The assets of Islamic banks operating in the UAE increased by about AED 86 billion over the past 12 months, according to the latest statistics from the UAE central bank.
The statistics showed that the assets of Islamic banks reached AED 717.7 billion at the end of February 2024, an annual increase of 13.61%, compared to approximately AED 631.7 billion for the same period a year ago.
The Islamic banks’ deposits increased to AED 509.4 billion at the end of February, reflecting an annual increase of 15.8% compared to AED 439.9 billion in February 2023, an increase equivalent to AED 69.5 billion over 12 months.
The statistics also reported that the total investments of Islamic banks reached AED 141.7 billion at the end of February.
In the meantime, and during the reference period the UAE-based conventional banks had total assets of AED 3.5 trillion, up 11.7% from AED 3.12 trillion in February 2023.
The conventional banks had around 82.9% of the total banking assets in the country at the end of February, amounting to AED 4.2 trillion, compared to the share of Islamic banks, which is 17.1%.
