#UAE #Islamic #banking #assets #surge 6% to $146bln in 10 months
Assets of the Islamic banks operating within the UAE totalled to 535 billion AED by the end of last month. That is around 6% growth since the beginning of this year. And it accounts for 20.2% of the total banking assets in the country. These are valued at around 2.639 trillion AED during the first 10 months of 2017, according to figures of the UAE Central Bank.
This obvious growth in Sharia-compliant financial operations in the UAE mirror the significant development of these kind of banking products which have been enjoying impressive growth across the whole region in the last few years.
According to Central Bank figures, the value of credit provided by the Islamic Banks since the beginning of 2017 until October surged to 361 billion AED, a growth of 7.7% against that of December 2016.
Loans and credit facilities provided by Islamic banks make up 22.8% of total loans provided by the entire banking system in the UAE, valued at 1.584 trillion AED by the end of last month.
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