Media ININ Economy We Trust
Media In – Abu Dhabi 8 April 2018 WAM
Non-resident transactions with Islamic banks operating in the UAE have increased significantly, as deposits of this segment increased by AED 4.2 billion during the first two months of this year.
Non-residents have been working with Islamic banks to increase the total balance of their deposits with these Shariah-compliant banks to AED 17.058 billion at the end of February compared to AED 12.81 billion in December 2017.
The increase in non-resident deposits from January to February was the highest in more than two years, a move that reflects the behavior of this segment of customers compared to those with traditional banks.
Despite the steady growth of non-resident deposits in Islamic banks, a near-calm situation has dominated their movement since the first half of 2017 and continued until the end of the year to keep the balance within the limits of 12.5 billion dirhams to 12.8 billion dirhams.
At the beginning of the year, the growth rate of non-resident deposits with Islamic banks increased by 2.6 billion dirhams in January, while the value of the increase in February was about 1.6 billion dirhams compared to the previous month.
According to figures issued by the Central Bank of UAE, non-resident deposits account for 4.4% of the total deposits with Islamic banks, while the remaining deposits are recorded for residents of different categories, whether they are institutions, individuals or government.
It should be noted that the total deposits in Islamic banks amounted to AED 385.1 billion, compared to AED 1.235 trillion at the end of February.
