RIYADH: Total lending by Islamic banks has risen to SR1.6 trillion in the second quarter, at a 4.56 per cent quarterly growth rate from the previous quarter, Arab News reported.

The cumulative loans given by the Islamic banks stood at SR1.5 trillion at the end of the first quarter of 2021.

According to new quarterly data on the Islamic banking system from the Saudi Central Bank’s (SAMA), this rise corresponded to a year-on-year growth rate of 19.49 per cent, as the second quarter saw a noticeable increase, compared with the last year.

The Islamic banks’ total assets also grew 5.11 per cent in the second quarter of this year, as it reached SR2.23 trillion.

The SAMA data also revealed that the Islamic banks’ deposits increased marginally by 1.88 per cent, amounting to SR1.62 trillion in the second quarter. This was accompanied by an 11.87 per cent year-on-year growth rate, as it increased from SR1.59 trillion in the second quarter of 2020.

The report added in a note that the Islamic banks’ data are based on the audited quarterly financial statements of the Saudi banks.