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Abu Dhabi, June 30 / The assets of Islamic banks operating in the country increased by more than 63 billion dirhams in 12 months, according to the latest statistics of the UAE Central Bank.
The statistics showed that the assets of Islamic banks amounted to 647.3 billion dirhams at the end of last April, an increase of 10.8% on an annual basis, compared to 584.1 billion dirhams at the end of April 2022.
The assets of Islamic banks increased during the first four months of this year by 2.6%, or the equivalent of 16.6 billion dirhams, compared to about 630.7 billion dirhams at the end of December 2022.
Central statistics showed an increase in bank credit for Islamic banks to 400.4 billion dirhams at the end of last April, an increase on an annual basis of 2.48% compared to about 390.7 billion dirhams in April 2022, while it increased during the first four months of this year by 0.65% compared to 397.8 billion dirhams in end of last year.
Deposits in Islamic banks increased to 461.5 billion dirhams at the end of last April, an increase on an annual basis of about 11.4%, compared to 414.1 billion dirhams in April 2022, an increase equivalent to 47.4 billion dirhams during 12 months, while it increased during the first four months of this year by 5%. Compared to about 440 billion dirhams in December 2022.
According to the statistics, the total investments of Islamic banks amounted to 112.3 billion dirhams at the end of last April, an increase year-on-year by 21%, or the equivalent of 19.4 billion dirhams, compared to investments of about 92.9 billion in April 2022.
The investments of Islamic banks were distributed by 80.5 billion dirhams in bonds held to maturity, 16.6 billion dirhams in securities that represent debts to others “debt bonds”, 2.7 billion dirhams in stocks, and 11.5 billion dirhams in other investments.
In terms of conventional banks operating in the country, their total assets reached 3.155 trillion dirhams at the end of last April, an increase of 14.3% on an annual basis, compared to 2.76 trillion dirhams in April 2022.
According to statistics, conventional banks acquired about 83% of the total assets of the banking system in the country at the end of last March, amounting to 3.8 trillion dirhams, compared to the share of Islamic banks amounting to 17%.
Total bank credit to conventional banks reached 1.496 trillion dirhams at the end of last April, an increase on an annual basis of 4.7%, compared to 1.427 trillion dirhams in April 2022, while bank deposits in conventional banks increased to 1.889 trillion dirhams at the end of last April, an annual growth of 18.5% compared to About 1.594 trillion dirhams in April 2022.
The total investments of conventional banks grew on an annual basis by 14.3% to 438.6 billion dirhams at the end of last April, distributed by 231.2 billion dirhams in securities representing debts to others “debt securities”, and 159.3 billion dirhams in bonds held to maturity, and 9 4 billion dirhams in shares, and 38.7 billion dirhams in other investments.
