World Economy

UAE Islamic Banking Assets Soar to $141b

UAE Islamic Banking Assets Soar to $141bUAE 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.

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