Islamic banks’ assets surge to AED565 billion in 2018

ABU DHABI, Assets of Islamic banks operating in the UAE amounted to AED565 billion by the end of 2018, a 6.7 percent growth of AED35.5 billion over the corresponding period in 2017, according to CBUAE figures.

The noticeable growth in Sharia-compliant financial operations in the country mirror the significant development of this kind of banking products which have been enjoying impressive growth across the region over the past few years, with their assets accounting for 20.55 percent of total bank assets in UAE, valued at AED2.749 trillion, by the end of June 2018.

According to CBUAE figures, the value of credit provided by Islamic Banks during the first half of the year surged to AED367 billion, a growth of 5 percent against the same period in 2017.

Loans and credit facilities provided by Islamic banks make up 22.6 percent of total loans provided by the entire banking system in the country, valued at AED1.621 trillion by the end of June.

To the tune of AED292.1 billion of loans were provided by Sharia-compliant banks in the country to the private sector and AED32.6 billion to the public sector in addition to banking facilities worth AED11.7 billion to the government, during the monitored period.

Deposits held by Islamic banks amounted to AED392.4 billion, making up 23.3 percent of total deposits held by UAE banks, estimated at around AED1.7 trillion by the end of June.

Source: Emirates News Agency