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UAE conventional bank assets hit $620bn

ABU DHABI, December 25, 2018

The assets of UAE conventional banks (CB) amounted to around Dh2.275 trillion ($620 billion), accounting for 79.7 percent of total banking assets by the end of November 2018, a media report said.

Sharia-compliant banks accounted for 20.3 percent of total banking assets, reported state-run Wam, citing statistics released by the Central Bank of UAE.

The total assets of CB increased by Dh132 billion during the first 11 months of the year, a growth of 6.1 percent as compared to December 2017, while Islamic banks' assets stood at Dh579.2 billion, by the end of November, 5.3 percent up from the end of 2017, bringing total conventional and Islamic banking assets to Dh2.855 trillion by the end of November 2018.

Total loans provided by CBs surged to around Dh1.279 trillion, by the end of November, making up 77.4 percent of total loans provided by UAE banks. Up to Dh374 billion was provided in loans by Islamic banks, i.e. 22.6 percent.

CBs' deposits valued at around Dh1.336 trillion, representing around 77 percent of total deposits at UAE-based banks by the end of November.

Deposits at Islamic banks reached around Dh402.5 billion, around 23 percent of total banking assets.

According to CBUAE reports, there are 60 banks operating in the UAE, eight of which are Sharia-compliant and 52 commercial.


 




Tags: assets | UAE banks | Sharia |

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