Tehran is increasingly tapping the local market for Sukuk and Islamic bonds to cover the holes in its revenue as US sanctions tighten, depriving the “stretched resistance economy” of oil export revenues.

The Ministry of Economy is issuing IR50 trillion ($424mn at current rate of $1=IR118,000) worth of sukuk to finance its operations, Iran Fara Bourse, the over-the-counter stock market, announced on its website. The sukuk mature in three years with interest payable every six months. (CONTINUED - 354 WORDS)