The noticeable growth in Shari'ah-compliant financial operations in the country mirror the significant development of this kind of banking products.
The Central Bank of the UAE (CBUAE) has announced that the assets of Islamic banks increased with 6.7 per cent in H1 2018 amounting to AED 565 billion, compared to the same period last year.
Shari'ah-compliant banking products have recorded impressive growth across the region over the past few years, with their assets accounting for 20.5 per cent of total bank assets in UAE, valued at AED 2.75 trillion in H1 2018.
In a statement, CBUAE said that the value of credit provided by Islamic banks in H1 increased to AED 367 billion, a five per cent growth compared to the corresponding period in 2017.
Additionally, loans and credit facilities provided by Islamic banks make up 22.6 per cent of total loans provided by the entire banking system in the country, valued at AED1.62 trillion.
Deposits held by Islamic banks amounted to AED 392.4 billion, making up 23.3 per cent of total deposits held by UAE banks, estimated at around AED1.7 trillion, according to local newswire, WAM.