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21-10-19
Iran increases USD870m in Islamic bonds to fund projects
(MENAFN) An official from the Securities and Exchange Organization of Iran (SEO) as saying that sukuk worth USD869.5 million will be issued through a middle company working for Iran"s ministry of finance in the week beginning October 27, 2019, IRNA said in a report.
Gholamreza Aboutorabi said the bonds will be exempt from normal registration procedures in the SEO, suggesting they will be easier for future trade, adding that Iran"s Plan and Budget Organization (PBO) will guarantee payment of the interest at a rate of at least 17.9 percent, as the rate is not fixed to comply with Islamic laws, and the principal of the debt certificates.
Aboutorabi said the interest for the sukuk, which have a maturity of three years, will be funded through the income derived from government taxation, adding that investors will get their interest payments in six-month intervals.
The planned debt issuance will be the largest ever carried out by the Iranian government, the report said.
MENAFN2110201900450000ID1099155632
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