The Ishraq Endowment Investment Fund has officially launched its initial public offering (IPO) with a target capital of OMR 10 million, following approval by the Financial Services Authority (FSA). The subscription period will remain open until January 2, allowing both individuals and institutions to participate in this innovative financial initiative.
Established through a partnership between the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Centre for Culture and Science, and Bank Nizwa, the fund is managed by Oman National Investments Development Company (Tanmia). The IPO offers units priced at OMR 1 each, with an issuance premium of 20 baisas per unit. Minimum subscription levels are set at OMR 500 for individuals and OMR 5,000 for companies.
The fund introduces three subscription models tailored to diverse investor needs. The permanent endowment model allows participants to allocate funds for charitable purposes such as supporting mosques, orphans, or other benevolent causes under the Ministry’s oversight. The temporary endowment model enables subscribers to dedicate funds for a specified period, with proceeds directed toward predetermined purposes. The investor subscriber model is designed for participants seeking financial returns from the fund’s investments.
“This initial public offering of the Fund embodies the innovation of investment in the endowment sector in the Sultanate of Oman and aims to preserve the core values of endowment while contributing to enhancing the well-being of Omani society and economic development in the long term,” said Dr Ahmed bin Ali Al Kaabi, Chairman of the Board of Directors of Ishraq Endowment Fund.
