BAKU, Azerbaijan, Mar. 30
By Elnur Baghishov – Trend:
The sales of industrial, mining and petrochemical products on the Iran Mercantile Exchange (IME) accounted for about 80 percent of total sales at the exchange since March 21, 2013, the Deputy Minister of Industry, Mine and Trade of Iran Saeed Zarandi said, Trend reports citing the ministry.
The deputy minister emphasized that so far, 95 trillion rials (about $2.26 billion) worth of securities under the 'Standard Parallel Salaf' contract have been put up for sale on the stock exchange. Of this, 68 trillion rials (about $1.62 billion) – about 72 percent is related to sales of industrial, mining and petrochemical products.
'Standard Parallel Salaf' is an Islamic contract similar to futures, with the difference being that the contract’s total price must be paid in advance.
Zarandi added that hopefully the manufacturing sector will soon make full use of the securities under the 'Standard Parallel Salaf' contract.
“Furthermore, bonds worth 24.5 trillion rials (about $583 million) were issued in Iran’s industrial and mining sector in the preceding Iranian year (from March 21, 2019 through March 19, 2020). This figure more than tripled to 82 trillion rials (about $1.95 billion) during the first 11 months of last Iranian year (from March 20, 2020 through January 19, 2021),” he said.
According to the deputy minister, 422 industrial and mining companies in Iran declared their readiness to enter the capital market in the last Iranian year (from March 20, 2020 through March 20, 2021). So far, 224 companies have signed contracts with financial institutions and 172 companies have submitted their reports.