UAE Islamic bank assets hit $166bn

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The UAE’s Sharia-compliant banks grew assets to $166bn (AED607.8bn) by the end of October 2022, statistics by the Central Bank of the UAE have shown.

On an annual basis, the assets rose by 2.1 percent versus about $163bn (AED595.3bn) in October 2021.

According to the Apex Bank, Islamic banks’ credit climbed by 5.7 percent year-on-year to $108bn (AED399.1bn) by the end of last October, compared to around $103bn (AED377.5bn) in October 2021.

Deposits in Islamic banks climbed by around 1 percent year-on-year from $116bn (AED424.3bn) in October 2021.

According to statistics, total Islamic bank investments reached $28bn (AED102bn) by the end of last October, a year-on-year growth of 22 percent, or $5bn (AED18.5bn), compared to around $23bn (AED84.1bn) in October 2021.

The global Islamic finance industry is expected to reach $5.9tn by 2026, from $4tn in 2021 driven by Islamic banks and Sukuks according to a new report.—Arabian business