Islamic Banks Report 6.5% Increase in Assets, Conventional Banks See 15.9% Growth
Islamic banks operating in the country have reported an increase in their assets of 6.5% to 631.7 billion dirhams at the end of February 2023.
This is an increase of 38.6 billion dirhams compared to February 2022, and an increase of approximately 1.74% compared to January 2023.
The bank credit to Islamic banks also increased by 3.01% on a year-on-year basis, to reach 396.6 billion dirhams at the end of last February.
Deposits in Islamic banks also increased by 3.92% on an annual basis, reaching 439.9 billion dirhams at the end of February 2023.
Investments by Islamic banks increased by 20.7% year-on-year, reaching 109.5 billion dirhams at the end of last February.
This is an increase of 18.8 billion dirhams compared to February 2022, and an increase of 3.3% compared to January 2023.
The assets of conventional banks operating in the country have also increased by 15.9% year-on-year, reaching 3.116 trillion dirhams at the end of February 2023.
Traditional banks accounted for 83.1% of the total assets of the banking system in the country, with assets of 3.748 trillion dirhams at the end of last February.
Bank credit to conventional banks also increased by 5.3% year-on-year, reaching 1.5 trillion dirhams at the end of February 2023.
Total deposits in conventional banks also increased by 15.2% year-on-year, reaching 1.802 trillion dirhams at the end of last February.
Investments by conventional banks also increased by 13.8% year-on-year, reaching 431.9 billion dirhams at the end of February 2023.
The bank credit to Islamic banks also increased by 3.01% on a year-on-year basis, to reach 396.6 billion dirhams at the end of last February.
Deposits in Islamic banks also increased by 3.92% on an annual basis, reaching 439.9 billion dirhams at the end of February 2023.
Investments by Islamic banks increased by 20.7% year-on-year, reaching 109.5 billion dirhams at the end of last February.
This is an increase of 18.8 billion dirhams compared to February 2022, and an increase of 3.3% compared to January 2023.
The assets of conventional banks operating in the country have also increased by 15.9% year-on-year, reaching 3.116 trillion dirhams at the end of February 2023.
Traditional banks accounted for 83.1% of the total assets of the banking system in the country, with assets of 3.748 trillion dirhams at the end of last February.
Bank credit to conventional banks also increased by 5.3% year-on-year, reaching 1.5 trillion dirhams at the end of February 2023.
Total deposits in conventional banks also increased by 15.2% year-on-year, reaching 1.802 trillion dirhams at the end of last February.
Investments by conventional banks also increased by 13.8% year-on-year, reaching 431.9 billion dirhams at the end of February 2023.
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