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DIB launches new service to bolster Dubai real estate law29.07.2007Dubai Islamic Bank (DIB) has announced the launch of the Al Islami Escrow Account, the first escrow “Trust” account service in the region designed specifically for real estate developers. The new service will contribute to further protecting investors and enhancing confidence in the UAE’s real estate sector. The announcement was made during a ceremony where DIB and the Dubai Lands Department signed an agreement governing the general trust account conditions for real estate developments. The agreement was signed by Sultan Butti Bin Mijrin, Director General of Dubai’s Land Department, and Saad Abdul Razak, CEO of DIB Group. Sultan Butti Bin Mijrin said: “This agreement follows the issuance of Law No. 8, which reflects the level of maturity that the real estate sector has now achieved. The new law will enhance confidence in this vital sector and develop a strong basis for regulating the process of selling residential units and will protect the rights of buyers.” The Al Islami Escrow Account service will help property developers manage their project receivables in accordance with the new regulations of Law No. 8 pertaining to the trust accounts for real estate developments in Dubai, issued by His Highness, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. The bank will provide guidance on the completion of the Land Department’s formalities and requirements. The developers will benefit from the comprehensive information systems of the bank that will provide details on the status of payments received of the various units in their buildings. |
