Dubai – Mubasher: The UAE Islamic banking assets grew 3.2% quarter-on-quarter to AED 522 billion in the first quarter of 2017, according to the UAE Central Bank’s report.
Islamic banks’ gross credit increased 8.4% to reach AED 343 billion in Q1-17, a research conducted by Orange Fairs and Events showed.
Domestic credit of the Islamic banks also rose 7.4% to AED 325 billion in the first quarter of 2017, which is expected to support the growth of the Halal sector.
Islamic banks’ credit to individuals grew 7.6% quarter-on-quarter to AED 126 billion in Q1-17, while the conventional banks’ credit to individuals went up 2% to AED 224 billion in Q1-17.
Islamic banking assets account for nearly a fifth or 19.7% of the UAE’s total banking assets.
Halal banking assets in the UAE are expected to reach AED 1 trillion by 2020.
