UAE - Mubasher: The total number of finance companies in the UAE reached around 22 in 2020, with total assets valued at around AED 31.6 billion, the Emirates News Agency (WAM) reported.
The assets of finance companies in the UAE represent 1% of the banking system's total assets by the end of 2020, as shown by the latest statistics of the Central Bank of the UAE (CBUAE).
A total of six finance companies are owned by banks, and 11 companies operate in accordance with Islamic law and 11 others in conventional finance.
Meanwhile, loans have represented 55.9% of the companies' total activities, recording a total value of AED 17.7 billion by the end of 2020.
