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EghtesadOnline: The government issued 35 trillion rials ($900.2 million) worth of Ijarah Sukuk on Iran Fara Bourse on Wednesday.

They were made up of 20 million “SI03” valued at 20 trillion rials ($515 million) issued by the Ministry of Education with a maturity date of February 6, 2021, and 1.5 million “SI41” worth 15 trillion rials ($385 million) issued by the Ministry of Science, Research and Technology set to mature on March 14, 2021. Both bonds have a 15% yield to maturity and pay every six months, Bourse Press reported. Ijarah bonds basically exchange the future proceeds of the issuer’s assets for a lump payment. They are the most widely used form of the 14 existing types of Islamic bonds. In Iran, they were first introduced in 2011, according to Financial Tribune.

 

Iran Fara Bourse Iran government Iran Ijarah Sukuk