Organizations, companies and institutes need financial sources for establishment, mobilization and development of their businesses. In common financial markets, various financial instruments are designed to provide such sources, based on which, those financial organizations have started their businesses. Considering the rejection of some common financing instruments, especially debt instruments like bonds, Muslim scholars decided to design Islamic financial instruments, to achieve this goal, they had vast studies on Shariah contracts and their capability of making instruments. The aim of this process was to develop new instruments called “Islamic securities or Sukuk”. According to the notification of general policies of 44th norm in constitutional law of Islamic Republic of Iran on May 22, 2005- which observes financial growth and development of the country and growth of private organization’s role in economics- appliance and development of Islamic financing instruments can led to the growth and development of infrastructural activities of the country: industry, production, exports, services and etc. It can be a link between investors and economical institutes needing financial sources. In the other hand it can be an alternative in investment to have yields proportional to the risks taken. On this basis Central Asset Management Company was established as one of the fundamental poles in issuance of Islamic securities or Sukuk on August 2, 2010 in order to establish, control and guide SPVs. Since the establishment up to now, Central Asset Management Company has been issuance administrator of different types of Sukuk in Iran stock market. It is hoped that Central Asset Management Company would operate efficiently in order to develop new financial instruments compatible with Shariah Laws and help Islamic Republic of Iran with its economical goals.
Mohammad Hosein Sadraie