THERE ARE 60 BANKS OPERATING IN THE UAE, WITH EIGHT BEING SHARIA-COMPLIANT AND 52 BEING COMMERCIAL
UAE GIANTS INK POWER DEAL SAUDI ARAMCO INVESTS IN SECURITY INVESTCORP LOOKS TO INDIA WATANIYA AIRWAYS BANNED
THE ASSETS OF UAE CONVENTIONAL BANKS (CB) have totalled around $618bn (AED2.275tn), making up 79.7 percent 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 percent 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 percent 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 percent 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 percent of total loans provided by banks in the UAE, with around $102bn (AED374bn), or 22.6 percent, having been provided in loans by Islamic banks.
Deposits by conventional banks are valued at $362bn (AED1.336tn) representing around 77 percent of total deposits at UAE-based banks during the same time period, while deposits at Islamic banks in particular totalled $110bn (AED402.5bn), making up 23 percent of total banking assets.
There are 60 banks operating in the UAE, with eight being Sharia-compliant and 52 lenders being commercial, according to the central bank reports.