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Reading: Islamic banks in the UAE have exceeded assets worth $195 billion
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Gulf Press > Business > Islamic banks in the UAE have exceeded assets worth $195 billion
Business

Islamic banks in the UAE have exceeded assets worth $195 billion

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Last updated: 2024/06/04 at 8:04 PM
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The assets of Islamic banks in the UAE have reached a significant milestone, surpassing $195 billion with a $23.41 billion increase. According to the Central Bank of the UAE, Islamic banks’ assets reached Dh717.7 billion ($195.39 billion) by the end of February 2024, showing a 13.61% annual increase from Dh631.7 billion ($171.98 billion) in February 2023. This growth has solidified the UAE’s position as the fourth-largest Islamic financial market in the world in terms of assets.

Deposits in Islamic banks have also shown a positive trend, increasing to Dh509.4 billion by the end of February, a 15.8% rise from Dh439.9 billion in February 2023. The total investments of Islamic banks stood at Dh141.7 billion at the end of February. In comparison, conventional banks in the UAE experienced a 11.7% surge in total assets to Dh3.48 trillion from Dh3.116 trillion in February 2023, with a market share of 82.9% compared to Islamic banks’ 17.1%.

Recent initiatives in the UAE have focused on aligning Shari’ah requirements to promote the stability and growth of Islamic finance. This includes creating an enabling environment for innovative products and services within the Islamic finance industry to further strengthen its position in the global market. The growth of Islamic finance in the UAE has been attributed to the robust performance of the non-oil economy, which has accelerated the industry’s growth in 2023.

S&P Global Ratings forecasts high-single-digit growth for the Islamic finance industry in the UAE in 2024-2025 following an 8.0% growth rate in 2023 (excluding Iran). The agency anticipates sukuk issuances to range between $160 billion and $170 billion in 2024, contributing to the industry’s asset growth. The sukuk market has already shown promising signs in 2024, with total issuances reaching $46.8 billion by March 31, 2024, compared to $38.2 billion in the same period last year.

Overall, the Islamic finance industry in the UAE continues to demonstrate significant growth, driven by strong performance and strategic initiatives aimed at enhancing Islamic banking practices. With the steady rise in assets and investments, Islamic banks in the UAE are poised to maintain their position as key players in the global Islamic finance market, contributing to the overall growth and development of the industry.

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News Room June 4, 2024
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