of this complex transaction.