Deposits from non-residents in UAE Islamic banks increased by AED 4.2 billion ($1.14 billion) in the first two months of 2018, bringing their total savings in Sharia-compliant banks to AED 17.05 billion ($4.64 billion) at the end of February, according to UAE Central Bank figures.
According to the Central Bank statistics, at the end of December 2017 the total amounted to AED 12.81 billion ($3.49 billion).
The amount of deposits in January and February is a two-year high, which official say is a sign of confidence in the Islamic banking sector.
In January, total deposits amounted to AED 2.6 billion ($707.8 million), compared to AED 1.6 billion in February ($435.6 million).
Non-resident deposits account for 4.4 percent of the total deposits in Islamic banks, which amounted to AED 385.1 billion ($104.85 billion) in February.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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