The value of deposits in Islamic banks during the months of January and February of this year amounted to 9.542 billion dirhams, a growth of 2.39%, bringing the total of these deposits to 408.382 billion dirhams at the end of last February. Of this, 385.263 billion dirhams are resident deposits, which represents 94.34% of total deposits, and they increased by 1.67% compared to what they were at the end of last year.
According to the Gulf Economic Newspaper, Islamic banks attracted 23.119 billion dirhams of deposits from non-residents, with a growth of 2.24% compared to the end of last year, and deposits of non-residents accounted for 5.66% of Total deposits with the Islamic banking sector.
According to the Central Bank’s recent data, the source of these deposits is primarily individuals. The total deposits of individuals, residents and non-residents, reached 147.156 billion dirhams, an increase of 2.53% compared to 143.518 billion dirhams at the end of 2018, and these deposits accounted for 36.02% of the total bank deposits with Islamic banks by the end of February.
Time bound deposits with Islamic banks declined during the first and second months of this year 1.68% to 148.742 billion dirhams at the end of last February.
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