By Sam Bridge
UAE Central Bank data shows that nearly 20% of total assets are owned by Islamic banks
The total assets of UAE-based conventional banks increased to about AED2.457 trillion ($670 billion) by the end of September, according to official figures from the UAE Central Bank.
The data also showed that AED173 billion of assets were added by the banks over the past nine months of 2019.
Up to 19.7 percent of these assets are owned by Shariah-compliant banks, state news agency WAM reported, adding that the total assets of Islamic and commercial banks combined exceeded AED3 trillion ($820 billion) by the end of September..
It added that the asset growth was driven a rise in deposits from AED1.354 trillion in December 2018 to AED1.406.4 trillion in September.
Retail loans provided by conventional banks amounted to around AED1.2 trillion, making up 78.6 percent of total banks' credit, of which Islamic banks contributed AED367.3 billion.
Separately, Islamic banks' assets were down to AED565.7 billion at the end of September from AED582.6 billion at the end of 2018.
There are 59 banks operating in the UAE, 51 or which are conventional and eight Shariah-compliant.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.