UAE Islamic banking assets fall as lender consolidation, macro-economic woes weigh, say analysts
The Islamic banking market share in the UAE in 2019 fell to its lowest level in the last five years as assets dropped, according to Salaam Gateway’s calculation of preliminary 2019 figures from the country’s central bank.
Shariah-compliant banking assets last year decreased by 1.75% to 572.407 billion dirhams ($155.86 billion) compared to 582.576 billion dirhams in 2018.
Puneet Tuli, Credit Rating Analyst-EMEA banks at S&P Global Ratings said the growth was probably impacted by the M&A activity of some of the leading Islamic banks like Dubai Islamic Bank, Noor Bank and Al Hilal.
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