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EghtesadOnline: The Iranian debt market witnessed the issuance of 83.6 trillion rials ($2.2 billion) of Sukuk in the last fiscal year (ended March 20, 2017), registering an over 92% growth compared with the year before, according to the head of Central Securities Depository of Iran, Mohammad Reza Mohseni.

The Islamic bonds were issued by 14 governmental organizations and private companies, including Iran Planning and Budget Organization; Government Trading Corporation of Iran; Ministry of Economic Affairs and Finance; Ministry of Cooperatives, Labor and Social Welfare; Ministry of Science, Research and Technology; Mobarakeh Steel Company; Bank Maskan; Joopar Passenger and Freight Trains Company; RighTel; Mahan Air; Parsian Lotus; SAIPA; Bana Gostar Karaneh Company and Shargh Cement Company, SENA reported.

Sukuk are financial certificates like bonds that comply with Sharia or Islamic Law, according to Financial Tribune.

Mohammad Reza Mohseni Iran debt market Iran sukuk