The assets of UAE conventional banks (CB) totalled around $618 billion (AED2.275 trillion), making up 79.7% of the country’s banking assets by the end of November 2018, according to statistics by the Central Bank of UAE.

Sharia-compliant banks accounted for 20.3% of total banking assets.

The total assets of CB rose by $36bn (AED132bn) during the first 11 months of the year, marking a growth of 6.1% when compared to December 2017.

On the other hand, Islamic banks’ assets stood at $158bn (AED579.2bn) by the end of November, a 5.3% rise from the end of 2017. It brought total conventional and Islamic banking assets to $776bn (AED2.855tn) by the end of November 2018.

Moreover, total loans provided by CBs increased to around $346bn (AED1.279tn) by the end of November, amounting to 77.4% of total loans provided by banks in the UAE, with around $102bn (AED374bn), 22.6%, having been provided in loans by Islamic banks.

Deposits by CBs valued at $362bn (AED1.336tn) represented around 77% of total deposits at UAE-based banks during the same time period, while deposits at Islamic banks particularly totalled $110bn (AED402.5bn), making up 23% of total banking assets.

There are 60 banks operating in the UAE, with eight being Sharia-compliant and 52 being commercial, according to CBUAE reports. More

ARABIAN BUSINESS

National Bank of Abu Dhabi (NBAD)

view of abu dhabi skyline at sunset, united arab emirates, special photographic processing.

LEAVE A REPLY