Emirates Islamic Bank signs Escrow account agreement with Dubai Land Department |
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United Arab Emirates, Dubai, September 18th 2007: Emirates Islamic BankEmirates Islamic Bank
(EIBEIB) and Dubai Land DepartmentDubai Land Department have signed an agreement appointing EIBEIB as an official Escrow account bank. The signing ceremony took place at Dubai's land department head office, in the presence of Mr. Sultan Batti Bin Mujren, Director General of Dubai Land DepartmentDubai Land Department and Mr. Faisal Aqil, General Manager Retail Banking, Emirates Islamic BankEmirates Islamic Bank.
EIBEIB is one of the few banks in the UAE to provide escrow accounts, designed to protect consumer payments on existing and properties under development, in Dubai.
The recently promulgated law requires that property developers place receivables in an escrow account, until predetermined development milestones are achieved and independently verified by the Dubai land's department and the respective Escrow account bank.
Mr. Sultan Bin Butti Bin Mujren commented on the agreement by saying :" Emirates Islamic BankEmirates Islamic Bank is one of the fastest growing banks in the UAE and we are delighted to be associated with this bank on such a major initiative"
Commenting on the agreement, Mr. Faisal Aqil said: "This step will greatly enhance the confidence of investors and end users in the real estate sector in Dubai. The new law will not only regulate but will set higher standards for the property industry. Emirates Islamic BankEmirates Islamic Bank is very proud to be part of this initiative and will extend its full support in every way possible"
Emirates Islamic BankEmirates Islamic Bank has a prestigious portfolio of agreements with major property developers in the region, thus giving its customers the widest possible and most convenient options in home financing.
-Ends-
© Press Release 2007
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