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Tue 25 Dec 2018 11:38 AM

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UAE conventional banks' assets total $618 billion

There are 60 banks operating in the UAE, with eight being Sharia-compliant and 52 being commercial

UAE conventional banks' assets total $618 billion

The assets of UAE conventional banks (CB) totalled around $618 billion (AED2.275 trillion), making up 79.7% of the country’s banking assets by the end of November 2018, according to statistics by the Central Bank of UAE.

Sharia-compliant banks accounted for 20.3% of total banking assets.

The total assets of CB rose by $36bn (AED132bn) during the first 11 months of the year, marking a growth of 6.1% when compared to December 2017.

On the other hand, Islamic banks' assets stood at $158bn (AED579.2bn) by the end of November, a 5.3% rise from the end of 2017. It brought total conventional and Islamic banking assets to $776bn (AED2.855tn) by the end of November 2018.

Moreover, total loans provided by CBs increased to around $346bn (AED1.279tn) by the end of November, amounting to 77.4% of total loans provided by banks in the UAE, with around $102bn (AED374bn), 22.6%, having been provided in loans by Islamic banks.

Deposits by CBs valued at $362bn (AED1.336tn) represented around 77% of total deposits at UAE-based banks during the same time period, while deposits at Islamic banks particularly totalled $110bn (AED402.5bn), making up 23% of total banking assets.

There are 60 banks operating in the UAE, with eight being Sharia-compliant and 52 being commercial, according to CBUAE reports.

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