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The assets of Islamic banks operating in the country rose to 630.8 billion dirhams at the end of December 2022, the highest level in its history, according to the latest Central Bank statistics.
Central statistics showed that the assets of Islamic banks increased on an annual basis by about 40.5 billion dirhams, or by 6.86%, compared to about 590.3 billion dirhams at the end of December 2021, while they increased on a monthly basis by about 12.7 billion dirhams, or by 2.1%, compared to about 618.1 billion dirhams in November 2022.
Bank credit for Islamic banks rose to 397.6 billion dirhams at the end of December, an increase on an annual basis of 3.8%, compared to about 14.6 billion dirhams in December 2021.
Deposits in Islamic banks increased to 440 billion dirhams, an increase of about 4.1% on an annual basis, compared to about 422.8 billion dirhams in December 2021, while they increased on a monthly basis by about 1%, compared to 435.5 billion dirhams in the previous November.
investments
The total investments of Islamic banks reached 104.6 billion dirhams at the end of last December, an increase on an annual basis of 24.1%, or the equivalent of 20.3 billion dirhams, compared to investments of about 84.3 billion in December 2021, while it increased on a monthly basis by 0.4%, compared to 104.2 billion dirhams in November 2022. The investments of Islamic banks were distributed by 71.5 billion dirhams in bonds held until maturity, 18.8 billion dirhams in securities representing debts to others (debt securities), 2.8 billion dirhams in stocks, and 11.5 billion dirhams in other investments. .
conventional banks
In terms of conventional banks operating in the country, their total assets reached 3.03 trillion dirhams at the end of December, an increase of 11.3% on an annual basis, compared to 2.73 trillion dirhams at the end of December 2021, and an increase on a monthly basis of 0.6%, compared to 3.02 trillion dirhams in November 2022.
Conventional banks acquired 82.8% of the assets of the banking system in the country at the end of December, compared to 17.2% for Islamic banks. Bank credit to conventional banks reached 1.48 trillion dirhams, an annual increase of 5.1%, while bank deposits in conventional banks increased to 1.782 trillion dirhams at the end of December, an annual growth of 13.2%. Total investments rose 8.8% to 423.1 billion dirhams at the end of December.