Assets of Islamic banks operating in the UAE amounted to Dh535 billion ($145.6 billion) by the end of October, around 6 per cent growth since the beginning of the year, accounting for 20.2 per cent of total banking assets in the country, valued at around Dh2.639 trillion during the first 10 months of the year, according to UAE Central Bank figures.
The noticeable growth in Sharia-compliant financial operations in the country mirror the significant development of this kind of banking products which has been enjoying impressive growth across the region over the past few years, reported Wam, the Emirates official news agency.
According to Central Bank figures, the value of credit provided by Islamic Banks since the beginning of the year until October surged to Dh361 billion, a growth of 7.7 per cent against the end of 2016.
Loans and credit facilities provided by Islamic banks make up 22.8 per cent of total loans provided by the entire banking system in the country, valued at Dh1.584 trillion by the end of October.
To the tune of Dh286.6 billion of loans were provided by Sharia-compliant banks in the country to the private sector and Dh34.6 billion to the public sector in addition to banking facilities worth Dh11.2 billion to the government.
Deposits held by Islamic banks amounted to Dh377.6 billion, making up 23.5 per cent of total deposits at the UAE banking system, which is estimated at Dh1.6 trillion by the end of October, with private sector and government deposits reaching Dh248 billion and Dh53 billion respectively.