Standard & Poor's: UAE as Islamic finance hub
S&P Global Agency affirms that the UAE continues to strengthen its position as a global hub for Islamic finance, benefiting from a strong economic performance and a solid Islamic banking sector. The total assets of Islamic banks in the UAE reached 989 billion dirhams in 2026, with forecasts indicating that these assets will double to reach 2.56 trillion dirhams by 2031. Islamic banks heavily rely on customer deposits, which constitute 83% of their liabilities, supporting financial stability. The UAE also focuses on advancing technology and digital finance, exemplified by the creation of a global center for technology and innovation in Islamic finance in Dubai to foster growth. Major banks such as Dubai Islamic Bank and Abu Dhabi Islamic Bank play significant roles in supporting this sector. Islamic finance is a driving force, with its assets growing by 10.2% in 2025, bolstered by strong contributions from Gulf countries, especially the UAE and Saudi Arabia.
Notice: This Is an AI-Generated Summary
Comments (0)