IslamicFinance.de

It seems that The Islamic Republic of Iran was the first country to introduce Sukuk to the financial market.
Mohammad Sajjad Siahkarzadeh noted that Iran arranged the operational mechanisms for issuing Sukuks in 1994 and introduced the mechanisms in the second Islamic Banking conference in Tehran in that year.
Siahkarzadeh also added that companies finance their operations using different financial tools such as selling stocks, bonds, etc, underlinning the fact that issuing Islamic bonds (Sukuk) is a means for funding projects.