2011年-IMF国际货币组织全球_Islamic_Republic_of_Iran_Selected_Issues_Paper_28页_852kb

Summary of the Islamic Republic of Iran: Selected Issues Paper

Core Content

This document provides an analysis of the financial system of the Islamic Republic of Iran, focusing on its structure, governance, and role in the country's economic development strategy. It was prepared by the IMF staff for the 2011 Article IV Consultation and reflects the state of the financial system as of July 6, 2011.

Main Financial System Reforms

The 5th Five-Year Development Plan (2010–15) introduced several reforms aimed at strengthening and liberalizing the financial system:

• Article 82: Banks can borrow abroad for private sector and municipal financing without sovereign guarantee; foreign liability limits are set as a ratio of total assets.
• Article 83: State-owned companies and municipalities can issue sukuk (Islamic bonds) in foreign markets with CBI and Ministry of Finance approval.
• Article 86: Banks must segregate charitable deposits (GAH) from other resources and use them exclusively for interest-free charity loans.
• Article 87: Foreign investment in Iranian banks is allowed, with CBI overseeing the process and setting foreign participation limits.
• Article 90: A positive credit bureau is established using government civil registration data.
• Article 91: Banks are required to develop an internal credit rating system.
• Article 92: Term deposits must yield a return no less than the average of the previous year's inflation and the CBI's inflation forecast.
• Article 93: Public banks can retain after-tax profits in tier 1 capital with government approval.
• Article 94: Government-affiliated entities can hold deposits in private banks.
• Article 95: A deposit guarantee scheme is introduced, funded by premiums from credit institutions.
• Article 96: CBI has enhanced regulatory powers, including the ability to disqualify directors, approve government appointees, and inflation-adjust statutory fines.
• Article 97: Restricted investment accounts are introduced, and Iranian accounting standards are aligned with interest-free banking principles.
• Article 98: New sukuk structures (istitna, morabeheh, tanzeel) are introduced.
• Article 99: All capital market securities must be registered with the Securities and Exchange Organization (SEO), and trading outside SEO-regulated markets is null and void unless approved.

Financial System Overview

• Banking System: Iran has the largest Islamic financial system in the world, with all banking activities subject to Shari'a principles.
• Credit Growth: The credit to GDP ratio has increased significantly, with a rise of 50 percentage points between 2001 and 2010.
• Credit Allocation: The Money and Credit Council (MCC) sets credit allocation priorities, directing 80% of deposit increases to priority sectors (manufacturing, agriculture, construction, etc.).
• Private Banks: Private banks have grown rapidly since their licensing in 2001, and their assets now dominate the system. The TSE includes the seven largest private banks, which are among the most actively traded stocks.
• Equity Markets: The Tehran Stock Exchange (TSE) has developed, with market capitalization doubling between 2006 and 2010. The OTC market serves small and medium enterprises.
• Capital Market Reforms: The government has introduced mutual funds to boost market activity and promote retail participation. Justice shares are distributed to households as part of a privatization program, with restrictions on their sale for ten years.
• Financial Soundness: The 2007 regulation on loan classification and provisioning requires 100% classification of impaired facilities if the borrower's ability to pay is diminished, differing from conventional banking practices.

Islamic Finance in Iran

• Islamic Bonds (Sukuk): Sukuk have existed in Iran since 1994, but secondary trading was limited due to their demand redeemability. In 2010–2011, sukuk issuance increased to 4% of GDP, and from April 2011, asset-based sukuk will be required to be listed on the TSE.
• Deposit Types: Four types of deposits are recognized in Islamic banking:
  • Demand deposits: Interest-free loans to the bank.
  • Savings accounts: Prizes through random drawing.
  • Term deposits: Remuneration set by the MCC, with provisional and final rates determined annually.
  • Special-purpose investment accounts: Funds are restricted to specific projects, with the bank as an equity partner.
• Credit Contracts: Islamic credit contracts are either participatory or nonparticipatory. Participatory contracts involve profit-sharing, while nonparticipatory contracts resemble leasing or installment sales.
• Profit Rates: The MCC sets profit rates for credit contracts. For nonparticipatory facilities, ceilings are set at 11–14% in 2011, while participatory facilities have a floor of 12% and ceilings of 14–17% depending on the term.
• Challenges: Issues include loss-sharing in participatory contracts, provisioning for impaired assets using conventional interest rates, and accounting rules that differ from conventional banking. These differences complicate international comparisons and financial soundness assessments.

Governance and Market Integrity

• Regulatory Framework: The Securities and Exchange Organization (SEO) has strengthened market integrity, focusing on transparency and enforcement.
• Disclosure Requirements: Companies must file and disclose quarterly statements within 30 days, and annual audited financials within 60 days. Dividend transparency is emphasized, with justice shares receiving dividends to promote shareholding culture.
• Investor Base: The TSE has 4 million retail investors, with 2 million active. They account for 50% of market turnover but only 21% of market capitalization. Other investors include closed-end funds, pension funds, and government-affiliated entities.
• Stock Market Analysis: While the TSE has experienced a significant price surge, it has not reached bubble proportions. The price-to-earnings (P/E) ratio remains low, and real stock prices in April 2011 were still 30% below their 2004 peak. Sanctions and import substitution have positively impacted diversified industrials and basic commodities sectors.

Conclusion

The Iranian financial system has undergone substantial transformation and reform, particularly in the areas of banking, equity markets, and Islamic finance. While the growth and development of the financial sector have supported economic expansion and job creation, regulatory interventions and government support have raised concerns about bank soundness and market stability. The TSE has grown significantly but remains viable rather than in a bubble, supported by real fundamentals and diversified economic factors. The 5th FYDP has laid the groundwork for financial liberalization and institutional strengthening, aiming to enhance market efficiency and financial stability.