Seyed Abbas Mousavian, spokesman for the Central Bank's Shari Council, stated the operational model of Gam securities was reviewed in terms of sharia. Gam or "certificate of productive credit" is securities issued by a bank to a customer based on actual debt and used in the economic cycle of production to settle debts.

He went on to say that suppose Company A, as an automaker, bought a unit worth 100 billion Tomans from Company B and gave it a six-month debt document. Company B brings this document to its bank. Upon receiving the necessary documents from Company A, the bank blocks the financial document and issues one million certificates of one hundred thousand-Toman with a six-month bank guarantee to Company B. Now Company B has three options.

The first option is that it can wait for the bonds to mature and receive the nominal price of the bonds. The second option is that it can pay those bonds to the creditor firms to settle its debt, and the third option is that it can sell the bonds in financial markets in a discounted way to access cash if it needs liquidity.

The member of the Sharia Council of the Central Bank mentioned in Gam securities, the bank as a guarantor guarantees the debt payment of firm A, so it issues a guaranteed certificate based on the blocked financial document. Since these securities have bank guarantees, they will be acceptable for debt settlement and sales in the financial markets. The bank also receives a fee from the firm for issuing the certificate and guarantee.

The Sharia Council of the Central Bank announced there is no problem to issue bonds based on a blocked debt document in the form of a sharia or customary guarantee contract and secondly, the bank is allowed to receive a fee for such a service.