Iran, the world’s foremost state sponsor of terrorism, also has the highest amount of Shariah-compliant assets in its banking and financial system.
Since the Obama administration decided to enter into a sweetheart deal with Iran over its nuclear program, the door has been opened to foreign investment in Iran and, not surprisingly, Shariah-compliance is high on the list…
International money managers have described Iran as the largest economy in the world currently closed to institutional investors.
Russian billionaire Mikhail Prokhorov’s Renaissance Capital says Iran’s banking looks more like an emerging market than a frontier market sector in terms of penetration of services.
Iran has one of the world’s largest Islamic banks. Ninety-two percent of Iranians aged over 15 have a bank account, 75% have a debit card, and 32% have borrowed from a financial institution, according to World Bank data for 2014.
While Iran’s population is similar to that of Turkey, Iranian banks have 40% more branches than Turkish lenders.
Iran’s banking sector, which is Islamic law-compliant, consists of 20 private and eight state-owned banks with an outstanding credit portfolio of $224 billion.
Global economic analysts project that Iran’s unfettered economy could grow 6-8% annually when the sanctions are totally voided.