As per the data pooled in from UAE Central Bank, it clearly indicates that out of the staggering $820bn volume of overall assets generated by UAE banks, nearly 20% of the overall assets are inherited by the Islamic Banks.
As per the marked official figures, as indicated by UAE Central Bank, overall assets from UAE’s conventional banking institutions mounted to around AED2.457 trillion ($670 billion) by the end of September 2019.
Thus, the data generated by UAE’s premier banking institution proved that on a roundabout AED173billion assets were being inducted by banks during the past nine months of 2019.
As per the report presented in by state-owned news agency WAM, an estimated 19.7 percent of the overall assets are being retained by all Shariah-compliant banks, and inducting an overall asset of Islamic and Commercial banks together netted in excess of AED3 trillion ($820 billion) within the end of September.
It also stated that during the month of September, the overall Asset growth surged ahead in the deposits from AED1.354 trillion to AED 1.406.4 trillion from the previous year December 2018.
Overall Retail loans front as provided from 51 conventional banks accounted for around AED1.2 trillion, thus, marking up 78.6 percent of overall 59 banks credits, out of which Islamic Banks accounted for AED367.3 billion.
However, it was being observed that Shariah Compliant Islamic Banks witnessed a downward trend in pooling out assets as it went down from AED582.6 billion at the end of 2018 to close at AED565.7 billion at the end of September. In overall there are 59 total banks operational in UAE, out of which 51 are conventional Banks and 8 of them are Shariah Compliant.
