Oman's government has sold a USD500 million six-year sukuk in a private placement, a document from the lead manager showed. The sukuk's profit rate is 3.5 percent and the Ijara-structured instrument will be repaid in three equal instalments after four, five and six years, according to the document from Standard Chartered. Ijara is a common sharia-compliant sale and lease-back contract. Gulf governments are turning to debt markets to raise money to make up for budgetary shortfalls following the sustained slump in oil prices. Oman has already raised a USD2.5 billion two-part bond and a USD1 billion loan from banks in 2016. (Reuters)