Statistics released by the Central Bank of the UAE reveal that the assets of Islamic banks operating in the UAE reached AED 631.7B by February 2023. This represents a significant year-on-year growth of 6.5% compared to the AED 593.1B recorded in February 2022.
On a monthly basis, the assets experienced a 1.74% increase, equivalent to AED 10.8B, from AED 620.9B in January 2023.
Furthermore, the Apex Bank reports that Islamic banks’ credit climbed by 3.01% year-on-year, amounting to AED 396.6B by the end of February 2023, as opposed to approximately AED 385B in February 2022, according to WAM.
Sharia-compliant banks witnessed a 3.92% year-on-year increase in deposits, reaching AED 439.9B in February 2023, compared to AED 423.3B in the same month last year.
Additionally, total Islamic bank investments grew by 20.7% year-on-year to AED 109.5B by the end of February 2023, compared to approximately AED 90.7B in February 2022.
