Total size of Sukuk issued through SPVs in Iran Capital market from 2011 to August 2021 is 877,019 billion IRR and total outstanding sukuk equals 716,889 billion IRR.

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Iran Capital Market Central AMC reports: Iranian corporates have issued SPV involved sukuk in different structures; such as, Ijarah, Manfaah, ABS and Murabaha amounting to 182,839 billion IRR in the first 9 months of 2021 which is expected to rise considering the initial permits given by the Securities and Exchange Organization of Iran to 19 originators looking to raise funds through issuing SPV needed sukuk amounting to at least 100 trillion IRR.

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The sukuk issued this year include a diverse range of underlying assets such as: sale contracts, drill rig, car parts, raw materials, future revenues from the gas fields and stocks.

Sukuk Issued through SPVs in Iran Capital Market Jan. to Aug. 2021

In Iran capital market, credit rating is not mandatory for issuing sukuk while in 2021, for the first time in the past 11 years some sukuk were issued based on their credit rating determined by local credit rating agencies.
According to guidelines on issuance of sukuk in Iran capital market, the sukuk originators are required to guarantee the payment of distribution amounts and principal through providing third person guarantee and/or corporate and sukuk credit rating and/or stocks collateralization.