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Credit for UAE charitable organisations

UAE banks have provided credit facilities worth AED9.6 bn for service and non-profit organisations during Q1-2019, a significant amount of funds that accounts for around 10 percent of the total financing by the banks for all economic sectors in the country, valued at AED1.529 trillion until the end of March 2019.

Figures recently released by the Central Bank of UAE indicate the steady rise in the total financial assistance received by this sector which amounted to around AED148.8 bn in 2018 against AED138.3 bn in 2017.

In 2014, the total financial facilities for the sector reached AED96.2 bn, and increased to AED112.6 bn in 2015, before hitting AED125.3 bn in 2016.

The significant growth in financing facilities received by the sector in the UAE reflects the new different approach adopted by the State over the past several years, to set its sights on delivering optimum services that ensure social welfare and economic wellbeing.

Source: WAM

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