Islamic banks in the UAE achieved an increase of 23.41 billion dollars, bringing their total assets to more than $195 billion.
According to the Finance Development Indicator report, the United Arab Emirates is the fourth biggest Islamic financial market in the world (in terms of assets), thanks to the continuous and outstanding expansion of its banking system over the last several years.
By the end of February, deposits had climbed to Dh509.4 billion, showing a 15.8 percent yearly rise from Dh439.9 billion in February 2023, or Dh69.5 billion more than a year ago. As of the close of February, Islamic banks’ total investments were Dh141.7 billion.
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‘’We expect sukuk issuances to hover between $160 billion and $170 billion in 2024, furthering the industry’s asset growth in 2024. The sukuk market has started 2024 strong, with total issuance reaching $46.8 billion on March 31, 2024, compared with $38.2 billion on the same date a year prior,” the rating agency said.
As of the end of February 2024, the bank assets were Dh717.7 billion ($195.39 billion), up 13.61 percent from Dh631.7 billion ($171.98 billion) at the end of February 2023, according to the CBUAE statistics.
UAE-based conventional banks’ total assets rose 11.7% to Dh3.48 trillion from DhD3.116 trillion in February 2023. At the end of February, conventional banks held 82.9% of banking assets, worth Dh4.198 trillion, while Islamic banks had 17.1%.
After an 8.0% increase in 2023, S&P projects a high-single-digit increase in 2024–2025.
