ONA: The initial public offering for the "Ishraq" Endowment Investment Fund has begun following the approval of its prospectus by the Financial Services Authority. The fund aims to raise an initial capital of RO 10 million, with the subscription period continuing until January 2.
The fund was established in partnership between the Ministry of Awqaf and Religious Affairs, the Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa, with the Oman National Investments Development Company "Tanmia" appointed as the fund's investment manager.
The subscription process is designed to be accessible to both individuals and institutions. Individuals can invest with a minimum of RO 500, while institutions may subscribe with a minimum of RO 5,000. An issuance fee of 20 baisa per unit applies to all subscriptions, with the unit value set at one Omani Rial.
Dr Ahmed bin Ali al Kaabi, Chairman of the Ishraq Endowment Fund, stated that this initial public offering reflects the innovation of investing in the endowment sector in Oman. He emphasised that the fund aims to preserve the core values of endowments while contributing to the long-term well-being of the Omani community and economic development.
He added that the subscription enhances the role of the fund in promoting Sharia-compliant financial solutions to create sustainable value for investors and communities, reaffirming the role of endowment as a fundamental pillar for empowering the community.
The fund offers three types of subscribers: the perpetual endower, who chooses to endow their funds permanently for charitable purposes, allocating the returns to specific causes such as mosques, the needy, or orphans under the supervision of the Ministry of Awqaf and Religious Affairs; the temporary endower, who chooses to endow their funds for a specified period, directing the returns to causes determined at the time of subscription; and the investor subscriber, who subscribes to achieve financial returns through the fund's investments.
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