ABU DHABI: Al Maryah Community Bank (Mbank) has signed a Memorandum of Understanding with the Real Estate Regulatory Agency (RERA) to become one of the few banks in the UAE to offer Escrow account services for the real estate sector.
Mbank’s introduction of this new service contributes to and supports the government’s efforts in providing incentives to the real estate sector by protecting investors’ deposits following the purchase of real estate developments across the nation.
Marwan bin Ghalita, CEO of the Real Estate Regulatory Agency (RERA), said, “We are pleased to conclude this agreement with Al Maryah Community Bank. Through this partnership, we anticipate overseeing the establishment and construction processes of off-plan sold units, thereby ensuring the rights of investors. At the Dubai Land Department (DLD), we affirm our unwavering commitment to enhancing proactive services within the real estate sector, aiming to align with the significant developments the sector is witnessing and its pivotal rol
e as a key pillar in Dubai’s economy, thus supporting investors’ confidence in the sector to achieving The World Leader in Real Estate Investments.’
Opening an Escrow account at Mbank can be done in just a few easy steps once the developer interested in opening an Escrow account submits all the necessary documents. When the account is open and active, the developer can inform potential investors, and ultimately payments can then be regulated and delivered on time, which will in return streamline the overall investment experience.
The purpose of Escrow account services provided by Mbank is to regulate, enhance, and provide confidence to buyers in real estate – especially those who are investing in ‘under-construction’ projects. On the other hand, developers also feel reassured, as Escrow accounts minimise the risk prevalent in any real estate purchase. Mbank will provide real estate investors with a range of innovative and convenient payment solutions that will significantly contribute to the long-term socio
-economic development in the UAE.
Mohammed Wassim Khayata, CEO of Al Maryah Community Bank, commented, ‘We take pride in partnering today with the Real Estate Regulatory Agency, whereby we are keeping pace with the recent developments in the UAE real estate sector and supporting our government’s efforts in regulating the sector, which is a main pillar of our economy. Our new Escrow account services aim to fill the gap that real estate developers and investors are facing while ensuring that their banking needs are being catered to in an innovative, seamless, and effective way’.
Source: Emirates News Agency