Standard Chartered partner Dubai Land

by Laura Collacott Thursday, 27 September 2007

Standard Chartered has signed the Escrow Account Agreement with Dubai Land Department (DLD), formalising their position as an approved bank for opening and managing Escrow accounts for property developers registered with DLD.

Related Stories

The move makes Standard Chartered one of the few banks in the UAE to offer both conventional and Islamic banking Escrow accounts, giving greater choice to property buyers.
Speaking on the significance of the agreement H.E. Sultan Butti Bin Mijrin said: "Dubai Land Department has taken a hands-on approach to develop existing legistlation in the emirate's real estate industry to ensure the highest levels of protection for property investors as well as to enhance confidence levels in this sector. The agreement is a milestone in achieving this."

The Agreement complies with the newly imposed Law Number 8 of 2007 issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and sets out to protect any party who sells units from a property development plan prior to the projects completion or while in the process of construction. Such payments should now be placed into authorised Escrow agent accounts until the completion and handover of the developments.

Nigel Jones added: "Standard Chartered recently launched the UAE's first dedicated mortgage centre in Emaar Business Park, showing its commitment to the property sector in this market. The agreement signed today reinforces our involvement with the real estate industry and highlights our support to government backed initiatives in the UAE."



Search Property (2042 listed)



Enter a Development, City, Real Estate Agent or Developer name
Property Type
Added to Site
Price Range
to
Bedrooms
Area (in sqft)
to
to

Quick Links(Residental)