Abu Dhabi [UAE], June 20 (ANI/WAM): Gross assets of the Sharia-compliant banks operating in the UAE grew to AED 650 billion by the end of Q1-2023, an annual increase of 7.31 per cent, equivalent to nearly AED 44.3 billion, against about AED 605.7 billion in March 2022, according to figures by the Central Bank of the UAE (CBUAE).

The apex bank’s statistics reflect an increase in Islamic banks’ credit to AED 400.2 billion at the end of March 2023, an annual growth of 2.51 per cent compared to nearly AED 390.4 billion in March 2022, and a month-over-month increase of 0.91 per cent, from AED 396.6 billion in February.

The Islamic banks’ deposits increased to AED 453.4 billion in March 2023, an annual increase of 6.2 per cent, from nearly AED 427 billion in March 2022.

The statistics also reported that the total investments of Islamic banks amounted to AED 111.5 billion by the end of March 2022.

In the meantime, and during the reference period, the UAE-based conventional banks had total assets of AED 3.115 trillion, up 14.1 per cent from AED 2.73 trillion in March 2022.

These banks had around 82.7 per cent of the total assets of the UAE’s banking sector by the end of March 2023, or AED 3.765 trillion, while Islamic lenders held 17.3 per cent. (ANI/WAM)