Latest news with #AED1.4
Hi Dubai
14 hours ago
- Business
- Hi Dubai
UAE Central Bank Reports 3.3% Rise in M2 and 1.6% Growth in Credit for March 2025
The Central Bank of the UAE (CBUAE) reported a broad expansion across key monetary indicators in March 2025, highlighting continued liquidity growth and credit expansion within the banking sector. Money supply aggregate M1 rose by 0.4% to AED986.2 billion, driven by a AED5.1 billion increase in currency in circulation, which outweighed a AED1.4 billion drop in monetary deposits. M2, which includes M1 and quasi-monetary deposits, recorded a stronger 3.3% increase, reaching AED2,437.7 billion, buoyed by a AED73.8 billion jump in quasi-monetary deposits. M3, the broadest measure of money supply, climbed 2.9% to AED2,893.7 billion, reflecting the growth in M2 along with a AED4.5 billion rise in government deposits. The monetary base also expanded by 2.0% to AED833.1 billion. This was supported by a 4.1% increase in currency issued and a sharp 62.0% surge in reserve accounts, despite significant declines in banks' overnight deposits and Islamic certificates. Gross banking assets rose 1.9% to AED4,719.4 billion. Meanwhile, gross credit grew 1.6% to AED2,240.0 billion, driven by AED19.5 billion growth in domestic credit and AED16.2 billion in foreign credit. The private sector saw a 1.4% rise in credit, while credit to non-banking financial institutions increased by 1.9%. Government sector credit declined slightly by 0.3%. Banks' total deposits grew by 2.3% to AED2,936.4 billion, with resident deposits rising 2.4% and non-resident deposits edging up 0.4%. Within resident deposits, the private sector and government-related entities showed strong gains, while government deposits fell 2.3%. News Source: Emirates News Agency
Sharjah 24
2 days ago
- Business
- Sharjah 24
Gross banks' assets up by 1.9% to AED4,719.4 bn. at end of March
The increase was due to AED5.1 billion growth in currency in circulation outside banks, overriding the AED1.4 billion decrease in monetary deposits. The money supply aggregate M2 increased by 3.3%, increasing from AED 2,360.3 billion at the end of February 2025 to AED2,437.7 billion at the end of March 2025. M2 increased because of an elevated M1, and AED73.8 billion increase in Quasi-Monetary Deposits. The money supply aggregate M3 also increased by 2.9%, from AED2,811.7 billion at the end of February 2025 to AED2,893.7 billion at the end of March 2025. M3 increased due to the growth in M2, and AED4.5 billion increase in government deposits. The monetary base increased by 2.0%, from AED816.6 billion at the end of February 2025 to AED833.1 billion at the end of March 2025. The growth in the monetary base was driven by increases in currency issued by 4.1% and in reserve account by 62.0%, overriding the decrease in banks & OFCs' current accounts & overnight deposits of banks at CBUAE by 64.2% and in monetary bills & Islamic certificates of deposit by 6.3%. Gross banks' assets, including bankers' acceptances, increased by 1.9% from AED4,632.2 billion at the end of February 2025 to AED4,719.4 billion at the end of March 2025. Gross credit increased by 1.6% from AED2,204.3 billion at the end of February 2025 to AED2,240.0 billion at the end of March 2025. Gross credit increased due the combined growth in domestic credit by AED19.5 billion and foreign credit by AED16.2 billion. The growth in domestic credit was due to increases in credit to the; public sector (government-related entities) by 0.2%, private sector by 1.4% and non-banking financial institutions by 1.9%, while credit to the government sector decreased by 0.3%. Banks' deposits increased by 2.3%, from AED2,871.5 billion at the end of February 2025 to AED2,936.4 billion at the end of March 2025. The increase in bank deposits was driven by the shared growth in resident deposits by 2.4%, settling at AED2,687.8 billion and in non- resident deposits by 0.4%, reaching AED248.6 billion. Within the resident deposits; government-related entities deposits increased by 4.3%, private sector deposits increased by 3.1% and non-banking financial institutions deposits increased by 5.1%, while deposits to the government sector decreased by 2.3%, by the end of March 2025.
Arabian Business
23-04-2025
- Business
- Arabian Business
New Board certifies DMCC Tradeflow as fully Shariah compliant
DMCC Tradeflow platform has announced that its Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This follows the DMCC's appointment of a Shariah Supervisory Board to oversee its Islamic finance offerings. The Board carried out an extensive review of the platform's processes, structure, and contractual framework before certifying that it was fully Shariah-compliant. DMCC strengthens Shariah-compliance The Board will ensure that all transactions through the DMCC Tradeflow adhere to Shariah's rules and principles and the highest ethical and regulatory standards, confirming that it remains at the forefront of innovation and integrity in Islamic trade finance. The move strengthens DMCC's position as a leading Shariah-compliant trade finance platform. It will provide financial institutions with greater assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. The Board comprises two esteemed Islamic finance scholars with deep expertise in Shariah-compliant financial structures and governance – Prof Dr Jassim Al-Shamsi, Chairman of the Shariah Supervisory Board, and Prof Dr Mohammed Ali Al-Qari, Member of the Shariah Supervisory Board. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, commented: 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. Trusted Islamic trade platform DMCC Tradeflow has been operating under Shariah principles since 2013, when it first received a Shariah-compliance certification issued by the platform's former Shariah advisor. The appointment of a new, dedicated Shariah Supervisory Board builds upon this legacy, and also reinforced its commitment to adhere to evolving Islamic finance standards and best practices. 'In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion (US$381.2 billion). The appointment of a dedicated Shariah Supervisory Board reinforces our unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services.' DMCC Tradeflow provides a transparent online platform for the registration of ownership of commodities stored in UAE-based facilities. It supports a wide range of financial transactions, with a particular focus on Commodity Murabaha, one of the most widely used and essential instruments in Islamic finance for liquidity management. A leading international business district that drives the flow of global trade through Dubai, the Centre has over 25,000 top multinationals and high-impact startups registered with them.
Zawya
22-04-2025
- Business
- Zawya
DMCC Tradeflow secures shariah certification
DUBAI - DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering through its Tradeflow platform. This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions. Following an extensive review of its processes, structure and contractual framework, the Board has certified that the platform's Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented, 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion. He added that the appointment of a dedicated Shariah Supervisory Board reinforces DMCC's unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services.
Emirates 24/7
22-04-2025
- Business
- Emirates 24/7
DMCC Tradeflow secures shariah certification
DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced the appointment of a Shariah Supervisory Board to oversee its Islamic finance offering through its Tradeflow platform. This strategic move strengthens DMCC's position as a leading Shariah-compliant trade finance platform and expands its role in facilitating Islamic financial transactions. Following an extensive review of its processes, structure and contractual framework, the Board has certified that the platform's Islamic unit is fully compliant with Shariah's rules and principles, the guidelines set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the regulatory requirements of the Higher Shariah Authority of the Central Bank of the United Arab Emirates. This formal Shariah endorsement will provide financial institutions with heightened assurance and enable them to scale their Islamic trade finance operations with confidence through DMCC Tradeflow. Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, commented, 'DMCC Tradeflow provides financial institutions with a secure, transparent and fully Shariah-compliant mechanism to facilitate commodity-based transactions. In 2024 alone, the platform recorded over 201,000 Islamic finance transactions with a value of over AED1.4 trillion. He added that the appointment of a dedicated Shariah Supervisory Board reinforces DMCC's unwavering commitment to upholding the highest standards of Islamic finance and enhancing confidence among financial institutions, further strengthening the position of Dubai as a global hub for Shariah-compliant financial services. Follow Emirates 24|7 on Google News.
