IslamicFinance.de

Banks from the UAE, Oman, Qatar and Kuwait have reportedly spent months drawing up plans for entering the Iranian market. There are certain regional institutions taking legal advice to manage very real risks associated with doing business with Iran, according to Stuart Jones Jr., an executive director at EY. Any re-engagement with Iran will take place in several stages and will require updates to policies, procedures, systems and controls as well as ongoing communication with regulators and correspondent banks, Emirates NBD said, adding it did not currently have any material assets or liabilities in Iran. The Persian Gulf banks are weighing re-entry into the Iranian financial system after it was announced that the implementation of a nuclear deal finalized by Tehran and world powers back in July 2015 has officially been started.