The gross assets of Sharia-compliant banks in the UAE have increased by 7.3% YoY to reach $177 billion (AED 650 billion) by the end of March 2023, according to official data released by the Central Bank of the UAE.
Islamic banks' credit has also grown by 2.5% YoY to $109 billion (AED 400.2 billion), while deposits rose by 6.2% to $123.5 billion (AED 453.4 billion) for the same period.
Meanwhile, conventional banks in the UAE saw their total assets rise by 14.1% to $848.2 billion (AED 3.115 trillion) in March 2023, accounting for around 82.7% of the country's banking sector.
