The assets of UAE conventional banks (CB) amounted to around AED2.275 trillion, accounting for 79.7 per cent of total banking assets by the end of November 2018, with Sharia-compliant banks accounting for 20.3 per cent of total banking assets, according to statistics released today by the Central Bank of UAE.
The total assets of CB increased by Dh132 bn during the first 11 months of the year, a growth of 6.1 per cent as compared to December 2017, while Islamic banks' assets stood at Dh579.2 bn, by the end of November, 5.3 per cent up from the end of 2017, bringing total conventional and Islamic banking assets to Dh2.855 trillion by the end of November 2018.
Total loans provided by CBs surged to around Dh1.279 trillion, by the end of November, making up 77.4 percent of total loans provided by UAE banks. Up to Dh374 bn was provided in loans by Islamic banks, i.e. 22.6 per cent.
CBs' deposits valued at around Dh1.336 trillion, representing around 77 per cent of total deposits at UAE-based banks by the end of November.
Deposits at Islamic banks reached around Dh402.5 billion, around 23 percent of total banking assets.
According to CBUAE reports, there are 60 banks operating in the UAE, eight of which are Sharia-compliant and 52 commercial.