The assets of Islamic banks operating in the UAE exceeded Dh700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
The statistics showed that the assets of Islamic banks reached Dh703.1 billion at the end of last December, an annual increase of 11.5%, compared to about Dh630.7 billion at the end of December 2022, an increase of Dh72.4 billion during 12 months.
The data showed a monthly increase of 0.6% or Dh4.2 billion, compared to about Dh698.9 billion in November 2023.
The Central Bank’s statistics showed that bank credit at Islamic banks rose to Dh428.9 billion at the end of last December, an annual increase of 7.82%, compared to about Dh397.8 billion in December 2022.
Deposits in Islamic banks rose to Dh495.5 billion at the end of last December, an annual increase of about 12.6%, compared to about Dh440 billion in December 2022.
According to the statistics, the total investments of Islamic banks reached Dh132.7 billion at the end of last December, an annual increase of 27.1% or Dh28.3 billion, compared to investments of about Dh104.4 billion in December 2022.
The total assets of traditional banks operating in the country reached Dh3.372 trillion at the end of last December, an annual increase of 11% compared to about Dh3.037 trillion in December 2022, an increase of Dh335.2 billion during 12 months.
According to the statistics, traditional banks account for about 82.7% of the total assets of the banking system in the UAE at the end of last December, which amounted to Dh4.075 trillion, compared to the share of Islamic banks, which amounted to 17.3%.
