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Manfa’ah sukuk are meant to pick up where the recently issued banks’ certificates of deposit with 20% interest left off.
Manfa’ah sukuk are meant to pick up where the recently issued banks’ certificates of deposit with 20% interest left off.
Wednesday, March 07, 2018

New Form of Islamic Bond Makes Debut at Iran Fara Bourse

The new 42-month bonds, bearing a maximum of 20.1% annual interest, will be backed by 51 trillion rials ($1.13 billion) of government revenues
Risk-free, high-return investment options such as certificates of deposit and government bonds would naturally make investors shy away from risky options such as equity market investment
Wednesday, March 07, 2018

New Form of Islamic Bond Makes Debut at Iran Fara Bourse

The Iranian capital market hosted a new type of Islamic debt security on Tuesday, as the government issued 30 trillion rials (about $670 million) worth of Manfa’ah sukuk at the over-the-counter exchange Iran Fara Bourse.
The 42-month bonds, bearing a maximum of 20.1% annual interest, will be backed by 51 trillion rials ($1.13 billion) of government revenues sourced from 100% of state-exclusive profits in National Iranian Oil Refining & Distribution Company and Telecommunications Infrastructure Company, as well as 78% in National Iranian Gas Company, Gholamreza Aboutorabi, the head of Capital Market Central Asset Management Company, announced.
Each Manfa’ah sukuk is priced at 1 million rials ($22.2).
Manfa’ah or usufruct sukuk are valuable financial deeds that indicate the ownership of the holder on a certain service or future profits of a durable asset.

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03/07/2018
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