UAE’s Islamic finance sector assets surge to Dh845b

UAE’s Islamic finance sector assets surge to Dh845b

The UAE Central Bank. — File photo

Published: Wed 20 Dec 2023, 10:47 PM

The UAE has been taking impressive strides to reinforce its position as the global hub of Islamic finance industry with its Shariah-compliant banking sector currently accounting for 23 per cent of total banking assets of the country, equivalent to Dh845 billion.

Khaled Mohamed Balama, governor of the Central Bank of the UAE, said the nation’s buoyant Islamic banking sector has become an integral part of the UAE’s financial industry. “The sector plays a crucial role in the development and provision of sustainable finance and in meeting the sustainability objectives of the wider financial sector, in accordance with the UAE’s regulatory, supervisory and risk management directives.”

The central bank governor said the Islamic finance sector is key to the UAE’s sustainable growth and its achievement of sustainable development goals, in keeping with the vision of the country’s leadership. “We will continue our efforts to support the development of the Islamic and sustainable finance sectors in the UAE to enhance their stature and participation within the wider industry,” Balama was quoted as saying in the UAE Islamic Finance Report 2023 issued by CBUAE.

Islamic windows, in addition to the takaful market and sukuk