The assets of Islamic banks operating in the UAE increased by approximately Dh86 billion over the past year, according to recent statistics from the Central Bank of the UAE (CBUAE).
The CBUAE report shows that Islamic banks’ assets reached Dh717.7 billion at the end of February 2024, up 13.61% from Dh631.7 billion at the end of February 2023.
Deposits in Islamic banks also saw significant growth, rising to Dh509.4 billion at the end of February 2024. This represents a 15.8% annual increase from Dh439.9 billion in February 2023, an increase of Dh69.5 billion over the year.
Total investments by Islamic banks were reported at Dh141.7 billion at the end of February 2024.
In contrast, UAE-based conventional banks had total assets of Dh3.48 trillion at the end of February 2024, up 11.7% from Dh3.116 trillion in February 2023. Conventional banks held 82.9% of the total banking assets in the country, amounting to Dh4.198 trillion, compared to Islamic banks’ 17.1% share.
