#Iran Seven-Year #Sukuk #Issuance at $3.7b

Seven years ago the Law of Developing Financial Instruments and Entities was passed in the parliament. Since then, more than $ 3.76 billion worth of Islamic sukuk have been issued in the Iranian capital market according to the chief executive of the Capital Market Central Asset Management Company.
"From the fiscal 2010-11 up to the end of the ninth month of the current fiscal year, 47 kinds of sukuk worth more than 157 trillion rials have been released in the capital market, 17 of which worth $ 311.7 million have come to maturity," Gholamreza Abutorabi was also quoted as saying by the official website of the company: "The amount of installments and the original amount of these matured bonds have been reimbursed".
According to the CEO, 30 kinds of active sukuk worth $ 3.5 billion are currently in use and are being traded, whereas two other kinds worth a total of $ 89.9 million belonging to two companies will come to maturity. From the beginning of the current fiscal year on March 20 until now, more than $ 407.6 million worth of installments pertaining to various kinds of sukuk have been received by intermediary financial companies.
"These bonds have been subsequently cleared and transferred to accounts belonging to owners of the bonds by the Central Securities Depository of Iran," Abutorabi said. He pointed out that Ijarah bonds have accounted for the highest shares among all kinds of sukuk with more than 86 trillion rials and 32 instances of issuance.
As to future Islamic bond issuance in the Iranian capital market, the chief executive said Iran Khodro, Iran's largest automaker, Gol Gohar Company and Adourateb Company plan to come up with resources by releasing a total of $ 244.6 million in bonds.