Sunday 05, March 2017 by William Mullally

UAE Islamic banking assets reach AED 520 billion

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

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 AED520 billion in the past few years, according to UAE state news agency WAM.

Al Shamsi added that Islamic banking' assets account for around 20 per cent of AED2.6 trillion of the total assets of the state's banks, noting that there are seven Islamic banking and financial institutions operating in the country, WAM said.

The assistant governor pointed out that UAE Islamic banking institutions account for about seven per cent of the total assets of Islamic banking around the world which approximately amount to a total of $1.5 trillion, according to WAM. He further explained that Islamic banking deposits increased by 42 per cent over the past three years, compared to an 18 per cent growth rate in conventional banking institutions, and that lending by Islamic banks increased by 54 per cent, WAM said.

 

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