The Securities and Exchange Organization has given the green light to the issuance of two new sukuks (Islamic bonds) in Iran Fara Bourse (over-the-counter market). Three investment banks Mellat, Arman-Ati and Novin will handle the sale of the upcoming bonds. Miner NIMIDCO is to issue 1.62 trillion rials ($46.6 million at market exchange rate) worth of Estesna’ sukuk to raise funds for building an iron ore concentrate and pellet plant, which will earn 23% interest per year, paid quarterly and have a three-year maturity. Dana Energy Group will issue 650 billion rials ($18.7 million) worth of Ejare sukuk, to buy a drilling rig, which will mature in four years and pay 21% per annum. The interest will also be paid quarterly.
