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Tue 10 Apr 2018 09:07 AM

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$1.14bn in non-resident deposits in UAE Islamic banks in 2018

The amount signals a two-year high, according to the UAE Central Bank

$1.14bn in non-resident deposits in UAE Islamic banks in 2018

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.

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