UAE Islamic Banks' Assets See 2.1% Annual Rise to AED 607.8 Billion by October 2022: Central Bank of the UAE
January 18, 2023 | Updated at January 18, 2023
The assets of Shariah-compliant banks in the United Arab Emirates (UAE) witnessed a 2.1% annual increase to AED 607.8 billion (USD 166 billion) by the end of October 2022 from AED 595.3 billion (USD 163 billion) in October 2021, according to statistics by the Central Bank of the UAE (CBUAE).
Why it Matters?
As of October 2022, Islamic banks’ credits increased by 5.7% annually to reach a total of AED 399.1 billion (USD 108 billion), from the AED 377.5 billion (USD 103 billion) recorded in October 2021. Additionally, deposits in Islamic banks also rose by around 1% year-over-year (YoY), from AED 424.3 billion (USD 116 billion) in October 2021, while total investments saw a 22% increase, reaching AED 102 billion (USD 28 billion) by the end of Octobe...