The assets of Islamic banks operating in the country rose to 607.8 billion dirhams at the end of last October, according to the latest statistics of the Central Bank.
Statistics of the UAE Central Bank showed an increase in the assets of Islamic banks during the first ten months of last year by about 17.5 billion dirhams, or 3%, compared to about 590.3 billion dirhams at the end of December 2021, while it increased on an annual basis by 2.1%, compared to about 595.3 billion dirhams in October 2021.
Deposits in Islamic banks increased on an annual basis by about 1% compared to about 424.3 billion dirhams in October 2021, while during the first ten months of last year, they increased by about 1.35% compared to 422.8 billion dirhams at the end of December 2021.
According to statistics, conventional banks acquire about 83.2% of the assets of the banking system in the country, compared to the share of Islamic banks amounting to 16.8%.
Total bank credit to conventional banks reached 1.478 trillion dirhams at the end of last October, an increase on an annual basis of 6.7%, while bank deposits in conventional banks increased to 1.776 trillion dirhams at the end of last October, an annual growth of 15.1%.
The total investments of conventional banks rose to 391.1 billion dirhams at the end of last October, distributed by 221.8 billion dirhams in securities that represent debts to others (debt bonds), 123.8 billion dirhams in bonds held to maturity, 9 billion dirhams in stocks, and 36.5 billion dirhams other investments.
Source (Emirati Gulf Newspaper, Edited)
