UAE Central Bank Reports Islamic Banks' Significant Contribution to Domestic Credit

Tuesday, 16 July 2024, 11:28

According to the UAE Central Bank, Islamic banks contributed to a growth of gross credit up to AED433.7 billion in the first four months of 2024, reflecting a 1.1% increase. This growth indicates that Islamic financial institutions are playing an increasingly vital role in the UAE's economy, accounting for over 21% of the total domestic credit. The findings highlight the growing prominence of Islamic finance as a key player in the region's financial landscape.

Economymiddleeast — UAE Central Bank Reports Islamic Banks' Significant Contribution to Domestic Credit

Overview

Islamic banks in the UAE have shown significant growth in their contributions to the economy.

Key Statistics

Gross credit from Islamic banks: AED433.7 billion
Growth in first four months of 2024: 1.1%
Percentage of total domestic credit: 21%

Conclusion

The data underscores the importance of Islamic banks in the UAE's financial sector, indicating that they are essential players as the market evolves.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Overview

Key Statistics

Conclusion

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