The UAE’s Islamic Banking Industry Shows Promising Growth: Emirates Islamic

Data from the United Arab Emirates (UAE)-based Emirates Islamic via its latest Islamic Banking Index report, revealed that the share of Islamic banking assets to total assets in the UAE grew to 18.8% in June 2020 from 17.3% in 2013. Meanwhile, penetration of Islamic financing has further increased with 60% of survey respondents having at least one Shariah-compliant product, compared to a rate of 55% in 2018.

According to local media reports, the data points to the increased popularity of Islamic banks and a greater demand for Islamic finance. Wasim Saifi, Deputy CEO-Consumer Banking and Wealth Management at Emirates Islamic stated that the UAE’s Islamic finance market will continue to increase at a strong pace. <...