31.6 billion dirhams, assets of 22 companies operating in the financing sector in the UAE during 2020

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Abu Dhabi – Mubasher: The number of finance companies operating in the UAE reached 22 during 2020, and their total assets amounted to about 31.6 billion dirhams, according to statistics issued by the Central Bank of the Emirates. .

Central Bank statistics showed that the total assets of finance companies operating in the country constituted about 1% of the total assets of the banking system in the country by the end of 2020.

The statistics indicated that 25.2% of the assets of finance companies (6 companies) are owned by banks, while 74.8% (16 companies) of the assets ownership is owned by non-bank companies, and 11 of the total of these companies operate in accordance with Islamic law and the same number is in conventional financing.

Loans accounted for 55.9% of the total activities of finance companies operating in the UAE, while the rest of the percentage was distributed among other activities, including investment of all kinds..

The total value of the loan portfolio of finance companies amounted to about 17.7 billion dirhams by the end of the year 2020, and it mainly consists of real estate loans at a rate of 39.6%, in addition to business loans, credit cards and other personal loans. .

It is noteworthy that the Central Bank issued, during 2018, a new regulation for finance companies, setting a period of three years for its implementation, but it returned and granted a new deadline until 2023, noting that 70% of finance companies complied with the new requirements by the end of the year 2020. .

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