Traditional banks account for 79.7% of the assets of the UAE banking system

Media In – Abu Dhabi – 24 December 2018
The value of assets of conventional banks operating in the country rose to about AED2.275 trillion, accounting for 79.7% of the total assets of the banking system by the end of last November, according to statistics issued by the Central Bank today, which showed that 20.3% of assets were registered for Islamic banks.
The conventional banks managed to add AED 132 billion to their total assets during the first 11 months of this year, a growth of 6.1% compared to December of 2017.
At the level of Islamic banks, total assets increased to AED 579.2 billion at the end of November 2009, an increase of AED 29 billion and a growth of 5.3% compared to the end of 2017. According to these figures, total assets of conventional and Islamic banks increased to AED 2,855 trillion In November this year.
The total number of loans granted by conventional banks reached AED 1.279 trillion at the end of November 2007, accounting for 77.4% of the total loans provided by the banking system, while loans of Islamic banks amounted to 374 billion dirhams, or 22.6%.
In terms of deposits, the value of conventional banks reached 1.336 trillion dirhams, representing approximately 77% of the total balance of deposits with the banking system by the end of November of this year.
The value of deposits with Islamic banks amounted to AED 402.5 billion, representing 23% of the total deposits of the banking system in the country in general.
Central bank statistics show that the number of banks operating in the UAE has reached 60 banks, including 52 traditional banks and 8 banks operating according to Islamic principles.