In all societies, there is some group of owner’s funds and cash savings who don’t have any desire or ability to invest directly in profitable economic activities. On the other hand, many entrepreneurs with knowledge, experience and potential do not have the financial resources required for investment. Money and capital markets with using a variety of financial instruments, play a significant intermediary role between these two groups.
The main goals of Central Asset Management company are establishment and management SPVs, in order to facilitate the implementation of intermediary actions".
Based on Instruction for Issuance of Lease Securities, Paragraph G., the sale agent is a legal person who acts on offering Ijara Sukuk for sale on behalf of the issuer. In fact, the sale agent is the intermediary between the issuer of securities, i.e. the SPV, and the purchasers, i.e. investors. The intervention of the sale agent is in the initial issuance of Ijara Sukuk and it also plays a part in completing the process of public offering in the initial market of lease securities. According to Islamic Republic of Iran's Securities Market Act, Article 1, Paragraph 27, the sale agent can intervene in transfer of Ijara Sukuk when the issuance of securities is in the form of public offering. The sale agent is a legal person that is chosen among the banks, credit or financial institutions that are under the supervision of the Central Bank, finance corporations, Tehran Stock Exchange broker firms, or Iran's OTC (Instruction for Issuance of Lease securities, Article 7). The abovementioned institutions are financial institutions that work in the area of issuance of securities in general. The sale agent needs to be determined by the originator (Instruction for Issuance of Lease securities, 2010: Article 7). The sale agent signs a contract with the SPV in order to transfer contractual securities under "agency of selling securities". As the name suggests, this contract grants some sort of power of attorney with regard to selling securities to the sale agent. The sale agent is the corporation that works as an intermediary between the issuer and investors. In the process of issuing securities, the issuer needs to sell the securities through the sale agent in the initial market. The same agent is the intermediary lawyer with regard to public offering of lease securities. The originator has entrusted the issuance of the securities to the SPV, considering it its lawyer on this matter. The SPV, after the issuance of lease securities, gives the sale agent the power of attorney to sell the securities. In fact, the sale agent is the representative of the SPV and is considered its lawyer only with regard to selling the securities. From the legal point of view, the SPV has given authorization of power of attorney to the sale agent with regard to selling the securities.
The intervention of the sale agent is at the initial stage of issuance of Ijara Sukuk and it also has a role in completing the public offering in the initial market of lease securities. Based on Exchange Market Act, Article 1, Paragraph 27 in the Islamic Republic of Iran on the definition of private offering of securities, the sale agent can intervene in transfer of Ijara Sukuk when the issuance of these securities is in the form of public offering. At this stage, the sale agent needs to pay the sale amount and underwriting amount into the account of the SPV after selling the securities. The sale agent must report the result of selling securities to the Securities and Exchange Organization (SEO) within 15 days. Although the contract of sale agency is between the SPV and the sale agent, the originator has the responsibility of paying the fee of the sale agent and this will justify the originator's presence in the contract.