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The assets held by traditional banks operating in the UAE surged to AED2.103 trillion, accounting for 79.6 percent of the total assets of the country's banking apparatus until the end of September, according to statistics released today by the UAE Central Bank.
The assets of the country's Islamic banks neared AED5.39 billion, making up 20.4 percent of the UAE banking apparatus' assets, estimated at AED2.642 trillion by the end of September.
A total of 58 banks are operating in the UAE, 50 of which are traditional and 8 are Sharia-compliant.
Loans provided by traditional banks surged to AED1.112 trillion by the end of September 2017, comprising 76.85 percent of total loans, while the credit provided by Islamic banks stood at AED334.5 billion, or 23.1 percent of total credit.
Deposits at the traditional banks reached AED1.319 trillion, claiming 77.8 percent of total deposits at the banking sector during the monitored period.
Deposits at Islamic banks totaled AED376.2 billion, claiming 22.25 percent of banking deposits.
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