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13 April 2024

UAE Islamic banking assets reach Dh520bn

Photo: Wam

By Wam

Saif Hadef Al Shamsi, Assistant Governor for Monetary Policy and Financial Stability at the UAE Central Bank, has said that total Islamic banking assets in the UAE have increased to approximately Dh520 billion in the past few years.

Al Shamsi added that Islamic banking' assets account for around 20 percent of Dh2.6 trillion of the total assets of the state's banks, noting that there are seven Islamic banking and financial institutions operating in the country.

The assistant governor pointed out that UAE Islamic banking institutions account for about 7 percent of the total assets of Islamic banking around the world which approximately amount to a total of US$1.5 trillion.

He further explained that Islamic banking deposits increased by 42 percent over the past three years, compared to an 18 percent growth rate in conventional banking institutions, and that lending by Islamic banks increased by 54 percent.