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An Overview of Islamic Financial Instruments/Institutions in Iran

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An Overview of Islamic Financial Instruments/Institutions in Iran An Overview of Islamic Financial Instruments/Institutions in Iran Majid Pireh Islamic Finance Senior Expert Research, Development and Islamic Studies (RDIS) Department Securities and Exchange Organization (SEO) 7th International Course on Islamic Capital Markets Tehran; Islamic Republic of Iran May 2015 1 Presentation Outlines • Section 1: Country General Financial Framework • Section 2: Structure of Iranian Capital Market • Section 3: Islamic Oriented Issues in the Iranian Capital Market • Section 4: Financial Instruments in Iranian capital market • Section 5: Financial Institutions in Iranian Capital Market 2 Section 1: Iranian Constitution Framework on Country General Financial Framework Financial System After the Islamic revolution in Islamic republic of Iran Constitution 1979, financial system in Iran had Chapter 4: Economy and Financial Affairs a great tendency to implement Islamic laws and reform the Article 43: Principles • The economy of the Islamic Republic of Iran, with structures to comply with Shariah its objectives of achieving the economic principles. independence of the society, uprooting poverty and deprivation, and fulfilling human needs in According to article 43 of the process of development while preserving chapter 4 of Iranian constitution, human liberty, is based on the following criteria: • … the financial system does not • 5: the prohibition of infliction of harm and loss permit any financial instrument upon others, monopoly, hoarding, usury, and other illegitimate and evil practices; which contradicts Shariah Principles neither to be issued nor to be traded. 3 Key Acts for Regulating Iranian Capital Market Act Name Ratification Date Ratification Organ Law for Development of New Financial Islamic Consultative Dec 2009 Instruments and Parliament Institutions Anti-Money Islamic Consultative Jan 2008 Laundering Act Parliament Securities Market Act Islamic Consultative of the Islamic Republic Nov 2005 Parliament of Iran Commercial Code of National Consultative April 1932 Iran Parliament 4 Iranian Financial System Structure Ministry of Economic Affairs and Finance Securities and Money and Insurance High Exchange High Credit Council Council Council Central Central Bank Securities and Insurance of Islamic Exchange of Islamic Republic of Iran Organization Republic of Iran 5 Section 2: Structure of Iranian Capital Market Determines General Securities and Policies of the Capital Exchange Market High Council Provides Rules and Securities and Regulations for the Exchange Capital Market Organization Some Markets For Iran Tehran Stock Farabourse Energy Mercantile Trading The Exchange Company Exchange Instruments Exchange 6 Structure of Iranian Securities and Exchange High Capital Market Council (Cont’d) The members of the Council includes: 1. Minister of Economic Affairs and Finance Securities and Exchange 2. Minister of Commerce High Council 3. Governor of the Central Bank of I.R.I 4. Heads of the Iranian Chamber of Commerce, Industries and Mines and the Chamber of The Council is the highest Cooperatives ranking body of the 5. President of the Organization 6. Public prosecutor or his deputy securities market which 7. One representative on behalf of the Associations shall be charged with the 8. Three financial experts solely from the private sector adoption of the macro- 9. One expert solely from the private sector as recommended by the concerned minister policies of such market. and approved by the Council of Ministers of each commodity exchange. 7 Structure of Iranian Securities and Exchange Capital Market Organization (SEO) (Cont’d) Securities and Exchange Organization (SEO) The Organization board of directors A public non- shall consist of 5 members who are governmental entity with elected from among the trusted and legal and financial reputable individuals with financial independence which shall be funded through the experiences solely from the non- service charges and fees governmental sector professionals as collected from the recommended by the chairman of companies listed on the the Council and approved by the Exchange as well as other revenues. Council. 8 Structure of Iranian Tehran Stock Exchange Capital Market (TSE) (Cont’d) Tehran Stock Exchange (TSE) The securities listing on the An organized and exchange, shall be self-regulating implemented in market in which accordance with the the securities are regulations which shall be traded by brokers approved by the SEO. and/or dealers. 