تامین سرمایه بانک ملت

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of Ijarah sukuk by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on Observation of rules and regulations, conditions of the asset, future financial information and etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of Ijarah sukuk.
• Reviewing the request by the SEO, if no documentation is missing, the agreement will be issued by the SEO.

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO, if accords with the issued principal agreement and the designed forms, SEO will provide the permit of issuance of Ijarah sukuk.

3.Completing issuance

• The permit is obtained, the issuer and the consultant embarks on issuing Ijarah sukuk within the permitted time frame

4.Withdrawing funds and ownership transfer

• Reviewing the contract by SEO in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• Issuing the confirmation for fund withdrawal from issuer’s account by SEO.

In order to finance by Ijarah sukuk, the originator must meet the following criteria:

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented
4. The operational cash flow for the past two years should be positive, if according to the audited interim financial statements of this year, operational cash flow is positive, it can be included in the calculation of the total cash flow mentioned above;
5. The maximum debt to asset ratio shall be 90%.

Utilizing this asset in the business, must result in positive cash flows or prevent outflows
There shall be no legal, contractual or judicial restriction or prohibition on the transfer of assets, interests and rights arising therefrom.
Ownership and its rights has no restriction among issuer
No jointly ownership
The asset can be transferred to others
The asset shall have adequate and sufficient insurance coverage till the ownership is transferred to the originator

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of Murabahah sukuk by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on observation of rules and regulations, conditions of the asset, future financial information and etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of Murabahah sukuk.
• Reviewing the request by the SEO, if no documentation is missing, the agreement will be issued by the SEO.

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO, if accords with the issued principal agreement and the designed forms, SEO will issue the permit of issuance of murabahah sukuk.

3.Completing issuance

• After the permit is obtained, the issuer and the consultant embarks on issuing murabahah sukuk within the permitted time frame

4.Withdrawing funds and ownership transfer

• The SEO will review the contract in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• SEO issues the confirmation for fund withdrawal from issuer’s account.

In order to finance by murabahah sukuk, the originator must meet the following criteria:

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented
4. The operational cash flow for the past two years should be positive, if according to the audited interim financial statements of this year, operational cash flow is positive, it can be included in the calculation of the total cash flow mentioned above;
5. The maximum debt to asset ratio shall be 90%.  

Using this asset in originator’s activities must lead to cash flows or prevent cash outflows
There shall be no legal, contractual or judicial restriction or prohibition on the transfer of assets, interests and rights arising therefrom.
Ownership and its rights has no restriction among issuer
No jointly ownership
The asset can be transferred to others
The asset shall have adequate and sufficient insurance coverage till the ownership is transferred to the originator..

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of Istisna’ sukuk by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on observation of rules and regulations, conditions of the asset, future financial information etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of Istisna’ sukuk.
• SEO reviews the request and if no documentation is missing, the agreement will be issued by the SEO.

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO if accords with the issued principal agreement and the designed forms, SEO will issue the permit of issuance of Istisna’ sukuk.

3.Completing issuance

• After obtaining the permit, the issuer and the consultant embarks on issuing Istisna’ sukuk within the permitted time frame

4.Withdrawing funds and ownership transfer

• Reviewing the contract by SEO in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• Issuing the confirmation for fund withdrawal from issuer’s account by SEO.

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented
4. The operational cash flow for the past two years should be positive, if according to the audited interim financial statements of this year, operational cash flow is positive, it can be included in the calculation of the total cash flow aforementioned;
5. The maximum debt to asset ratio shall be 90%..  

Any property that may be produced and delivered within the specified delivery time by the originator.
Assets that are produced in large quantities or consistently in the short run cannot serve as a basis for the issuance of these securities
There shall be no legal, contractual or judicial restriction or prohibition on the transfer of assets, interests and rights arising therefrom. 
The asset shall have adequate and sufficient insurance coverage till the ownership is transferred to the originator..
All required legal licenses and permits must be obtained.

1.Principle agreement

• Signing a consulting contract to design the finance method and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of Manfa’ah sukuk by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on rules and regulations observation, conditions of the asset, future financial information etc
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of Manfa’ah sukuk.
• Reviewing the request by the SEO, if no documentation is missing, SEO will issue the agreement.

