Islamic banking assets in UAE to surpass AED 700 billion milestone in 2023
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The assets of Islamic banks operating in the UAE exceeded AED 700 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).
Statistics showed that Islamic banks’ assets reached AED 703.1 billion at the end of last December, an annual increase of 11.5%, compared to about AED 630.7 billion at the end of December 2022, an increase of 72,400 million AED over 12 months, while it increased monthly by 0.6% or AED 4.2 billion, compared to approximately AED 698.9 billion in November 2023.
He of the central bank Statistics showed that bank credit at Islamic banks increased to AED 428.9 billion at the end of last December, an annual increase of 7.82 percent, compared to around AED 397.8 billion in December 2022.
Deposits in Islamic banks rose to AED 495.5 billion at the end of last December, an annual increase of about 12.6 percent, compared to around AED 440 billion in December 2022, an increase of AED 55.5 billion. AED for 12 months, while they increased at a rate of AED 495.5 billion at the end of last December. monthly by 0.9 percent compared to AED 491.1 billion last November.
According to statistics, total investments by Islamic banks reached AED 132.7 billion at the end of last December, an annual increase of 27.1 percent or AED 28.3 billion, compared to investments of around AED 104.4 billion in December 2022, while it increased month-on-month by about 1 percent compared to about AED 131.4 billion last November.
The investments of Islamic banks were distributed as follows:
-AED100.4 billion in bonds held to maturity.
-AED18.7 billion in financial instruments representing debt over others (bonds)
-AED2.6 billion in shares
-AED11 billion in other investments
As for traditional banks operating in the country, their total assets reached AED 3.372 trillion as of the end of last December, an 11 percent year-on-year increase compared to about AED 3.037 trillion in December 2022, an increase of 11 percent. AED 335.2 billion over 12 months.
According to statistics, traditional banks account for about 82.7 percent of the total assets of the country’s banking system at the end of last December, which amounted to AED 4.075 trillion, compared to the proportion of Islamic banks, which rose to 17.3. percent.
Total bank credit for conventional banks reached AED 1.563 trillion at the end of last December, an annual increase of 5.5 percent, compared to AED 1.482 trillion in December 2022. Meanwhile, bank deposits in conventional banks increased to AED 2.026 billion at the end of the year. at the end of last December, an annual growth of 13.7 percent, compared to AED 1.782 trillion in December 2022.
Total investments by conventional banks grew by 15.6 percent annually to reach AED 488.8 billion at the end of last December, distributed as follows:
-AED246.2 billion in financial instruments representing debt over others (bonds)
-AED204.4 billion in bonds held to maturity.
-AED13.2 billion in shares
-AED37.9 billion in other investments
News source: Emirates News Agency
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