Islamic banks in the UAE have seen a 1.1% increase in gross credit in the first four months of 2024, reaching Dh433.7 billion, and representing over 21% of all bank loans and financial facilities, according to recent data from the Central Bank of the UAE (CBUAE).
Gross credit from conventional banks also showed growth, rising by 4.3% to Dh1.629 trillion from January to April 2024.
The CBUAE’s data highlights a 9.8% increase in investments by Islamic banks, reaching Dh145.7 billion, while investments by conventional banks grew by 3.7% to Dh520.5 billion.
Islamic banks’ assets in the local market amounted to Dh737.4 billion, accounting for 17.16% of the total banking sector assets. In contrast, conventional banks’ assets reached Dh3.559 trillion by the end of April.
Deposits with Islamic banks grew by 7.4%, totalling Dh532.3 billion at the end of April. Meanwhile, deposits with conventional banks rose by 7.8%, surpassing Dh2.185 trillion.
