The total assets of the UAE Islamic banks grew by 8.1% in the first nine months of this year, to reach 619.1 billion dirhams, with a growth on a monthly basis in last September by about 1.9%. The total assets of conventional banks also grew by 4.9% in the first nine months of this year, and recorded a monthly growth rate of 0.7% last September, reaching 2.63 trillion dirhams by the end of the period.
The data of the UAE Central Bank showed that the total credit growth of Islamic banks in the first nine months of this year was about 7.7% to 394.4 billion dirhams (although it declined on a monthly basis by 0.1% last September). In contrast, the total credit growth of the conventional banks did not exceed the 1.3% in the first nine months of this year, with a growth of 0.3% in the month of September, to reach 1.41 trillion dirhams.
The governmental credit from Islamic banks grew by 96.6% in the first nine months of this year to 34.8 billion dirhams, while government credit from traditional banks decreased by 7.9% to 220.7 billion dirhams. Credit to the public sector (semi-government companies) grew by 43.2% in the first nine months of this year to 45.1 billion dirhams, and at the same time, the conventional banks recorded a growth of 12.2% in the credit of semi-government companies in the first nine months of this year to 172.6 billion dirhams.
Source (Al Khaleej Newspaper-UAE, Edited)
