620.9 billion dirhams of the assets of Islamic banks at the end of last January, an annual growth of 5.6%

The assets of Islamic banks operating in the country increased to 620.9 billion dirhams at the end of last January, with an annual growth rate of 5.6% or higher, 31.2 billion dirhams, compared to about 589.7 billion dirhams in January 2022, according to the latest statistics of the bank. Central.

Central statistics showed an increase in bank credit for Islamic banks to 396.9 billion dirhams at the end of last January, an increase on an annual basis of 3.5%, compared to about 383.6 billion dirhams in January 2022, an increase equivalent to 13.3 billion dirhams in 12 months.

Deposits in Islamic banks increased to 434.1 billion dirhams at the end of last January, an annual increase of about 3.1%, compared to 421 billion dirhams in January 2022, an increase equivalent to 13.1 billion dirhams in 12 months.

The statistics showed that the total investments of Islamic banks reached 106 billion dirhams at the end of last January, an increase on an annual basis by 20.1%, or the equivalent of 171 billion dirhams, compared to investments of about 88.3 billion in January 2022, while it increased on a monthly basis by 1.34% compared to 104.6 billion. dirhams in December 2022.

The investments of Islamic banks were distributed by 72.8 billion dirhams in bonds held to maturity, 19 billion dirhams in securities that represent debts to others “debt bonds”, 2.8 billion dirhams in stocks, and 11.4 billion dirhams in other investments.

In terms of conventional banks operating in the country, their total assets reached 3.047 trillion dirhams at the end of last January, an increase of 12.8% on an annual basis, compared to 2.7 trillion dirhams at the end of January 2022.

According to statistics, conventional banks acquired about 83.1% of the total assets of the banking system in the country at the end of last January, amounting to 3.668 trillion dirhams, compared to the share of Islamic banks amounting to 16.9%.

Total bank credit to conventional banks reached 1.477 trillion dirhams at the end of last January, an increase on an annual basis of 4.3%, while bank deposits in conventional banks increased to 1.799 trillion dirhams at the end of last January, an annual growth of 15.2%.

The total investments of conventional banks increased on an annual basis by 12.9% to 430.2 billion dirhams at the end of last January, distributed by 235.2 billion dirhams in securities representing debts to others “debt securities”, and 147.2 billion dirhams in bonds held to maturity and 9 billion dirhams. dirhams in stocks, and 38.8 billion dirhams in other investments.

WAM