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Abu Dhabi / WAM
The assets held by traditional banks operating in the UAE surged to AED2.103 trillion, accounting for 79.6 percent of the total assets of the country’s banking apparatus until the end of September, according to statistics released by the UAE Central Bank. The assets of the country’s Islamic banks neared AED5.39 billion, making up 20.4 percent of the UAE banking apparatus’ assets, estimated at AED2.642 trillion by the end of September. A total of 58 banks are operating in the UAE, 50 of which are traditional and 8 are Sharia-compliant.