SEO’s Resolution On Salam Sale
Tuesday, 30 July 2024 21:21 Salam sale seo Shariah Committee 43
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 The Shariah Committee of the SEO passed a resolution on development of financial instruments based on intangible assets in the Iran Mercantile Exchange.

Today, many manufacturing companies provide the capital they need to continue their company's activities by pre-selling their products in the mercantile and energy exchanges in the form of Salam. The statistics show that the number of projects financed by various types of Salam bonds has reach 141 projects, which is the third popular one in Iran after Ijarah and Murabeh bonds.

According to the plan presented by the Commodity Exchange, this company intends to create the necessary market infrastructure and tools for the trading of rights, interests and credits such as car scrapping certificates, the right to exploit mines and density purchased from municipalities. Hence such non-objective privilages, rights, services and privileges are traded in an official and transparent market in the form of standardized transactions, in addition to transparency in prices, many damages such as the existence of a black market for them or unhealthy brokerage will be removed.

After listening to the opinions of experts and discussions regarding the above-mentioned issue, the specialized Shariah Committee of the Security and Exchange Organization said the assignment of any rights, interests, services and privileges (intangible and non-objective assets) in the form of sale or conveyance in cash or in advance, is permissible and any instrumentalization and design of financial contracts with intangible basic assets (like what was mentioned in the example) is shariah-compliant.

One of the most important applications of the above resolution is that it is possible to design financing instruments based on intangible assets in the form of right of privilege and Salam bonds. Since then financing bonds based on intangible rights, interests, services, and privileges are not only limited to Manfa’at bonds.

For example, processes such as scrapping used cars and mechanisms such as launching auto scrapping certificate transactions will be quick and transparent.

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