Meethaq, Azimut join hands to promote global sukuk fund

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Azimut Group, signed an exclusive partnership agreement to promote Global Sukuk Fund (GSF) in Oman. Sulaiman al Harthy, Deputy Chief Executive Officer — Islamic Banking, and Sergio Albarelli, Chief Executive Officer of Azimut Group, signed the agreement at Bank Muscat head office.

Sulaiman al Harthy said: “Meethaq is proud to join hands with Azimut to promote GSF, which is the first global Sukuk fund to be offered in Oman. The partnership heralds niche Islamic investment products in Oman and further consolidates the position of Meethaq as the pioneer of unique Islamic investment and wealth management product offerings in the Sultanate. Meethaq recognises the immense prospects and potential that Oman offers as an investment destination and is committed to supporting strategic development initiatives in line with the country’s Vision 2040 economic blueprint. The partnership between Meethaq and Azimut serves as an excellent opportunity to provide a superior investment experience, with a focus to help customers meet their evolving needs over the long-term.”

The Luxembourg domiciled GSF is one of the world’s largest funds investing in sukuk with assets under management (AUM) of $190 million and a track record of more than 4 years and an income distribution yield of 5 per cent (as of 2017). GSF is currently distributed in Europe, Asia and Middle East with strategic partnerships with some of the largest financial institutions locally.

Meethaq has the distinction of launching Oman’s first Sukuk programme, which has transformed the landscape of Islamic banking in Oman. Reiterating the core Islamic banking values, Meethaq believes in spreading wealth for the progress and prosperity for all. The banking sector in Oman is witnessing the consolidation of Islamic banking and Meethaq is focused on redefining Islamic banking operations in Oman. As the leading Islamic financial services provider in the Sultanate, Meethaq has many achievements contributing to the growth and development of the Sultanate’s economy.

Azimut is one of the largest European asset management companies with AUM of $62.5 billion across a global footprint in 17 countries and a strong team of more than 2,000 fund managers and financial advisors. Azimut is listed on Milan Stock Exchange and is a member of the European blue chip index Eurostoxx 600.