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO if accords with the issued principal agreement and the designed forms, SEO will issue the permit of issuance of manfa’ah sukuk

3.Completing issuance

• After obtaining the permit, the issuer and the consultant embarks on issuing manfa’ah sukuk within the permitted time frame

4.Withdrawing funds and ownership transfer

• The SEO will review the contract in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• SEO issues the confirmation for fund withdrawal from issuer’s account.

In order to finance by Manfa’ah sukuk, the originator must meet the following requirements:

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented
4. It has been cleared that interest occurred to these sukuk

Any property that may be produced and delivered within the time specified by originator.
Assets that are produced in large quantities or consistently in the short run cannot serve as a basis for the issuance of these securities.
There shall be no legal, contractual or judicial restriction or prohibition on the transfer of assets, interests and rights arising therefrom
The asset shall have adequate and sufficient insurance coverage till the ownership is transferred to the originator.
All required legal licenses and permits have been obtained.

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of Musharakah sukuk by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on rules and regulations observation, conditions of the asset, future financial information etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of Musharakah sukuk
• SEO reviews the request and if no documentation is missing, the agreement will be issued.

2.Permit issuance

• Holding an extraordinary general meeting to approve the issuance of bonds
• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO if accords with the issued principal agreement and the designed forms, SEO will issue the permit of issuance of Musharakah sukuk.

3.Completing issuance

• After obtaining the permit, the issuer and the consultant embarks on issuing Musharakah sukuk within the permitted time frame

4.Withdrawing funds and ownership transfer

• The SEO will review the contract in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• SEO issues the confirmation for fund withdrawal from issuer’s account

In order to finance by Musharakah sukuk, the originator must meet the following requirements::

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of bay al-dayn sukuks by the consultant
• Review of the feasibility study by the originator's auditor to provide a feedback on rules and regulations observation, conditions of the asset, future financial information etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of bay al-dayn sukuks.
• The request will be reviewed by the SEO and if no documentation is missing, the agreement will be issued by the SEO.

2.Permit issuance

• Holding an extraordinary general meeting to approve the issuance of bonds
• Taking steps for the contracts to be signed by parties.

3.Completing issuance

• After the permit is obtained, the issuer and the consultant embarks on issuing bay al-dayn sukuks within the permitted time frame

4.Withdrawing funds and ownership transfer

• The SEO will review the contract in order to make sure it complies with the form, and will announce the result to the consultant.
• SEO issues the confirmation for fund withdrawal from issuer’s account.

In order to finance by bay al-dayn sukuks, the originator must meet the following criteria:

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented

in line with originator’s main objectives and the originator must have at least 2 years of experience in that filed.
10% of contracts period (contracts which debts are based on) should be passed, the installments have to be collected, matured or have not exceeded 2 months from maturity date.
The originator cannot base more than 50% of its net debts (based on latest audited financial statements) All required legal authorizations must be obtained from the relevant authorities.
The originator shall have no legal, contractual or judicial restriction or prohibition on the transfer of debts to the intermediary entity, otherwise the originator is liable for damages to the bases and holders of the securities.
All terms and conditions governing debts contracts remain valid after the debts have been transferred to the intermediary entity and the entity has all the rights to the debt
If the debtor is a legal entity, it must be registered and headquartered Iran.
Originator cannot issue these sukuk based on its claims on affiliates or sister companies.
Debts arising out of transactions subject to Article 129 of the Commercial Code, may be based for issuance of bonds only after the approval of such transactions in general meeting.
Audited financial statements should not be conditional, rejected or not-commented.

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Determining the present value and economic life of the asset
• Creating a feasibility study of indirect financing through issuance of securities by the consultant
• Reviewing the feasibility study by the originator's auditor to provide a feedback on rules and regulations observation, conditions of the asset, future financial information etc.
• The Consultant, as the representative of the originator, refers to SEO to obtain the principle agreement on indirect financing through the issuance of mortgages.
• SEO reviews the request and if no documentation is missing, the agreement will be issued by the SEO.

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing the documentation required for obtaining the issuance permit to the SEO if accords with the issued principal agreement and the designed forms, SEO will issue the permit of issuance of mortgages.

