NEWS

THERE ARE 60 BANKS OP­ER­AT­ING IN THE UAE, WITH EIGHT BE­ING SHARIA-COM­PLI­ANT AND 52 BE­ING COM­MER­CIAL

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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.

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