They are securities issued by the General Treasury with a fixed nominal value and without interest coupons, with maturities of up to three years. They are available to the public sector for its registered debts with the agreement of the creditors in the form of a deduction (with a deduction from the nominal value).

Primary market

The issuance of Islamic treasury bills is permissible in the following cases:

1- Government debt to contractors, companies, banks and private insurance companies
2- Government debt to state banks if the facilities granted by banks to a government are from non-government investment deposits

Proviso: If the granting of facilities is in the form of a forward contract, the transaction of a part of the Islamic treasury bills related to the facilities granted in the form of a forward contract is permissible only if the maturity date of the forward contract has arrived.

Proviso: Regarding the facilities paid from non-governmental deposits based on partnership contracts, it is necessary to realize the profit related to the facilities so that the transaction of Islamic treasury bills related to it is permissible.

Proviso: If a state bank has paid an amount from the deposits of the depositors by the order of the government to individuals (for example, the Agricultural Bank has paid an amount to compensate farmers’ loss). Considering that according to the Supreme Leader’s opinion, devaluation of the currency is permissible, therefore, it is permissible to give the Islamic Treasury bills regarding this part of the bank's claims on behalf of the non-governmental depositors.

3- Government debt to mixed banks (part of the shares belong to the government and part to the private sector)
4- Government debt to non-governmental public sector such as social security organization and municipalities
5- Institutions affiliated to the government can sell Islamic treasury bills in the market on behalf of their creditors.

. The government cannot issue Islamic treasury bills to pay its debt to the central bank, state companies and state insurance companies.
Increase in the government’s debt amount to the contractor

. No amount can be added to overdue debts.
Proviso: The government can add an amount to the principal debt as a compensation for the decrease in debt value due to inflation.

Proviso: If there is a deposit in the contract as a guarantee, the amount of the debt is equal to the amount of the contract plus the fine for late payment.

Proviso: The government can increase the amount of the debt with the approval of the law and the approval of the Guardian Council to show its loyalty. In other words, this increase shall be a legal obligation, not a legal contract between the contractor and the government. An increase in the amount of debt can be done in following situations:

. Based on a certain index
. In the form of profit coupons.
. The government can pay the discounted amount and nominal value of the Islamic treasury bills to its creditors to show its loyalty.

Exchange of treasury bills with shares

The transfer of shares instead of the nominal value of Islamic treasury bills at the maturity stage is permissible if the holder of the bills has the option of exchange. Also, the exchange ratio can be determined at the beginning of the issuance of treasury bills or after their maturity.

Issuance of bonds in foreign currency

By paying a certain amount of foreign currency or its Rial equivalent (at the daily rate of the free market), investors buy the claim of the private sector from the government in cash. At maturity, according to the contract, the government’s debt amount is settled by paying foreign currency or its Rial equivalent (at the free market daily rate).