IslamicFinance.de

The Iranian Ministry of Finance issued IRR 5 trillion of four-year lease-based Sukuk on 16 March. The bonds were sold through Iran Fara Bourse, Tehran’s over-the-counter market. The issue marks the first use by the Government of Iran of such bonds. Previously, in September 2015, another first had been notched up with the issuance of some $295 million in Islamic Treasury Bills on Iran Fara Bourse. Meanwhile, in banking, the State Bank of Pakistan called a special meeting of all banks/ financial institutions on 14 March 2016 to discuss progress made by the Pakistani banking sector for facilitating trade transactions with Iran. Later in March it was reported that Bank Melli Iran had expressed interest in opening a branch in Pakistan while Pakistan’s Habib Bank may open a branch in Iran.