Since the introduction, offering guarantee services in Iran has exclusively been provided by banks and these guarantees have typically been in the form of either independent guarantees or on-demand guarantees. However, due to recent rounds of sanctions, the issuance of international guarantees by banks has faced with significant hurdles; thus, Iran requires an alternative institution instead of banks in such cases, according to PRIAO, IRC.
Shifting economic conditions toward globalization, not only creates uncertainty in some economic decisions, but also affects persons and institutions in their commitments toward each other and will end up with a decline due to increasing concerns and unmet expectations.
Guarantees are a common instrument in the world in order to give assurances to project owners and accordingly, their risks will be transferred to the guarantor. In Clause A, Article 9 of the Law under the heading "The maximum exploitation of production and service provision capability of the country and in the support of Iranian goods" that has been recently passed by the Guardian Council, in order to offer various guarantee instruments required in the production and service sectors of the country, the government is obliged to provide the necessary legal context in order for the non-governmental guarantee institutions to form and found after the enforcement of the given law.
In light of this, the research project "Proposal of a Guideline Regarding the Establishment and Framework of Guarantee Institutions" was conducted and published by IRC. In addition to examining the operational framework of guarantee institutions, the study outlines the experiences of other countries in the realm of insurance guarantees. Given the previous experiences of offering guarantees by banks, Export Guarantee Fund of Iran, and Advanced Support Fund for Research & Development, a brief explanation of the features and terms and conditions of the guarantee issued by these institutions are provided. Finally, the guideline for the establishment and operational framework of guarantee institutions is proposed.
Those interested can access the Persian full text of the research project at the following web address: http://www.irc.ac.ir/fa-IR/Irc/4944/Articles/view/16040/1268.