Dubai, UAE - OQ Exploration and Production (OQEP) has been awarded the prestigious Sharia-Compliant IPO Deal of the Year 2024, at the Islamic Finance News (IFN) Awards, recognizing its commitment to ethical investment and leadership in Islamic finance. The award was received by Ahmed bin Said Al Azkawi CEO of OQEP on Tuesday, 18th February, at Address Sky View, Dubai.
Ahmed Al Azkawi, CEO of OQEP, expressed his gratitude upon receiving the prestigious award of Sharia-Compliant IPO Deal of the Year 2024 for its landmark OMR 780 million IPO transaction, highlighting the company's commitment to Sharia-compliant investment opportunities in oil and gas sector. He emphasized that this achievement marks a significant milestone for OQEP, as it aims to deliver solid cash flow generation, as well as expand its assets, all vital for sustainable growth. Al Azkawi thanked investors for their trust and acknowledged the banks that contributed to this success.
Looking ahead to 2025, he conveyed a sense of optimism and enthusiasm, stating that OQEP is dedicated to leveraging this momentum to reach new heights, celebrate further achievements, and enhance shareholder returns. He concluded by expressing a collective vision for a prosperous future.
Notably, as the IFN Investors Forum highlights the vital role of Islamic banking in the growing Islamic finance sector, we recognize the increasing demand for Shariah-compliant investment solutions. OQEP remains committed to fostering opportunities aligned with Islamic finance principles and strengthening our engagement with Islamic banks and a diverse investment base.
The subscription (IPO) of two billion shares offered by OQEP on the Muscat Stock Exchange (MSX) stands as the largest in Oman’s history and marks the first IPO in the exploration and production sector.
The award highlights OQEP’s dual value proposition: offering Shariah-compliant investment opportunities while maintaining a rigorous, performance-driven business model. This approach ensures strong returns for investors without compromising ethical values, addressing the growing demand for Islamic financial products across the GCC and beyond.
OQEP continues to expand the Shariah-compliant investment universe, driving innovation and growth. The company operates under a robust compliance framework, ensuring high standards of corporate governance, transparency, and financial discipline. This helps foster investor confidence and supports long-term sustainability through conservative financing strategies.
OQEP’s strong balance sheet and tangible assets allow it to mitigate risks effectively, while its consistent dividend policy reinforces its commitment to long-term shareholder value. Winning the IPO Deal of the Year is a testament to the company’s excellence in structuring and executing a successful IPO, solidifying its reputation in Islamic capital markets.
As the Islamic finance sector evolves, OQEP remains dedicated to delivering ethical, value-driven investments that contribute to the region’s economic growth and resilience.
The IFN Investor Middle East Forum 2025, now in its second year, takes place in Dubai, bringing together leaders and experts to discuss trends and opportunities in Shariah-compliant investment, private equity, and family offices. Organized in collaboration with IFN Investor, the forum aims to foster innovation and industry growth by facilitating key discussions among stakeholders.