Standard and Poor’s Rating Services Agency announces that the agreement reached with Iran regarding its nuclear program may lead to a revival of its economy and will enhance Islamic finance.
Standard and Poor’s adds in a report, distributed in Dubai on Tuesday, that this agreement bodes well the for Iranian economy if sanctions are lifted and that it may lead to enhancing Islamic finance, as Iran is considered one of the main contributors in this sector, with nearly 40 per cent of total international Islamic banking assets, London-based Al-Quds Al Arabi Newspaper reports.
The agency forecasts that the process of lifting sanctions will start in the first half of next year.
The World Bank expects that the implementation of the agreement will help Iran’s oil exports to return to their levels before 2012 sanctions within eight to 12 months.
Standard and Poor’s report point out that lifting sanctions will help Iran return to international financial markets, which will lead to an increase of its GDP to approximately six per cent annually in 2017 and 2018, compared to less than one per cent in 2015, according to the International Monetary Fund data.