The credit financing provided by the national banks in the UAE to the business and industrial sectors has increased by 5.8% as of April, thus taking the total to AED737.3 billion ($200 billion) from AED696.7 billion ($189 billion) last year.

 

As per the latest Central Bank of the UAE data on credit financing, the national banks increased their credit balance for the two sectors by AED2.1 billion or 0.3 percent in April, up from AED735.2 billion in March.

 

The national lenders gave 90% of their accumulated credit balance of AED818.9 billion to the country’s business and industrial sectors by the end of April, while foreign banks only provided 10%, it stated.

 

The central bank said by the end of April, the Abu Dhabi banks had provided AED365.6 billion in credit to these sectors, banks in Dubai AED351.3 billion, and those in the other emirates AED102 billion.

 

The credit financing was mostly from traditional banks, which provided AED675.5 billion or 82.5% of the total, while Islamic banks only contributed 17.5%, it added. -TradeArabia News Service