ABU DHABI, The assets of UAE conventional banks (CB) amounted to around AED2.268 trillion, accounting for 80 percent of total banking assets by the end of October 2018, according to statistics released today by the Central Bank of UAE on the activity of CB and Sharia-compliant banks.

According to the figures, the total assets of CB increased by AED125 bn during the first ten months of the year, while Islamic banks' assets stood at AED573 bn, by the end of October, comprising 20 percent of total banking assets which hit around AED2.841 trillion by the end of the same month.

Total loans provided by CBs surged to AED1.274 trillion, by the end of October, making up 77.3 percent of total loans provided by UAE banks. Up to AED374 bn was provided in loans by Islamic banks, 22.7 percent of total credit by UAE banks.

CBs' deposits valued at around AED1.321 trillion, representing around 77 percent of total deposits at UAE-based banks by the end of October.

Deposits at Islamic banks reached around AED400 billion, 23 percent of total banking assets.

According to CBUAE reports, there are 60 banks operating in the UAE, eight of which are Sharia-compliant and 52 are commercial.

Source: Emirates News Agency