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UAE Islamic banks grew by 2.7 percent in the first half of this year reaching AED 565 billion by the end of June, while conventional bank assets grew 1.9 percent to reach AED 2,183.9 billion.
Islamic banks' financing grew more than their traditional counterparts as its financing operations grew 3.9% to hit AED 367.7 billion, while conventional bank financing grew 2.3% amounting to AED 1254.6 billion.
According to Central Bank statistics, Islamic banks focused their private sector financing growth, increasing by 4% (AED 11.3 billion) to AED 292.1 billion during the first half of this year, while conventional banks increased 2.4% To AED 825.3 billion. Customers' deposits with Islamic banks increased by 2.2% to AED 392.4 billion during the first half of this year, while deposits with conventional banks increased by 3.9% to AED 1291.9 billion.