ABU DHABI – Gross assets of the Islamic banks operating in the UAE increased to AED620.9 billion as of the end of January 2023, an annual increase of 5.6 percent, equivalent to nearly AED31.2 billion, as against nearly AED589.7 billion in January 2022, according to figures by the Central Bank of the UAE (CBUAE).

The central bank statistics reflect an increase in credit for Islamic banks to AED396.9 billion at the end of January 2023, an annual increase of 3.5 percent compared to nearly AED383.36 billion in January 2022, and an increase of nearly AED13.3 billion in 12 months.

The Islamic banks’ deposits increased to AED434.1 billion in January 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in January 2022.

The statistics also reported that the total investments of Islamic banks amounted to AED106 billion by the end of January 2022, an annual increase of 20.1 percent, equivalent to AED171 billion, compared to investments of about AED88.3 billion in January 2022.