Media ININ Economy We Trust
09-05-2019 Media in\ Abu Dhabi
The financial services provided by the banking system in the UAE to the non-profit sector amounted to AED 9.6 billion during the first quarter of 2019, reflecting the importance of the sector which provides important services to the community.
Facilities received by service and non-profit institutions in the first three months of this year accounted for 91% of the total facilities granted by the banking system during the year 2018 amounting to 10.5 billion dirhams.
The share of service and non-profit institutions amounted to about 10% of the total funding provided by the banking system to the various economic activities in the country, which amounted to 1.529 trillion dirhams by the end of March this year.
Statistics from the UAE Central Bank show that continued support to the sector contributed to raising the total cumulative balance of facilities provided to service and non-profit institutions to AED 158.5 billion by the end of March.
The total balance of financial facilities for the service and non-profit sector closed at AED 148.8 billion in 2018 compared to AED 138.3 billion in 2017.
The data released by the Central Bank of the UAE shows that the financial facilities provided to the sector have maintained their upward trend over the past years, even as banks have adopted a conservative policy in financing some other economic activities.
During the year 2014, the total balance of facilities reached 96.2 billion dirhams and then rose to 112.6 billion dirhams by the end of 2015 and continued to rise to 125.3 billion dirhams in 2016.
