Banks in the United Arab Emirates extended 151.8 billion Emirati dirhams ($41.3 billion) in Islamic financing to the business and industrial sectors in 2017, according to data from the central bank of the UAE.
This accounts for 20.3 percent of the total 747.6 billion dirhams of loans and financing for the business and industrial sectors.
Local banks provided 642.3 billion dirhams, or 86 percent of total credit.
Bank loans to these sectors accounted for 47.3 percent of total credit provided by UAE banks in 2017.
The UAE considers the industrial sector to be a main driver for its economic growth.
($1 = 3.67 Emirati dirhams)
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