|
UAE: UAE banks have
witnessed a high rate of growth in assets, deposits and lending in the
first nine months of this year, beating the respective average rates of
growth in these areas for the past three years according to figures from
the Central Bank of the UAE. The country’s Islamic banks have contributed
to this growth with industry players including Abu Dhabi Islamic Bank and
Dubai Islamic Bank announcing above average growth in deposits and assets
for the period.
Speaking at a recent conference, Saeed Abdullah Al Hamiz, the assistant
governor for banking supervision at the central bank, highlighted the
growth of the UAE banking sector which saw its overall assets increase by
10% to AED2.31 trillion (US$628.89 billion) in the first nine months of
2014, higher than the average rate of 6% as seen for 2010-2013. Al Hamiz
detailed the asset position of the country’s Islamic banks within the
banking sector: “The UAE has now eight Islamic banks with total assets of
AED402 billion (US$109.43 billion) and total deposits of AED278 billion
(US$75.67 billion), representing respectively, 17.4% and 19.7% of the
total banking sector."
Of the Islamic UAE banks that have reported results for the first nine
months of the year, Abu Dhabi Islamic Bank announced a leap in deposits
of 18.2% and total assets by 12.2%. Dubai Islamic Bank announced an
increase in total assets of 13% and customer deposits growing by 21%; net
profit for the period was reported at AED2 billion (US$544.44 million) –
a surge of 72% on the previous year’s figures. Sharjah Islamic Bank
announced growth in total assets and customer deposits of 12.4% and 18.9%
respectively from figures reported in December 2013. United Arab Bank
which offers Islamic banking services reported growth of 21% in total
loans and advances and a 31% increase in customer deposits, all figures
higher than both the UAE average for 2010-2013 and the increased growth
for the period to the 30th September 2014.
Given the upswing in the figures for the banking sector in the UAE and
the country’s Islamic banking industry in particular, Al Hamiz indicated
the potential for Islamic banking growth both in the UAE and globally,
increased by the industry’s support for UAE initiatives, "as they
fully appreciate its potential to boost the country's competitiveness and
innovative edge, capitalizing on the products of the Islamic services in
the banking industry."
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.