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Code: 49145 Visited: 139 Publish Date: May 14 2018 - 2:49
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Capital Market
Ijarah Sukuk Worth $22 Million on IFB
Tehran, May. 13 (SENA) - Saba Naft engineering and construction Co. will issue Ijarah sukuk worth 920 billion rials ($22 billion) for three consecutive days of the current week through auction mechanism on Iran FaraBourse.

Tehran, May. 13 (SENA) - Saba Naft engineering and construction Co. will issue Ijarah sukuk worth 920 billion rials ($22 billion) for three consecutive days of the current week through auction mechanism on Iran FaraBourse.

Golamreza Abotorabi, CEO of Capital Market Central Asset Management Co. explained the details of this issuance in a phone call with SENA. Second Farvardin Co. as an SPV with limited liability acts as the issuer. The funds will be used by the issuer on behalf of the investors to buy a piece of land and a real estate in Tehran from the originator which is Saba Naft and then leases them back in the form hire purchase contract. This is the mechanism of Ijarah sukuk as a well-known Islamic instrument.

The maturity of the sukuk is four years with 15% annual interest rate, collected quarterly by Central Securities Depository of Iran and paid to the investors. Ahdaf Investment Co. is the guarantor of the securities and Maskan Investment Bank is the underwriter as well as the market maker in the secondary market. Every issuance in Iran capital market shall have designated market makers and guarantors in cases of default.

The CEO noted that as of today seven cases of sukuk issuance have been employed by oil and petrochemical industry, out of which one is matured and the other six are outstanding.

 
By: Security and Exchange News Agency (SENA)
 
 
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