Lifting of sanctions will boost Islamic finance in Iran: S&P

The agreement Iran has reached regarding its nuclear programme could bring about its eventual economic rebound, and help boost Islamic finance, according to a report published by Standard & Poor's Ratings Services titled ‘Lifting sanctions augurs well for Iran's economy and the growth of Islamic finance’. Iran agreed the joint comprehensive plan of action with the P5+1 (China, France, Russia, the UK and the US plus Germany) in July. If the agreement is approved and Iran meets all deliverables, sanctions may start to lift in the first half of 2016. The World Bank estimates this would help Iran's oil exports rebound to pre-2012 sanction levels within 8-12 months. Sanctions lifting could also restore Iran's access to the global financial markets.