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Islamic Bond Sales Grow 58%

Islamic Bond Sales Grow 58%Islamic Bond Sales Grow 58%

Iran’s capital market raised over 132 trillion rials ($2.64 billion) through the issuance and sale of Islamic bonds in the last fiscal year (March 2017-18), indicating a 58% increase compared with the year before, the managing director of Central Securities Depository of Iran said. “The capital market plans to issue 32 trillion rials ($640 million) worth of sukuk in the new fiscal year (started March 21). The money raised through these securities will be used in development projects in pharmaceutical, automotive, aviation, oil, steel, communications and rail industries,” Gholamreza Aboutorabi added. Over 247 trillion rials ($4.94 billion) worth of sukuk have been issued in Iran ever since their inception in the capital market, IRNA reported.

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