Abu Dhabi: Gross credit provided by Islamic banks in the UAE increased by 1.1 per cent in the first four months of 2024 to Dh433.7 billion, constituting more than 21 per cent of aggregate bank loans and financial facilities, according to banking indicators by bank type - Conventional Banks (CB) and Islamic Banks (IB) issued by the central bank.
Gross credit extended by CB rose since the beginning of the year to the end of April by 4.3 per cent to Dh1.629 trillion.
Apex bank data showed that investments by IB and CB grew by 9.8 per cent and 3.7 per cent in the period under review to Dh145.7 billion and Dh520.5 billion respectively.
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Assets of IB operating in the local market amounted to Dh737.4 billion, representing 17.16 per cent of the total assets of the banking sector, while assets of CB reached Dh3.559 trillion at the end of April.
In terms of deposits, IB recorded a 7.4 per cent growth during the first four months of the current year to reach Dh532.3 bn at the end of last April, while deposits with CB grew by 7.8 per cent to exceed Dh2.185 trillion at the end of the same period.
