The Iranian Association of Islamic Finance and REDmoney Group have signed an MoU to jointly collaborate on projects designed to grow and promote the Iranian banking industry and capital markets through bespoke human capital development programs, industry events and global media marketing opportunities.
Signed by Dr. Ali Salehabadi, the chairman of the Iranian Association of Islamic Finance and also CEO of EXIM Bank, and Andrew Morgan, a managing director and publisher of REDmoney (the parent company of IFN), the MoU covers the full spectrum of the Iranian financial market. Under the partnership, REDmoney – an Islamic finance media specialist – in cooperation with the association will organize an annual international forum covering the Islamic banking and capital markets, local events as well as facilitate high-level training courses for Islamic finance professionals nationwide.
While the Iranian market has remained largely insular due to sanctions and new restrictions by the US, the Persian nation continues to attract significant interest from foreign institutions. As one of only two countries in the world practicing a fully-fledged Islamic financial system, Iran houses the largest concentration of Shariah banking assets and a fast-growing Islamic capital market. Over the last few years, particularly after the UN lifted sanctions against the country and the Iran nuclear deal was struck in 2015, Iranian financial regulators have been on a mission to overhaul the Iranian banking and capital markets. New regulations and products – including Islamic treasury bills and a Shariah advisory council – have been introduced.
The political will to lift the country’s finance and business environment to be at par with international practices, coupled with its young and literate population, rich resources and favorable tax structures, is wooing investors from across Europe, Central Asia and key Islamic financial markets.
“The potential investment opportunities and economic gains to be made from Iran are significant. The key is to connect local and international players to discover and develop these opportunities together. As a global Islamic finance media and events company, we are looking forward to bridge the gap between the domestic market with international companies for the benefit of the Islamic finance industry,” said Morgan.