By the end of October 2022, statistics from the Central Bank of the UAE showed that the assets of banks operating in the UAE that adhered to Sharia reached AED607.8 B.
In comparison to around AED595.3 B in October 2021, the assets increased by 2.1% annually. The Apex Bank reports that the credit extended by Islamic banks increased by 5.7% year over year to AED399.1 B by the end of last October, up from roughly AED377.5 B in October 2021. From AED424.3 B in October 2021, deposits in Islamic banks increased by almost 1% annually, according to WAM.
According to data, overall investments in Islamic banks reached AED102 B by the end of October last year, up 22% or AED18.5 B from the estimated AED84.1 B in October 2021.
