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Escrow accounts launch in Dubai

Three leading banks have launched escrow accounts following amendments in Dubai's property law in a bid to increase transparency levels within the emirate's real estate sector.

HSBC, Dubai Islamic Bank (DIB) and Badr Al-Islami, the Islamic banking division of Mashreq, opened the trust accounts as a result of Law No.8, which requires mandatory use of the account when buying an off-plan property in Dubai.

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