Friday, August 31, 2007

Amlak Finance and Tamweel signs deal to function as escrow agents

Amlak and Tamweel, the two mortgage lenders in Dubai, have entered into deals with the Land Department to become escrow account agents.

Amlak Finance has been assigned to launch trust account services from the Dubai Land Department. Apart from this, Amlak will also enhance the financial flexibility of the end-user and provide unit sales services, sales monitoring, construction finance, legal documentation and customer service to major developers.

Tamweel has been assigned the task of an official escrow account agent by the Land Department, and this is for the first time that a mortgage provider has got this designation.

Tamweel said that it plans to convert the current projects of seventy five real estate developers into an authorized escrow structure.

The Director General of the Land Department, Sultan Butti Bin Mejren said "The Dubai Land Department plans to promote regulations that will contribute to the development of the property market in the emirate. The agreement between Amlak finance and the department ensures the users with ultimate protection."

The CEO of RERA (Real Estate Regulatory Agency), Marwan Bin Ghalita has commented that with the approval of a trust manager for the leading institutes in the market, one can rest assured that the Dubai property market will grow to provide deep rooted confidence and security to all its investors.

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