The assets of Islamic banks operating in the UAE exceeded Dh700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
The statistics showed that the assets of Islamic banks reached Dh703.1 billion at the end of last December, an annual increase of 11.5 per cent, compared to about Dh630.7 billion at the end of December 2022, an increase of Dh72.4 billion during 12 months, while it increased on a monthly basis by 0.6 per cent or Dh4.2 billion, compared to about Dh698.9 billion in November 2023.
The Central Bank’s statistics showed that bank credit at Islamic banks rose to Dh428.9 billion at the end of last December, an annual increase of 7.82 per cent, compared to about Dh397.8 billion in December 2022.
Deposits in Islamic banks rose to Dh495.5 billion at the end of last December, an annual increase of about 12.6 per cent, compared to about Dh440 billion in December 2022, an increase of Dh55.5 billion during 12 months, while it increased on a monthly basis by 0.9 per cent against Dh491.1 billion in last November.
According to the statistics, the total investments of Islamic banks reached Dh132.7 billion at the end of last December, an annual increase of 27.1 per cent or Dh28.3 billion, compared to investments of about Dh104.4 billion in December 2022, while it increased on a monthly basis by about 1 per cent compared to about Dh131.4 billion in last November.
total assets of traditional banks operating in the country reached Dh3.372 trillion at the end of last December, an increase of 11 per cent compared to about Dh3.037 trillion in December 2022, an increase of Dh335.2 billion during 12 months.
According to the statistics, traditional banks account for about 82.7 per cent of the total assets of the banking system in the country at the end of last December, which amounted to Dh4.075 trillion, compared to the share of Islamic banks, which amounted to 17.3 per cent.
Total bank credit for conventional banks reached Dh1.563 trillion at the end of last December, an annual increase of 5.5 per cent, compared to Dh1.482 trillion in December 2022. Meanwhile, bank deposits in conventional banks increased to Dh2.026 trillion at the end of last December, an annual growth of 13.7percent, compared to Dh1.782 trillion in December 2022.—Khaleej Times