3.Completing issuance

• After the permit is obtained, the issuer and the consultant embarks on issuing mortgages within the permitted time frame

4.Withdrawing funds and ownership transfer

• The SEO reviews the contract in order to make sure it complies with the form, if so then the result will be announced to the consultant.
• SEO issues the confirmation for fund withdrawal from issuer’s account.

In order to finance by securities, the originator must meet the following criteria:

1. Registered and headquartered in Iran
2. The entity’s business structure must be one of public companies, cooperative companies, capital funds or non-governmental public entities excluding municipalities
3. The auditor’s report for the past 2 fiscal years should have not been declined or not commented

10% of contracts period (contracts which debts are based on) should be passed, the installments have to be collected and classified as current.
Money earned from investing installments that had been collected but not paid to the bond holders, belong to them and it can be used to pay the fees for the issuance of mortgage securities.

1.Principle agreement

• Signing a consulting contract to design the financing model and offer securities
• Creating salaf sukuk supply and trading prospectus by consultant
• Submitting required documents for bonds to be issued to Iranian Stock Exchange / Energy Exchange by Consultant
• Reviewing documents by reception boards and issuing the agreement

2.Permit issuance

• Taking steps for the contracts to be signed by parties.
• Providing required documents and contracts by the consultant and obtaining the issuance permit

3.Completing issuance

• Offering securities through a sales agent within the deadline set by a underwriter

4. Withdrawing funds and ownership transfer

• The SEO reviews the publishing process and issues the approval
• SEO issues the confirmation for fund withdrawal from issuer’s account.

In order to finance through issuance of salaf sukuk, the originator must meet the following criteria:

1. Registered and headquartered in Iran
2. The business structure must be one of public companies or cooperative companies
3. Continuous production of the underlying asset by the publisher
   
4. Issuer's financial and operational ability to deliver the physical asset or clear in cash in time of maturity
5. Supplying part of bonds’ underlying commodity in cash markets of Iranian commodity exchange or energy exchange

1. Applicants for bond financing.
2. Applicants for the establishment of public corporations and raising capital through the public offering.
3. Public corporations in order to raise capital through collected books and cash contribution of shareholders.

1.Review and approval by SEO

• Signing consultant contract with a consulting entity with related licenses
• Creating a feasibility study for capital raising
• Reviewing the feasibility study by auditors
• Submitting documents to SEO

2.Principle agreement

• Reviewing documents and issuing principle agreement

3.Holding extraordinary general meeting

• Holding the extraordinary general meeting in order to approve capital raising

4.Underwriting and registering capital raising with SEO

• Underwriting shares related to capital raising and register the capital raising with the company registration office.

Any companies on Stock exchange and Iran fara bourse that plans raising capital.

1.Submitting a request

• Signing a consulting agreement with a licensed entity in case of getting admission
• Submitting an application with the latest audited financial statements to review and qualify
• Holding a briefing meeting with applicant’s top managers and consultant
• Presenting the prospectus provided by consultant
• Submitting documents to SEO or Iran fara bourse

2.Holding the admission board

• Convene the admission board meeting in SEO or Iran fara bourse
• Announce the admission board decision to the applicant

3.Transforming the business structure from privately held to public company

• Holding the extraordinary general meeting to get approval of shareholders, by way of Special Resolution, for conversion of a Private company into a Public company.
• Submitting required documents to SEO for changing businesses type to public
• Receiving an introduction letter from SEO to company registration office regarding company’s new business type
• Registering the company with the registration office

4.Listing the securities in rate list of SEO/ Iran fara bourse

• Providing information, documentation and commitments based on the terms set by the admissions committee
• Depositing company’s shares with the Central Securities Depository of Iran and clearing the funds
• Disclosure of applicant’s information on Codal system
• Convening a referral meeting

5.Offering shares

• Offering shares to the market on specified date

All companies tend to be admitted and issue their shares among capital market 

1. Submitting a request
   
   • Signing a consulting agreement with a licensed entity in case of getting admission
   • Holding a briefing meeting with applicant’s top managers and consultant
2. SEO determines exemption or inclusion of company
   
   • Submitting required documents to SEO for determining the company’s inclusion or exemption
   • Receiving a letter expressing SEO’s approval on exemption from registration for establishing company in compliance with relevant laws and regulations
   • Submitting required documents to SEO, including declaration, statute, The confirmation letter of company’s name, IPO prospectuses, business plan etc. in order to get permission on public offering and registering shares with SEO
3. Issuing permit for public offering
   
