Abu Dhabi Islamic Bank to manage Guarantee “Escrow” Accounts for property developers
Abu Dhabi Islamic Bank (ADIB), one the region’s leading Islamic banks, today signed a Guarantee Account Trustee Agreement with the Dubai Land Department, to become a formally-approved bank for the opening and managing of Guarantee “Escrow” Accounts for property developers registered with the Dubai Land Department.
Mr. Tirad Mahmoud, ADIB CEO, said: "This agreement reflects our commitment to supporting the government’s regulatory laws in developing and regulating the real estate market in the UAE. We have a history at ADIB of keeping our customer’s best interest at heart and being transparent in everything we do, so we are naturally delighted to be contributing towards raising the standards of real estate transparency by offering a framework that protects consumers and investors.”
ADIB is now officially approved by the Dubai Land Department to provide escrow accounts for developers in Dubai, as all real estate developers in Dubai are now required to open escrow accounts with a UAE accredited bank for their real estate development projects.
"We are delighted to be associated with ADIB on such a major initiative that will enhance the confidence of investors and end users in the real estate sector in Dubai. This deal is just the beginning for us; we are now working on developing regulations and legislations to ensure that the highest standards of quality will always be applied in real estate transactions," said Mr. Sultan Butti Bin Mijrin , General Manager of the Dubai Land Department.
A signing ceremony to formalize the agreement took place this morning at the Dubai Land Department's Headquarters where Mr. Sultan Butti Bin Mijrin from Dubai Land and Mr. Ali Bin Khalfan Alshaqoosh , Regional Branch Director of the Abu Dhabi Islamic Bank finalized the agreement.
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