CAIRO: Total lending by Islamic banks has risen to SR 1.6 trillion in the second quarter, at a 4.56 percent quarterly growth rate from the previous quarter. The cummulative loans given by Islamic banks stood at SR1.5 trillion at the end of the first quarter of 2021.
According to new quarterly data on the Islamic banking system from the Saudi Central Bank’s (SAMA), this rise corresponded to a year-on-year growth rate of 19.49 percent as the second quarter saw a noticeable increase compared to last year.
Islamic banks’ total assets also grew by 5.11 percent in the second quarter of this year as it reached SR2.23 trillion.
The SAMA data also revealed that Islamic banks’ deposits increased marginally by 1.88 percent, amounting to SR1.62 trillion in the second quarter. This was accompanied by an 11.87 percent year-on-year growth rate as it increased from SR1.59 trillion in the second qaurter 2020.
The report added in a note that Islamic banks’ data are based on the audited quarterly financial statements of Saudi banks.