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|08 April, 2018

$1.1bln increase in non-residents' deposits in UAE Islamic banks

The growth in non-residents' deposits in January and February is a two-year high

Image used for illustrative purpose. Customers make transactions at Emirates Bank in Dubai

Image used for illustrative purpose. Customers make transactions at Emirates Bank in Dubai

REUTERS/Mohammed Salem

ABU DHABI Deposits of non-residents in UAE Islamic banks increased by AED4.2 billion ($1.1 billion) over the first two months of 2018, bringing up to AED17.058 billion their total savings in Sharia-compliant banks operating in the country until the end of February from around AED12.81billion in December 2017.

The growth in non-residents' deposits in January and February is a two-year high and translates the confidence of this segment of clients in Islamic banks as compared to traditional banking entities.

Since the beginning of this year, a remarkable growth has been noted in non-residents' deposits, which increased by AED 2.6 billion in January and AED1.6 billion in February.

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According to UAE Central Bank figures, non-resients' deposits account for 4.4 percent of total deposits in Islamic banks, which amounted to AED385.1 billion against AED1.235 trillion in traditional banks until February.

© Copyright Emirates News Agency (WAM) 2018.