Saturday, July 13, 2024

Assets of Islamic banks rose 6.5% to 631.7 billion dirhams at the end of February.

Date:

The assets of Islamic banks operating in the country increased to 631.7 billion dirhams at the end of last February, an annual growth rate of 6.5% or equivalent to 38.6 billion dirhams, which was about 593.1 billion dirhams in February 2022. Latest Central Bank Statistics.

The figures show that assets of Islamic banks operating in the country increased by about 1.74% or equivalent to 10.8 billion dirhams on a month-on-month basis, compared to about 620.9 billion dirhams in January 2023.

Central statistics show that bank credit to Islamic banks increased to 396.6 billion dirhams at the end of last February, an increase of 3.01% on a year-on-year basis, an increase equivalent to 11.6 billion dirhams in February 2022. 12 months.

Deposits in Islamic banks increased to 439.9 billion dirhams at the end of last February, an increase of about 3.92% on an annual basis, compared to 423.3 billion dirhams in February 2022, an increase equivalent to 16.6 billion dirhams in 12 months.

According to statistics, the total investments of Islamic banks reached 109.5 billion dirhams at the end of last February, which is 20.7% year-on-year or equivalent to 18.8 billion dirhams, compared to about 90.7 billion investments in February 2022. , an increase of 3.3% on a monthly basis compared to 106 billion dirhams last January.

Islamic banks’ investments were distributed in 76.9 billion dirhams in held-to-maturity bonds, 18.4 billion dirhams in “debt bonds” representing loans to others, 2.8 billion dirhams in stocks and 11.4 billion dirhams in other investments.

See also  Oil fell more than 5% after IMF reports

As for conventional banks operating in the country, their total assets reached 3.116 trillion dirhams at the end of last February, an increase of 15.9% year-on-year, to 2.689 trillion dirhams at the end of February 2022.

According to the statistics, traditional banks accounted for about 83.1% of the total assets of the country’s banking system at the end of last January, which was 3.748 trillion dirhams compared to Islamic banks’ share of 16.9%.

Total bank credit to conventional banks reached 1.5 trillion dirhams at the end of last February, an increase of 5.3% year-on-year, compared to 1.425 trillion dirhams in February 2022, while bank deposits in conventional banks increased to 1.802 trillion dirhams at the end. Last February, compared to 1.565 trillion dirhams in February 2022, an annual growth of 15.2%.

Total investments of conventional banks increased by 13.8% year-on-year to 431.9 billion dirhams at the end of last February with 9.2 billion dirhams in stocks and 38.8 billion dirhams in other investments.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

Embrace the Adventure: Discover Dubai’s Dune Buggy Tours

Introduction to the Dubai Dune Buggy Tour Buckle Up, Adventure...

Why Estonia is the Perfect Launchpad for Luxury Brands

The world of luxury fashion is synonymous with elegance,...

The Real Benefits of Being a VIP in the Online Casino Scene

Becoming a VIP can be a long process that...

The Evolution of Online Casino Bonuses: Trends and Future Predictions

Online casino bonuses have transformed from basic sign-up offers...