Islamic banks' assets went up to Dhs607.8 billion by October 2022, says UAE Central Bank

The assets of UAE-based Sharia-compliant banks grew to Dhs607.8 billion by the end of October 2022, statistics by the Central Bank of the UAE have shown.

On an annual basis, the assets rose by 2.1 per cent versus about Dhs595.3 billion in October 2021.

According to the Apex Bank, Islamic banks' credit climbed by 5.7 per cent year-on-year to Dhs399.1 billion by the end of last October, compared to around Dhs377.5 billion in October 2021.

Deposits in Islamic banks climbed by around 1 per cent year-on-year from Dhs424.3 billion in October 2021.

According to statistics, total Islamic bank investments reached Dhs102 billion by the end of last October, a year-on-year growth of 22 per cent, or Dhs18.5 billion, compared to around Dhs84.1 billion in October 2021.

WAM