Abu Dhabi – Mubasher: The assets of Islamic banks operating in the UAE rose to 607.8 billion dirhams at the end of last October, according to the latest statistics of the Central Bank.
Central Bank statistics showed that the assets of Islamic banks increased during the first ten months of last year by about 17.5 billion dirhams, or 3 percent, compared to about 590.3 billion dirhams at the end of December 2021, while they increased on an annual basis by 2.1 percent, compared to about 595.3 billion dirhams in the previous year. October 2021, according to the Emirates News Agency, WAM, today, Thursday.
Bank credit for Islamic banks rose to 399.1 billion dirhams at the end of last October, an increase on an annual basis of 5.7 percent, compared to about 377.5 billion dirhams in October 2021, and during the first ten months of last year it increased by 4.2 percent, compared to about 383 billion dirhams at the end of December. 2021.
Deposits in Islamic banks increased on an annual basis by about 1 percent, compared to about 424.3 billion dirhams in October 2021, while during the first ten months of last year they increased by about 1.35 percent compared to 422.8 billion dirhams at the end of December 2021.
The statistics showed that the total investments of Islamic banks reached 102 billion dirhams at the end of last October, an increase year-on-year by 22 percent, or the equivalent of 18.5 billion dirhams, compared to investments of about 84.1 billion in October 2021.
The investments of Islamic banks were distributed by 71.3 billion dirhams in bonds held to maturity, 18.3 billion dirhams in securities that represent debts to others – debt securities – and 2.7 billion dirhams in stocks, and 10.3 billion dirhams in other investments.
In terms of conventional banks operating in the country, their total assets exceeded the three trillion barrier, reaching 3.007 trillion dirhams at the end of last October, an increase of 12.4 percent on an annual basis, compared to about 2.635 trillion dirhams at the end of October 2021, an increase of 10.1 percent during the first ten months of the year. Last year, compared to about 2.73 trillion dirhams at the end of December 2021.
According to statistics, conventional banks acquire about 83.2 percent of the assets of the banking system in the country, compared to the share of Islamic banks amounting to 16.8 percent.
Total bank credit to conventional banks reached 1.478 trillion dirhams at the end of last October, an increase on an annual basis of 6.7 percent, while bank deposits in conventional banks increased to 1.776 trillion dirhams at the end of last October, an annual growth of 15.1 percent.
The total investments of conventional banks rose to 391.1 billion dirhams at the end of last October, distributed by 221.8 billion dirhams in securities that represent debts to others – debt securities -, 123.8 billion dirhams in bonds held to maturity, 9 billion dirhams in stocks, and 36. 5 billion dirhams other investments.