Iran to Issue IRR 180 Trillion Sukuk to Fund Infrastructure Development

President of the Islamic Republic of Iran (Iran), Eshaq Jahangiri, signed off on a resolution allowing the country’s government departments and municipalities to issue up to IRR 180 trillion (USD 1.12 billion) worth of Shariah-compliant securities, Local media reports stated that these funds were being raised for infrastructure development projects until the end of the current calendar year in late March 2021.

The Sukuk is expected to be issued by municipalities and their subsidiary organizations across the country and IRR 80 trillion of this issuance will be overseen by Iran’s Ministry of Interior, according to the resolution signed off by the Vice-President.

Meanwhile,...