Arab and international leadership in 4 banking indicators

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The UAE topped the Arab, regional and global levels in 4 main banking indicators 2021, in a global testimony from international institutions on the strength and durability of the banking system in the country.

According to the Competitiveness and Statistics Center, the four indicators include “the depth of credit information”, “the absence of a credit gap”, “money and banking” and the indicator “the existence of regulatory restrictions on financial transactions”, as the indicators reflect the strength of the financial and banking structure in the country to establish flexible and reliable controls and legislation in Simultaneously to ensure the safety and smoothness of banking operations at the level of businesses, companies and individuals.

The UAE ranked first in the Arab, regional and global levels in the depth of credit information index, according to the welfare index report issued by the Legatium Institute, and ranked first in the Arab world, regionally and globally in the absence of credit gap index according to the global competitiveness report issued by the World Economic Forum, and ranked first in the Arab world, regionally and globally in The money and banking index, according to the open data report issued by the open data stock index, while it ranked first in the Arab world, regionally and globally in the index of the presence of regulatory restrictions on financial transactions, according to the welfare index report issued by the Legatium Institute.

The number of commercial banks operating in the country increased from 20 in 1972, when banking business officially began in the UAE in the pre-union period and started its work before the establishment of the previous monetary council, that is, before the establishment of the Central Bank, to 49 banks in 1980, and the number of banks in the country reached 58 by the end of 2020 from Including 21 national banks, bringing the number of banks in the country up by 190 percent in 49 years.

The total value of deposits in the banking sector increased from 19.513 billion dirhams in 1978, to 1.884 trillion 2020, with a growth of 9557.6%, which means a doubling of 96.57 times in 43 years, and the number of insurance companies jumped 554.8 percent to 406 companies by the end of 2020.

For more details, read also:

The UAE is an Arab and international leader in 4 international banking indicators 2021

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