EghtesadOnline: The parliament approved the section of next year’s (March 2019-20) budget bill that allows the Central Bank of Iran to launch secondary markets for trading Islamic bonds issued by the government. The measure is aimed at curbing inflation, the parliamentary news website ICANA reported.
EghtesadOnline: The Central Bank of Iran has sent a directive to banks and credit institutions obliging agent banks to accept Islamic bonds as collateral from contractors of development projects.
EghtesadOnline: Provisions of Note 5 of next year’s budget give details about Islamic bonds the government intends to issue in the next fiscal year that begins in March 2019.
EghtesadOnline: A range of new financial products, from Islamic bonds to warrants and insurance-linked securities, are being developed to help give local firms more funding options as US sanctions pile pressure on the economy.
EghtesadOnline: Iran’s second-largest auto producer has started the underwriting process of its 390-trillion-rial ($92.8 million) worth of Islamic bonds on Tehran Stock Exchange.
EghtesadOnline: Some 1.05 trillion rials ($25 million) worth of Islamic bonds (sukuk) have been issued to fund the manufacturing of 50 locomotives by Iran’s Wagon Pars Company, the roads and urban development minister said.
EghtesadOnline: The Islamic Republic of Iran Broadcasting is considering issuing Islamic bonds in the Iranian capital market, the head of Iran Far Bourse said.
EghtesadOnline: Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, has mandated 10 banks including Standard Chartered Plc for a benchmark-sized sale of Islamic bonds, according to two people with knowledge of the transaction.
EghtesadOnline: Demand for fixed-income securities is high among Iranian investors, as decreasing deposit rates leave bonds as the only high yield investment.