$25b to Be Raised in Capital Market

Over $25 billion will be raised in the capital market from Salaf contracts and capital increase by the end of the current Iranian year (March 20), the head of Securities and Exchange Organization said. Shapour Mohammadi added that market capitalization is also expected to reach $172 billion by the yearend. Salaf is an Islamic contract with similarities to futures contracts used to forward sell an underlying commodity with a predetermined interest for the period. IRNA and Mehr news agencies reported that Mohammadi said about 10.64 million trading codes have so far been issued in Iran’s capital market.