{"id":90277,"date":"2024-03-21T00:00:00","date_gmt":"2024-03-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/islamic-banks-loans-crossed-the-aed-700-bn-mark-last-year\/"},"modified":"2024-03-21T00:00:00","modified_gmt":"2024-03-21T00:00:00","slug":"islamic-banks-loans-crossed-the-aed-700-bn-mark-last-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/21\/islamic-banks-loans-crossed-the-aed-700-bn-mark-last-year\/","title":{"rendered":"Islamic banks\u2019 loans crossed the AED 700 bn mark last year"},"content":{"rendered":"

2023 was a good year for Shariah-compliant banks:<\/strong> The value of Shariah-compliant banks\u2019 loan books crossed the AED 700 bn threshold for the first time in 2023, climbing 11.5% y-o-y to AED 703.1 bn, according to recent data (pdf)<\/a> from the Central Bank of the UAE. The banks\u2019 gross credit \u2014 the amount of funds available to lend during the year \u2014 rose 7.8% y-o-y to AED 428.9 bn during the period, while deposits increased 12.6% y-o-y to AED 495.5 bn, according to separate figures (pdf)<\/a>.<\/p>\n

Islamic banks\u2019 total investments <\/strong>rose 27.1% y-o-y to AED 132.7 bn in 2023, split mostly into bonds held to maturity (AED 100.4 bn), debt-based financial instruments, AED 2.6 bn in shares, and AED 11 bn in other investments.<\/p>\n

Shariah-compliant banks accounted for a 17.3% share of total bank assets during the <\/strong>year<\/strong>, up from 17.2% in December 2022. <\/p>\n

Background: <\/strong>The UAE\u2019s Shariah-compliant debt market had a growth spurt in 2023, with Sukuk issuances in all currencies accelerating by 115% y-o-y<\/a>, and accounting for 8.7% of all debt issuances. <\/p>\n

More growth expected this year:<\/strong> Fitch Ratings expects the debt capital market to expand some 11% y-o-y to USD 300 bn (AED 1.1 tn) in 2024-2025, on the back of an anticipated \u201cdiversification of funding and capital market developments,\u201d including an increase in the share of sukuk and AED-denominated issuances in the UAE\u2019s debt mix.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shariah-compliant issuances handed out by Islamic banks climbed 7.8% y-o-y to AED 428.9 bn in 2023<\/p>\n","protected":false},"author":1,"featured_media":90278,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1618],"tags":[159,157,1391,7,482,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-the-uae","tag-debt","tag-enterpriseam-uae","tag-islamic-finance","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"e3803c06-38f3-4de2-b21e-231c4065a3e3","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1929.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Islamic banks\u2019 loans crossed the AED 700 bn milestone last year","related_issue":[90266],"teaser":"Shariah-compliant issuances handed out by Islamic banks climbed 7.8% y-o-y to AED 428.9 bn in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.96558839-b7db-42d1-b21d-54c866f91f09.mp3"},"yoast_head":"\nIslamic banks\u2019 loans crossed the AED 700 bn mark last year - 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