   • SEO issues the permit for public offering and submit the permission letter to the companies registration office
   • Publishing the notice for public offering in newspapers with high circulations and submitting it within companies registration office
   • Establishing the public offering compliance with relevant laws and regulations
4. Holding general meeting
   
   • SEO’s approval on public offering
   • Declare approval on holding general meeting and publish invitations to shareholders and founders
   • Inviting founders to hold the general meeting after SEO’s approval
   • Publishing founders’ report on Codal
5. Issuing the certificate of incorporation
   
   • Submitting documents to SEO including MOM of general meeting, approved statute, auditor’s confirmation on accepting the role, etc. in order to complete the public offering and receive the certificate of incorporation
   • Submitting public offering procedure at companies registration office
   • Obtaining a registration code from SEO

1.Principle agreement

• Signing a consulting agreement with a licensed entity in case of getting admission
• Providing a feasibility study by consultant
• Obtaining attestation letters by mangers declaring they have accepted their roles and receive related financial and regulatory information
• Submitting documents including statute, prospectus, etc. to SEO
• The request will be reviewed by the SEO and if no documentation is missing, the agreement will be issued by the SEO.

2.Certificate of activity

• Reviewing documents including statute, mom of founders’ general meeting, registration statement, etc. by SEO
• Getting approval on fund’s name
• Providing cash equity of five billion riyals through the deposit into the bank account.
• Issuing the certificate of activity

3.Registering the fund in the corporate registration office

• Submitting documents including statute, mom of founders’ general meeting, registration statement, etc. to company registration office
• After receiving a letter from SEO, the fund will be registered with the company registration office
• Publishing the fund registration notice in gazette

4Issuing the license for issuing fund’s units

• Submitting related documents to SEO including application for approval of offering funds unit, the report of official judicial expert declaring the value of fund assets including land and construction permits, basic contracts, land transfer or semi-complete project funds, and issuance of investment units called landowners, etc.
• Submitting the fund to SEO as a financial entity
• SEO issues the confirmation for fund withdrawal from issuer’s account.

5.Issuing funds’ units

• Holding a briefing meeting among investors and market participants before public offering
• Issuing funds’ units
• Submitting documents to SEO regarding the completion of the offering process, including subscription documentation, bank certificate related to the amount of the subscription, etc.

6.Approval of process completion and withdrawal of funds

• Checking the process of offering by SEO and issuing the approval of process completion
• Fund withdrawal from issuer’s account

1. Applicant requirements to establish a land and building fund
1. All real and legal personalities
2. Owner of the land or semi-finished project
2. Requirements of projects approved in land and building funds
The land should be unclaimed
There must be no restriction on registration or operation for transferring the land to fund
The construction license is issued by related authority
Construction cost excluding land and license costs shall be at least 100 billion IRI.

1.Principle agreement

• Signing a consulting agreement with a licensed entity in case of getting admission
• Determining fund founders
• Providing a feasibility study by consultant
• Obtaining a certificate of accreditation and receiving related financial and regulatory information
• Submitting documents including statute, prospectus, etc. to SEO
• The request will be reviewed by the SEO and if no documentation is missing, the agreement will be issued by the SEO.

2.Certificate of activity

• Reviewing submitted documents by SEO
• The confirmation letter of company’s name
• Holding founders’ meeting
• Submitting the fund to SEO as a financial institution
• Submitting the fund to Company registration office

3.Establishing a fund and Issuing the license for issuing fund’s units

• Taking steps to establish a project company by the manager
• Obtaining license for initial issue
• Public offering of investment fund units
• Provide documentation related to fund registration
• Obtaining Certificate of activity by SEO

1. Firm commitment: According to security market act, a firm commitment is a third-party pledge to purchase securities that are not sold within the term of the pledge. In other words, if the issuer requests the investment bank to underwrite securities under firm commitment, it will ensure that all of its securities are sold after a certain period.
2. Best effort: If the underwriting would be in best effort, the investment bank prices the securities and sell them. With this type some paper may not be sold.

1. Applicants of establishing public companies or raising capitals from public offerings
2. Public corporations in order to raise capital through collected books and cash contribution of shareholders.