Assets of Islamic banks operating in the UAE amounted to AED535 billion by the end of October, around 6 percent growth since the beginning of the year, accounting for 20.2 percent of total banking assets in the country, valued at around AED2.639 trillion during the first 10 months of the year, according to UAE Central Bank figures.

The noticeable growth in Sharia-compliant financial operations in the country mirror the significant development of this kind of banking products which has been enjoying impressive growth across the region over the past few years.

According to Central Bank figures, the value of credit provided by Islamic Banks since the beginning of the year until October surged to AED361 billion,a growth of 7.7 percent against the end of 2016.

Loans and credit facilities provided by Islamic banks make up 22.8 percent of total loans provided by the entire banking system in the country, valued at AED1.584 trillion by the end of October.

To the tune of AED286.6 billion of loans were provided by Sharia-compliant banks in the country to the private sector and AED34.6 billion to the public sector in addition to banking facilities worth AED11.2 billion to the government.

Deposits held by Islamic banks amounted to AED377.6 billion, making up 23.5 percent of total deposits at the UAE banking system, which is estimated at AED1.6 trillion by the end of October, with private sector and government deposits reaching AED248 billion and AED53 billion respectively.

Source: Wam