UAE Islamic Banking Assets Soar to $141b
World Economy

UAE Islamic Banking Assets Soar to $141b

The total Islamic banking assets in the UAE have increased to approximately Dh520 billion ($141.58 billion) in the past few years, said Saif Hadef Al Shamsi, assistant governor for monetary policy and financial stability at the UAE Central Bank, TradeArabia reported. Al Shamsi was quoted by WAM news agency as saying that Islamic banking’ assets account for around 20% of Dh2.6 trillion of the total assets of the state’s banks, noting that there are seven Islamic banking and financial institutions operating in the country. He pointed out that UAE Islamic banking institutions account for about 7% of the total assets of Islamic banking around the world which approximately amount to a total of $1.5 trillion. Islamic banking deposits increased by 42% over the past three years, compared to an 18% growth rate in conventional banking institutions, and that lending by Islamic banks increased by 54%, he added.

Short URL : https://goo.gl/ket29M
  1. https://goo.gl/NpilxU
  • https://goo.gl/nvGRGE
  • https://goo.gl/1RUUnL
  • https://goo.gl/Y4XViy
  • https://goo.gl/lMkUmS

You can also read ...

Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Add new comment

Read our comment policy before posting your viewpoints