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April 23 2018
The 10th round of International Course on Islamic Capital Markets (ICM) started on April 10 in Tehran, held by Securities and Exchange Organization of Iran in Collaboration with Islamic Development Bank (IDB) and Islamic Research and Training Institute (IRTI). Chairman and CEO of the SEO Shapour Mohammadi in his address to the course, read out by his deputy Saeid Falahpour, mentioned that the event is aimed to provide the opportunity for debating and exchanging ideas about the latest developments and achievements in the field of Islamic finance in Iran and other countries. Every instrument, institutions, and transaction in Iran capital market has to be Sharia Compliant that is monitored, reviewed, commented on and approved by eight members of capital market Sharia Board, a body established in 2007 by the provisions of the Securities Market Act of 2005. This round of the course is dedicated to the re-engineering of Islamic Capital Market Products so they can satisfy market players and investors' needs and at the same time can be locally and internationally Sharia Compliant. "Although all of Iranian Financial Instruments are in compliance with Sharia, the fast evolving environment of local and international finance and economics makes the current structures inefficient and inadequate and the investors unwilling to utilize them. So re-engineering of financial products is inevitable," CEO added. Iran is seeking to share his achievements in Islamic finance with international experts and to receive their invaluable feedbacks. Mohammadi went on to talk about the advancements in well-known Islamic securities known as Sukuk, counting Musharakah, Ijarah, Murabahah, Parallel Salam, Mortgage-backed, Treasury bills and Istisna as the widely used instruments in Iran by both the state and the private sector. The government has widely employed Treasury bills, Ijarah and Murabahah to settle his debts to contractors and to finance its projects. According to Mohammadi, the volume of outstanding Sukuk is currently standing at 500,000 billion rials ($12 billion). The value of Ijarah and Musharakah Sukuk are 35,000 ($830 million) and 100,000 ($2.3 billion) billion rials. The two-day course including presentations, panels and discussions followed by a one-day city tour on April 17.