Iran's Fixed Income Market.
In the Iranian calendar year of 1397 (March 2017 to March 2018), total issuance within the fixed income market doubled to 16 billion US$ year on year. In late March and early April, the only issuance was 11 million US$ equivalent worth of Mortgage Backed Security (MBS) papers. These bonds are asset-backed securities that are secured by a mortgage or collection of mortgages. MBS is not a widely utilized instrument in major markets in Islamic countries, as many Shariah scholars have rejected it on the basis that it is a debt-trading mechanism. Iranian scholars at the SEO, however, have approved this debt trading in the secondary market -- the Iran Farabourse market.
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