State-owned electricity distribution firm Mazoon Electricity Company has announced it has raised $500m from the issue of a 10-year Islamic bond (sukuk).

The sukuk was issued at a profit rate of 5.20 per cent. The sukuk will be listed on the Irish stock exchange. The issuance was managed by Mazoon and Oman’s Electricity Holding Company (Nama) along with US-based JP Morgan Securities, Bank Muscat, Kuwait’s KFH Capital Investment and First Abu Dhabi Bank were joint lead managers, with Kuwait’s Warba Bank acting as co-manager.

Since 2014, Nama has raised RO1.4bn ($3.6bn) from its Lamar fundraising programme. The fundraising initiative will support the group’s electricity transmission and distribution networks investments.