Abu Dhabi launches e-mortgage services

4 banks in the agreements include Mashreq Bank, First Bank of Abu Dhabi, Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank

  
People walk past a branch of Mashreq Bank along Khalid Bin Al-Waleed Road in Dubai February 3, 2010. Image used for illustrative purpose.

People walk past a branch of Mashreq Bank along Khalid Bin Al-Waleed Road in Dubai February 3, 2010. Image used for illustrative purpose.

REUTERS/Mosab Omar

Abu Dhabi City Municipality has signed five agreements related to the delivery of e-mortgage services through the smart digital services platform with four banks and one finance company, a media report said.

The agreements were signed by Saif Badr Al Qubaisi, general manager of Abu Dhabi City Municipality, ADM, and chairman of the Technology Committee at the Department of Urban Planning and Municipalities on behalf of the three municipalities in Abu Dhabi: ADM, Al Ain Municipality, and Al Dhafra Municipality, reported Emirates news agency Wam.

The four banks in the agreements include Mashreq Bank, First Bank of Abu Dhabi, Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank.

Christopher Hoo Taylor, chief executive officer of Abu Dhabi Finance Company PJSC, signed on behalf of the Abu Dhabi Finance Company.

"This step is part of the department’s digitalisation of all services with the aim of improving the services and enhancing the cooperative relationships with all strategic partners,” said Al Qubaisi.

“The department will continue upgrading its online services and opening communication channels with active entities such as the banks and establishments concerned with supporting the performance of the real estate market. We are also focused on improving our services to keep pace with the expectations and highest satisfaction rating of customers, strategic partners and the community.

"The Abu Dhabi City Municipality has taken the initiative of developing a digital system for registering the property mortgage known as e-mortgage. Thus, the UAE becomes one of the first countries to use this system in registering, amending and redeeming property mortgages.

"Among the key objectives of the said agreements is to boost the relationship between the municipalities and banks with a view to streamlining procedures as well as the legal and administrative systems applied by both parties. Such cooperation will empower the real estate market and enhance its ability to carry out property mortgages through swift procedures that save the time of all parties and the hassles of attending to complete the process. The new system enables all parties to complete this process online with no routine procedures or papers involved," explained Al Qubaisi.

Amro Al Manhali, head of Islamic Banking, Abu Dhabi Commercial Bank, said: "We are proud to be part of this strategic partnership with ADM through which we will seek to cement our relationships with government entities offering services to community members. Thus, it serves the public interest and brings happiness to clients. The agreements avail us the chance to operate and use the e-mortgage system to deliver e-mortgaging services more effectively and efficiently. The service offering includes registering, revising and redeeming property mortgages to streamline the business of lands and real estate sector and support the sustainable development of this vital sector."

"The signing of this agreement with ADM is concurrent with our strategy aimed at boosting digital services and providing convenient transactions for all parties. This agreement is an important step towards easing customers transactions and offering more effective solutions that contribute to slashing the procedures and time of our customers. We are pleased to thank the municipality for supporting this initiative, which contributes to improving the real estate sector of the emirate,” Al Manhali added.

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