The Central Bank of the UAE reported that gross assets of the Islamic banks in the UAE had grown by 5.6% in January, compared to the same period the previous year, reaching AED621 billion ($169 billion). This is an increase of AED31.2 billion ($160 billion) from the AED589.7 billion reported for the same period in the prior year.
The central bank statistics reflect an increase in credit for Islamic banks to AED396.9 billion at the end of January 2023, an annual increase of 3.5% compared to nearly AED383. 36 billion in January 2022, and an increase of nearly AED13.3 billion in 12 months.
The Islamic banks’ deposits increased to AED434 billion in January 2023, an annual increase of 3.1% compared to nearly AED421 billion in January 2022.
As per the CBUAE statistics, the total investments of Islamic banks amounted to AED106 billion by the end of January 2022, an annual increase of 20.1%, equivalent to AED171 billion, compared to investments of about AED88.3 billion in January 2022..
