UAE Islamic bank assets rise to Dhs607.8bn: CBUAE

The Central Bank of the UAE’s latest statistics revealed that the assets of UAE-based Sharia-compliant banks grew to Dhs607.8bn at the end of October 2022.

On an annual basis, the assets rose by 2.1 per cent versus about Dhs595.3bn in October 2021.

According to CBUAE, Islamic banks’ credit climbed by 5.7 perc ent year-on-year to Dhs399.1bn by the end of last October, compared to around Dhs377.5bn in October 2021, reported the state news agency, WAM.

Deposits in Islamic banks climbed by around 1 per cent year-on-year from Dhs424.3bn in October 2021.

The statistics revealed that the total Islamic bank investments touched Dhs102bn by the end of last October, a year-on-year growth of 22 per cent, or Dhs18.5bn, compared to around Dhs84.1bn in October 2021.

In recent news, CBUAE has said that gross banks’ assets, including bankers’ acceptances, rose by 0.9 per cent, from Dhs3.583tn at the end of September to Dhs3.615tn at the end of October 2022.

Read: Gross bank assets rose to Dhs3.58tn by end of Oct 2022, reveals Central Bank of UAE