Dubai, September 23, 2007: Dubai Islamic Bank (DIB) announced today that it has signed an agreement with Smart Home Real Estate to open an escrow account for real estate development.
The agreement follows the issuance 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, Prime Minister and Ruler of Dubai. The law will help property developers to manage their project receivables in accordance with a set of new regulations.
Ayman Adel, Executive Vice President, Real Estate Finance Department, DIB, said: The agreement comes in line with DIB?s vision to offer a host of tailor-made, value-added services to property developers. The service will offer guidance on completion of Land Department formalities, account opening services, as well as balance management services and others. We are delighted to sign this agreement with Smart Home Real Estate, which is considered among the promising real estate companies in the UAE. The bank's services in this sector will help real estate developers to benefit from world-class products that Dubai and the UAE are now offering, he added.
Engineer Ashraf Mohammed Farajallah, Smart Home Real Estate, said: We are proud to be the first real estate company to sign this agreement with DIB. Escrow accounts will enhance trust in the real estate sector as they provide real estate developers a unique opportunity to avail of the best products and services. Our company has been involved in several major real estate projects across the country including private projects. Today, we look forward to consolidating our position in the area of freehold property development in collaboration with Dubai Islamic Bank, he concluded.
© WAM (Emirates News Agency) 2007
