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Iran's bourse to add new Islamic financial instruments

 

Iran's bourse to add new Islamic financial instruments 

11/03/2011 06:30:00 AM GM
 
 
The Securities and Exchange Organization of Iran has put on agenda to add new Islamic instruments.

The Securities and Exchange Organization of Iran has put on agenda to add new Islamic instruments such as Derivative Securities, Istisna and Murabaha in Capital Market as of the next Iranian calendar year (March 21, 2010).

Head of Bourse Organization Ali Salehabadi said sukuk (Islamic bonds) for financing housing projects and Ijarah or rental-based bonds were also ratified during the current year, INN.ir wrote.

Highlighting that sukuk for housing projects are traded at 10 billion rials daily, he said Ijarah or rental-based sukuk would be published by the yearend (March 20, 2011).

Pointing to issuance of 30 million euros worth of sukuk for Mahan Airline, he said with the launch of BRokerage firms, the other Islamic monetary means could also be used in bourse.

Also, Ali Saeedi, a senior official in Bourse Organization said the necessary grounds have been paved for the entrance of sukuk or Islamic bonds in Bourse Organization, adding BRokerage firms are considered as the main infrastructures for entrance of new monetary means to bourse.

He gave news that Murabaha bonds would be issued next year. Murabaha is installment sale which is based on repayment in convenient monthly installments.

Referring to issuance of Istisna sukuk next year, Saeedi explained that the ministries, municipalities, state- and private-run companies could purchase their commodities via Istisna means in an effort to financially supply the development projects. Istisna is a kind of sale where a commodity is transacted before it comes into existence.

It means to order a manufacturer to manufacture a specific commodity for the purchaser.

Warning Over Illegal Institutes Head of Security Department of Bourse Organization said some institutes have held training courses regarding capital market without obtaining the required permit from Technical-Vocational Training Organization. Mohammad Takbiri urged people to be cautious and careful in choosing the training institutes.

Currently, Bourse Organization and Technical-Vocational Training Organization are jointly pursuing legal action against the operation of illegal institutes, he concluded

www.qatarmorningpost.com/news/newsfull.php

Posted Date : 14 March 2011

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