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ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

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Islamic banks’ assets reach $166bn by October 2022

A front view of Sharjah Islamic Bank.
By TRENDS Desk
January 13, 2023 10:41 am
  • According to the Apex Bank, the banks' credit climbed by 5.7 percent year-on-year to $108 billion by October 2022
  • Deposits in the banks climbed by around 1 percent year-on-year from $115 billion in October 2021

Abu Dhabi, UAE – The assets of UAE-based Sharia-compliant banks grew to AED607.8 billion ($166 billion) by the end of October 2022, statistics by the Central Bank of the UAE have shown.

On an annual basis, the assets rose by 2.1 percent versus about AED595.3 billion ($162 billion) in October 2021.

According to the Apex Bank, Islamic banks’ credit climbed by 5.7 percent year-on-year to AED399.1 billion ($108 billion) by the end of last October, compared to around AED377.5 billion ($102 billion) in October 2021.

Deposits in the banks climbed by around 1 percent year-on-year from AED424.3 billion ($115 billion) in October 2021.

According to the statistics, total Islamic bank investments reached AED102 billion by the end of last October, a year-on-year growth of 22 percent, or AED18.5 billion, compared to around AED84.1 billion in October 2021.

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