UAE Islamic Banks' assets up to AED631.7 bn by end of February

The assets of UAE-based Sharia-compliant banks grew to AED607.8 billion by the end of February 2023, a YoY growth of 6.5 percent from AED 593.1 billion , statistics by the Central Bank of the UAE have shown.

On a monthly basis, the assets increased 1.74 percent, or AED10.8 bn from AED620.9 bn in January 2023.

According to the Apex Bank, Islamic banks' credit climbed by 3.01 percent YoY to AED396.6 bn by the end of February, compared to around AED385 bn in February 2022.

Deposits in Islamic banks rose by around 3.92% percent YoY to AED439.9 bn in February 2022 against AED423.3 bn.

According to the statistics, total Islamic bank investments reached AED109.5 bn by the end of February, a YoY growth of 20.7% percent, or AED18.8 bn, compared to around AED90.7 bn in February 2022.