Sale of more than 51,000 billion rials of Islamic financial securities

In today’s auction, which was held in the presence of three banks and non-bank credit institutions and other individuals and legal entities, they bought 51.5 thousand billion Rials of Islamic financial securities.

These bonds have been sold up to one thousand billion rials.

The yield on these bonds until maturity in November 1403 will be 21.9 percent.

These bonds are of the general Murabaha type, with coupons and with a frequency of interest payment of 6 months and a minimum order volume of 500,000 bonds.

The Ministry of Economic Affairs and Finance is not required to accept all bids received or sell all of the bids offered at auction.

The Central Bank sends the received orders to that ministry for decision and the said ministry determines the winning orders. Finally, the bonds are offered to all winners.

The Central Bank is authorized to buy and sell government Islamic financial securities in the secondary securities market in accordance with Part (4), Paragraph (k) of Note (5) of the Budget Law of 1400. The bank’s brokerage, while providing the infrastructure for transactions and holding auctions, has no obligation to the volume and price of government Islamic financial bonds sold and will not buy these securities in the primary market for government financing.