Criteria for issuing various types of sukuk were announced by credit institutions

In order to diversify the country’s financing instruments and to help banks to overcome the shortage of financial resources by relying on substantial assets, the issue of the possibility of issuing various types of Sukuks in the capital market by the country’s banking network in a meeting in December The Monetary and Credit Council was proposed and it was decided that within the framework of the rules approved by this bank, it would be possible to issue various types of sukuk (as a sponsor) for the country’s banking network in the context of the capital market.

Any request for the issuance of a sukuk shall be notified within the framework of the regulatory criteria and in coordination with the capital market.

Issuance of sukuk with the permission of the Central Bank, credit institution and related legal entities are not allowed to buy all kinds of sukuk related to themselves and other credit institutions. One of the criteria communicated to credit institutions.

In recent years, the issuance of sukuk (Islamic financing instruments) has been very popular in the country’s banking network and several requests have been sent to this bank to use it.

Sukuk are securities with the same financial value and tradable in financial markets and are designed based on one of the Islamic approved contracts. Holders of sukuk jointly own one or a set of assets and benefits derived from them.

Sukuk is used instead of bonds in Islamic countries. These securities may be asset-based and designed with fixed or variable income.

One of the most important strengths of using sukuk issuance for banks, in addition to diversifying financial instruments, is to increase the ability to equip the financial resources of the banking network and the possibility of providing more facilities.

The country’s banking network, on the one hand, is facing a shortage of financial resources and, on the other hand, has a surplus of assets accumulated in its balance sheet. The issuance of sukuk on the basis of these assets will solve some of the financial bottlenecks that banks are facing.