The assets of UAE-based Sharia-compliant banks grew to AED631.7 billion by the end of February 2023, up by 6.5 percent from AED593.1 billion, statistics by the Central Bank of the UAE have shown.
On a monthly basis, the assets increased 1.74 percent, or AED10.8 billion, from AED620.9 billion in January 2023.
According to the Apex Bank, Islamic banks’ credit climbed by 3.01 percent YoY to AED396.6 billion by the end of February 2023, compared to around AED385 billion in February 2022.
Deposits in Islamic banks rose by around 3.92 percent YoY to AED439.9 billion in February 2023 against AED423.3 billion same month last year.
According to the statistics, total Islamic bank investments reached AED109.5 billion by the end of February 2023, a YoY growth of 20.7 percent, or AED18.8 billion, compared to around AED90.7 billion in February 2022.
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