According to the Central Bank of the UAE (CBUAE) report on banking indicators, Islamic Banks' gross credit increased by 1.1 percent in the first four months of 2024, reaching AED433.7 billion and accounting for over 21 percent of total bank loans and financial facilities. During the same period, Conventional Banks (CB) saw their gross credit rise by 4.3 percent to AED1.629 trillion.
The data revealed that investments by Islamic Banks and Conventional Banks grew by 9.8 percent and 3.7 percent, respectively, amounting to AED145.7 billion and AED520.5 billion. Assets of Islamic Banks operating in the UAE reached AED737.4 billion, representing 17.16 percent of the banking sector's total assets, while Conventional Banks' assets totaled AED3.559 trillion by the end of April.
Deposits in Islamic Banks increased by 7.4 percent during the first four months of the year, reaching AED532.3 billion, whereas deposits in Conventional Banks rose by 7.8 percent, exceeding AED2.185 trillion by the end of April.
News Source: Emirates News Agency
