UAE Islamic Banks record 6.5% growth of assets by end of February

The assets of UAE-based Sharia-compliant banks grew to AED631.7 billion by the end of February 2023, a YoY growth of 6.5 percent from AED593.1 billion, statistics by the Central Bank of the UAE have shown.

On a monthly basis, the assets increased 1.74 percent, or AED10.8 bn, from AED620.9 bn in January 2023.

According to the Apex Bank, Islamic banks' credit climbed by 3.01 percent YoY to AED396.6 bn by the end of February 2023, compared to around AED385 bn in February 2022.

Deposits in the same banks rose by around 3.92 percent YoY to AED439.9 bn in February 2023 against AED423.3 bn same month last year.

According to the statistics, total Islamic bank investments reached AED109.5 bn by the end of February 2023, a YoY growth of 20.7% percent, or AED18.8 bn, compared to around AED90.7 bn in February 2022.

News Source: Emirates News Agency