$26m Worth of Bonds to Fund Kish Infrastructure Projects

The Securities and Exchange Organization has given the go-ahead to the High Council of Free Zones to issue 3,000 billion rials ($26.2 million) worth of sukuk (Islamic debt securities) to finance development projects in Kish Free Trade Zone, which could rise to 10,000 billion rials ($87.3 million), Secretary of High Council of Free Zones Morteza Bank said.
“Funds raised through the issue of sukuk must be used to invest in infrastructure projects on Kish Island, including the development of Kish International Airport, port and logistics as well as ICT infrastructures,” Bank was quoted as saying by IRIB News. 
Sukuk are defined by Accounting and Auditing Organization for Islamic Financial Institutions as “securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.”