IME, Islamic capital market discuss enhancement of mutual cooperation

Experts from Iran Mercantile Exchange (IME) and a high-ranking delegation from the Islamic Capital Market explored new avenues for consolidating ties between the two sides in a meeting in Tehran. In a meeting on the sidelines of the 3rd day of the 6th training course on Islamic Capital Market in Tehran which was attended by various world states, including Australia, Sweden, Bahrain, Gambia, Greek, India, Indonesia, Iraq, Maldives, Malawi, Nigeria, Oman, Pakistan, Thailand, Turkey, Britannia, Saudi Arabia, the IME experts and the foreign participants stressed the need to utilize entire abundant capacities of the two sides to pave the ground for enhancement of cooperation. The IME's capacities and capabilities, including orders, clearing, delivery and risk management were also underlined by the participant. The two sides also discussed expansion of cooperation between the IME and financial institutions of the Islamic Countries. The 6th Islamic capital market course was held with the presence of 19 countries in Tehran. The Islamic Capital Market (ICM) refers to the market where activities are carried out in ways which doesn’t conflict with the principles of Islam. The ICM represents an assertion of religious law in capital market transactions where the market is free from prohibited activities and elements such as riba, maisir and gharar. The IME was established on September 20, 2007 in accordance with article 95 of the new law of the Securities Market of the Islamic Republic of Iran and following the merger of the agricultural and metal exchanges of Tehran. The merger marked a new chapter in Iran capital market providing endless trading opportunities for the clients in and out of the country. Various sectors of economy and national industry benefit from the exchange operation. The IME currently offers various services, including: Performing as the first market providing access to the initial offering of the listed commodities in the IME, Price discovery and price making for Iran's Over the Counter (OTC), secondary markets and the end users, Providing venue for government sales and procurement purchases, Providing Trading platform and user interface, Providing Clearing & Settlement services, Risk management, Technology services, Training and education of the market participants.