Assets of Islamic banks operating in the UAE amounted to Dh565 billion ($154 billion) by the end of H1 2018, a 6.7 per cent growth of Dh35.5 billion over the corresponding period in 2017, a media report said.
The value of credit provided by Islamic Banks during the first half of the year surged to Dh367 billion, a growth of 5 per cent against the same period in 2017, reported Emirates news agency Wam, citing figures released by the Central Bank of UAE.
The noticeable growth in Sharia-compliant financial operations in the country mirror the significant development of this kind of banking products which have been enjoying impressive growth across the region over the past few years, with their assets accounting for 20.55 per cent of total bank assets in UAE, valued at Dh2.749 trillion, by the end of June 2018.
Loans and credit facilities provided by Islamic banks make up 22.6 per cent of total loans provided by the entire banking system in the country, valued at Dh1.621 trillion by the end of June.
To the tune of Dh292.1 billion of loans were provided by Sharia-compliant banks in the country to the private sector and Dh32.6 billion to the public sector in addition to banking facilities worth Dh11.7 billion to the government, during the monitored period.
Deposits held by Islamic banks amounted to Dh392.4 billion, making up 23.3 per cent of total deposits held by UAE banks, estimated at around Dh1.7 trillion by the end of June.
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