Dubai, UAE — The gross assets of conventional banks in the UAE reached AED3.047 trillion ($829.70 billion) by the end of January 2023, an annual increase of 12.8 percent, compared to nearly AED2.7 trillion in January 2022, the Central Bank of the UAE (CBUAE) said.
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion ($169 billion) at the end of January 2023, an annual increase of 5.6 percent, equivalent to nearly AED31.2 billion, as against nearly AED589.7 billion in January 2022, the central bank said.
The Central Bank’s statistics indicated that conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of January 2023, which amounted to AED3.668 trillion, while Islamic banks accounted for 16.9 percent.
The total credit of conventional banks was AED1.477 trillion at the end of January 2023, an annual increase of 4.3 percent, while deposits in conventional banks increased to AED1.799 trillion at the end of January 2023, an annual increase of 15.2 percent.
Also, total conventional bank investments recorded an annual increase of 12.9 percent to AED430.2 billion by the end of January 2023.
The central bank statistics reflect an increase in credit for Islamic banks to AED396.9 billion at the end of January 2023, an annual increase of 3.5 percent compared to nearly AED383.36 billion in January 2022, and an increase of nearly AED13.3 billion in 12 months.
The Islamic banks’ deposits increased to AED434.1 billion in January 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in January 2022.
The statistics also reported that the total investments of Islamic banks amounted to AED106 billion by the end of January 2022, an annual increase of 20.1 percent, equivalent to AED171 billion, compared to investments of about AED88.3 billion in January 2022.