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UAE Islamic banking assets grow

Islamic banking assets in UAE has grown to AED 445 billion at the end of the second quarter of 2015, an increase of 9.8% since the start of the year, according to UAE Central Bank governor Mubarak Rashid Al Mansouri. He said that the eight Islamic banks in UAE increased their share of total banking assets to 18.4% at the end of the second quarter from 17.3% in the first quarter of 2014. He told the Global Economy Summit in Dubai that Islamic finance has become an asset that is growing dramatically worldwide, and UAE is proud of the expansion of Islamic banking growth tools which serve more than two billion Muslims and meet the needs of other sectors globally. He said global Islamic banking assets touched $1.3 trillion, growing at around 16% annually – a much higher pace than conventional banks’ growth. He said the UAE ranked second worldwide, after Malaysia, on the Global Islamic Economy Indicator.

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