Islamic banks in the UAE have gross assets worth a combined AED620.9bn ($189.1bn), as of the end of January 2023, according to figures by the Central Bank.
The CBUAE figures show an annual increase of 5.6 per cent, equivalent to nearly AED31.2bn, as against nearly AED589.7bn in January 2022.
The central bank statistics reflect an increase in credit for Islamic banks to AED396.9bn at the end of January 2023, an annual increase of 3.5 per cent compared to nearly AED383.36bn in January 2022, and an increase of nearly AED13.3 billion in 12 months.
Islamic banks in the UAE
The Islamic banks’ deposits increased to AED434.1bn in January 2023, an annual increase of 3.1 per cent, compared to nearly AED421bn in January 2022.
The statistics also reported that the total investments of Islamic banks amounted to AED106bn by the end of January 2022, an annual increase of 20.1 per cent, equivalent to AED171bn, compared to investments of about AED88.3bn in January 2022.
Follow us on
