Islamic banks' assets amounted to AED 620.9 billion by end of January 2023: CBUAE

Abu Dhabi [UAE], April 21 (/WAM): Gross assets of the Islamic banks operating in the UAE increased to AED 620.9 billion as of the end of January 2023, an annual increase of 5.6 per cent, equivalent to nearly AED 31.2 billion, as against nearly AED 589.7 billion in January 2022, according to figures by the Central Bank of the UAE (CBUAE).

The central bank statistics reflect an increase in credit for Islamic banks to AED 396.9 billion at the end of January 2023, an annual increase of 3.5 percent compared to nearly AED 383.36 billion in January 2022, and an increase of nearly AED 13.3 billion in 12 months.

The Islamic banks' deposits increased to AED 434.1 billion in January 2023, an annual increase of 3.1 per cent, compared to nearly AED 421 billion in January 2022.

The statistics also reported that the total investments of Islamic banks amounted to AED 106 billion by the end of January 2022, an annual increase of 20.1 per cent, equivalent to AED 171 billion, compared to investments of about AED 88.3 billion in January 2022. (/WAM)