28 February 2022 - 15:53
By approving of Money and Credit Council

Criteria for publish of various types of sukuk for banking network were announced

The criteria for publish of various types of sukuk by credit institutions, by approval of Money and Credit Council, were announced for country's banking network in capital market.
News ID : 130978

IBENA- In order to diversify in country's financing tools and helping banks to resolve shortage of financial resources by relying on significant assets, issue of publishing a variety of sukuk in capital market by country's banking network at 1327th minutes dated 21th January 2022 in Money and Credit council was raised and in this meeting, in framework of criteria approved by the bank, possibility of publishing a variety of sukuk (as sponsor) for bank network in capital market.

It should be noted that any request for publishing of sukuk is notified in the framework of regulatory criteria and in coordination with capital market. In recent years, publish of sukuk (Islamic financing tools) has been very popular in the country's banking network and several requests have been sent to this bank to use it. Sukuk; Securities with same financial value and tradable in financial markets and are designed based on one of 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's publish for banks, in addition to diversifying of financial tools, is to increases the ability to equip the financial resources of banking network and 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. Publish of sukuk on basis of these assets will solve some of financial bottlenecks that banks face.

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