Islamic Banking in the UAE Soars Past $190 Billion Milestone
- Date: 20-Mar-2024
- Source: Arabian Post
- Sector:Financial Services
- Country:UAE
Islamic Banking in the UAE Soars Past $190 Billion Milestone
Islamic banking assets in the United Arab Emirates (UAE) have achieved a historic feat, surpassing the $190 billion mark by the close of 2023. This impressive growth signifies a robust and flourishing Islamic finance sector within the UAE. The statistics, compiled by the Central Bank of the UAE (CBUAE), reveal a significant rise of 11.5% year-on-year. This translates to a total asset value of AED 703.1 billion […]
via Islamic Banking in the UAE Soars Past $190 Billion Milestone
Islamic banking assets in the United Arab Emirates (UAE) have achieved a historic feat, surpassing the $190 billion mark by the close of 2023. This impressive growth signifies a robust and flourishing Islamic finance sector within the UAE.
The statistics, compiled by the Central Bank of the UAE (CBUAE), reveal a significant rise of 11.5% year-on-year. This translates to a total asset value of AED 703.1 billion (approximately $190 billion) at the end of December 2023. Compared to December 2022’s figures of AED 630.7 billion, this translates to a growth of AED 72.4 billion over a 12-month period. The growth trajectory remains consistent even on a month-on-month basis, with a 0.6% increase from November 2023’s AED 698.9 billion.
This positive trend extends to Islamic bank