uae islamic banking assets reach dh520b
Last Updated : GMT 11:59:16
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 11:59:16
Egypt Today, egypt today

UAE Islamic banking assets reach Dh520b

Egypt Today, egypt today

Egypt Today, egypt today UAE Islamic banking assets reach Dh520b

Islamic banking deposits increased by 42% over the past three years
Abu Dhabi - Arab today

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 Dh520 billion in the past few years.

Al Shamsi added that Islamic banking’ assets account for around 20 per cent of Dh2.6 trillion of the total assets of the state’s banks, noting that there are seven Islamic banking and financial institutions operating in the country.

The assistant governor pointed out that UAE Islamic banking institutions account for about 7 per cent of the total assets of Islamic banking around the world which approximately amount to a total of $1.5 trillion (Dh5.5 trillion).

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

source : gulfnews

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