Dr. Amir Hamouni, CEO of Iran Fara Bourse, pointed to the ranking of the top brokerages in 2019 which was done based on the criteria of quality, market health, violations, transaction value and brokerage clients, considering this action as Fara Bourse innovation. He explained the development of new financial instruments in Iran Fara Bourse in accordance with the government method and the contracts that the government uses for its obligations and debts.

He said Gham bonds, as a certificate of productive credit, are similar to Islamic treasury bills but for the private sector and the value chain, it is an industry. That is, there are companies that produce products which are intermediate goods and will go through different paths to reach the consumer and these bonds can be passed among companies. He stated in the future, this method could solve many problems in the industry.

Regarding Reopening, the CEO of Fara Bourse said in this method, the Central Bank and Iran Fara Bourse Company announce the holding of the first auction and the participants can send their orders through the relevant systems in the money market or capital market until the specified deadline. The relevant stock exchange acts in accordance with published announcements regarding quoting and receiving orders from financial institutions, insurance companies and pension funds.

 The received orders are sent to the Ministry of Economic Affairs and Finance and in cooperation with with the Program and Budget Organization to determine the prices and rates accepted in cooperation with the Program and Budget Organization through the auction mechanism for offering securities with the priority of the clients in the auction process. Then, the Ministry of Economic Affairs and Finance will gradually underwrite and sell securities based on the price and rate determined in the auction mechanism.
Islamic treasury bills that the government gives to non-government contractors to settle part of its debts do not have ‘paid interest’ and only the nominal amount can be paid at maturity. Therefore, contractors who have received bonds equivalent to their debt, can sell these bonds in Fara Bourse at market prices if they wish to receive their debts before one-year maturity.

Dr. Hamouni talked about Sindex index, saying this index is a criterion to show the return and risk of the bond market in Iran Fara Bourse. He mentioned so far there has been no indicator for risk-free market benchmarking, and in January 2021, the Fara Bourse Sukuk index was unveiled for the first time. This index can be one of the most important goals of evaluating the performance of portfolio managers of fixed income funds in order to evaluate and compare the performance of these funds based on the index. The basis for calculating this index is government bonds, treasury bills, short-term and long-term bonds and their combination.

He stressed one of the goals of Fara Bourse Sukuk index is to provide the possibility of creating index-based funds, conducting scientific and academic research, simplifying analysis for micro-investors to decide on investing in the debt market, and streamlining valuations through benchmarking for a risk-free rate of return.

The CEO of Fara Bourse went on to say that the bipolar view between the two cultures of bank-based and market-based financing is not a good because these two markets were never opposite. This bipolar view can be intertwined, and the country's economy can become more efficient with instrument-based financing. Therefore, we should not create a negative sense of competition and put the stock market and the bank against each other.