The assets of Islamic banks operating in the UAE increased by about AED86bn ($23.4bn) over the past 12 months, according to the latest statistics from the Central Bank of the UAE.
The statistics showed that the assets of Islamic banks reached AED717.7bn ($195.4bn) at the end of February 2024, reflecting an annual increase of 13.61 per cent, compared to approximately AED631.7bn at the end of February 2023.
The Islamic banks’ deposits increased to AED509.4bn at the end February, reflecting an annual increase of 15.8 per cent compared to AED439.9bn in February 2023, an increase equivalent to AED69.5bn over 12 months.
Islamic banks in the UAE
The statistics also reported that the total investments of Islamic banks reached AED141.7bn at the end of February.
In the meantime, and during the reference period the UAE-based conventional banks had total assets of AED3.48tn ($947.6bn), up 11.7 per cent from AED3.116tn in February 2023.
The conventional banks had around 82.9 per cent of the total banking assets in the country at the end of February, amounting to AED4.198 trillion, compared to the share of Islamic banks, which is 17.1 per cent.
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