Islamic Banks account for 21% of gross domestic credit: CBUAE

ABU DHABI: Gross credit provided by Islamic Banks increased by 1.1 percent in the first four months of 2024 to AED433.7 billion, constituting more than 21 percent of aggregate bank loans and financial facilities, according to banking indicators by bank type - Conventional Banks (CB) and Islamic Banks (IB) issued by the Central Bank of the UAE (CBUAE) today. Gross credit extended by CB rose since the beginning of the year to the end of April by 4.3 percent to AED1.629 trillion. Apex bank data showed that investments by IB and CB grew by 9.8 percent and 3.7 percent in the period under review to AED145.7 bn and AED520.5 bn respectively. Assets of IB operating in the local market amounted to AED737.4 bn, representing 17.16 percent of the total assets of the banking sector, while assets of CB reached AED3.559 trillion at the end of April. In terms of deposits, IB recorded a 7.4 percent growth during the first four months of the current year to reach AED532.3 bn at the end of last April, while deposits with CB grew by 7.8 percent to exceed AED2.185 trillion at the end of the same period. Source: Emirates News Agency