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That said, any crisis that occurs is likely to be less severe than the 2008 catastrophe that struck the United States because Iran generally has much less debt in its economy. But the threat remains significant.

The prospect of a banking crisis is so serious that in a speech earlier this year, the head of Iran's central bank, Valiollah Seif, warned financial executives that non-performing loans were a threat to all the gains the Rouhani government is making on the economic front. While he has proposed possible solutions, nothing has been agreed upon.

Turquoise's fund has no bank holdings Rabii said he exited the sector three years ago. He said he believes the central bank may need to intervene in the next 18 months to stave off a major threat.

Year-to-date, Turquoise's signature fund is up 12 percent, easily outpacing Tehran's main benchmark, which is up 3 percent. Turquoise has holdings in Iranian industrials, refined petroleum and the chemical sector.

"We have seen a big increase in European corporations coming to Iran, although inflow of foreign portfolio investment is still slow," he said. "It's better than it was, but it is still slow."

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Iran already has a lot of problems, and the next one could be a banking crisis - CNBC