9 Structure of Iranian Farabourse Company Capital Market Farabourse co. has 5 markets as follows: (Cont’d) 1. First market: For companies with at least 200 Farabourse Company shareholders and registered capital more than 10 Based on Paragraph (8) Billion Iranian Rial (IRR) Article 1, and Article 28 of 2. Second market: For companies with registered capital more than 1 Billion IRR the Securities Market Act, 3. Third market: other companies equities which are and after obtaining tradable on the basis of High Council viewpoint; permission from the Sukuk and Islamic MBS Securities and Exchange 4. New financial instruments market: For Musharakah High Council, Iran Sukuk issued more than 100 Billion IRR, mutual funds Farabourse was established and construction funds investment units, certificate of deposits and other kinds of Sukuk which issuance in November 2008. value gets more than 100 Billion IRR. 5. Base market: for company shares registered with SEO 10 Structure of Iranian Iran Commodity Exchange Capital Market (IME) (Cont’d) Iran Commodity Exchange (IME) Admission of commodities Purpose of the company is and the securities including: 1. establishment, thereupon including: 2. organization 1. industrial, 3. and running the company 2. mineral in an organized and self 3. agricultural commodities regulated manner to do transactions of the 4. and the securities which admitted commodities are on the basis of each of and the securities on the them basis of the admitted commodities. according to the rules and regulations. 11 Structure of Iranian Energy Exchange Capital Market (Cont’d) As a new bourse of Iranian capital Energy Exchange market, Energy Exchange was On 20/06/2011 meeting, the formed in order to supply Exchange High Council of 1. oil and petroleum derivative, Iran, voted for lunching the 4th exchange under the 2. electricity, supervision of the Securities 3. natural gas, and Exchange Organization 4. coal, (SEO) (i.e. energy 5. pollution right, exchange). 6. and other energy carriers all in a Shariah compatible manner 12 Section 3: Islamic • Securities & Exchange Organization(SEO) Securities & prepares first draft of the new instrument. Exchange Oriented Issues Organization in the Iranian • The board members study the instrument to Capital Market see if it does not contradict Shariah. If it was Shariah OK, it will be assigned to high council. Board Procedure of • The council is the body which is responsible for approving the new instruments to be High issued. Approving Council New • The SEO shall prepare related rules and Securities & regulations. Securities Exchange Organization 13 Shariah Board of SEO The objects for which the Board is established shall be as: • to study and provide jurisprudential comments on financial instruments, markets and institutions • and provide required reforming recommendations. 14 Shariah Board of SEO The Board consists of 8 members who shall be appointed as follows: • Five Shariah Scholars, • One Financial Expert, • One Legal Expert, • One Economic Expert 15 Section 4: Financial Instruments in Iranian capital market 1. Equity Shares 2. Sukuk 3. Derivatives 4. Certificates of Housing Loans Priority Rights 16 Equity Shares • Screening procedure; necessary or not necessary? • Exchanges – Tehran Stock Exchange – Farabourse Company • IPOs in the market • Diversity of Industries • Indexes 17 Sukuk in Iran Shariah Board Rules and Type Tradability Issued? Viewpoint Regulations Musharakah --- Ijarah Murabaha Mudarabah × × Istisna × × Jo'alah × × At nominal Qard × value At nominal Manfa`ah × × value Muzara`ah × × Only on the Salam basis on parallel Salam 18 Sukuk (Issued in the Market) Musharakah Ijarah Murabaha Salam •First issued in •First issued in •First issued in •First issued in 1994 2011 2013 July 2014 •Issued •Issued •Issued •Structure is volume volume volume based on exceeds 30 exceeds exceeds 24 embedded billion USD 600 million million USD option till now USD till now till now contracts •Mainly •Issued and •Issued and •Tradability issued and traded in traded in implements traded in capital capital parallel banking market market Salam system structure 19 Derivatives (Shariah Board Viewpoint) Futures Options • The Shariah board of • The Shariah board of SEO, approved futures SEO, approved options contract in general; but contract in general; but it also emphasized that: it also emphasized that: – The market should keep – The market should keep a rational ratio with the a rational ratio with the real market real market – The underlying assets – The underlying assets should be deliverable should be deliverable 20 Derivatives (Applied) Futures Options • Commodity Futures • Embedded Put Options – Gold Coin Futures • 1st lunched in June 2008 for single stocks are • Traded in Iran Mercantile now available in the Exchange (IME) – Wired Copper capital market. – Copper Cathode – Gold Bullion • Equity Futures – Single stock futures • 1st lunched in July 2010 • Traded in Tehran Stock Exchange (TSE) 21 Certificates of Loans Priority Rights (Shariah Board viewpoint) Housing
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