The Dubai Land Department has signed a license agreement with Mashreq Bank to launch a new e-mortgage system as the department works to modernise its processes, it was announced on Tuesday.
“The development and launch of the new e-mortgage system come as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said Sultan Butti bin Mejren, the DLD’s director general.
“We expect that applying blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities,” bin Mejren added.
In a statement, DLD said that Mashreq Bank is preparing to use the DLD-developed system to register mortgage contracts for those who have applied to the service.
As part of the new agreement, both parties will work together to structure and develop the relationship between them and improve coordination.
“This partnership aims to save customers both time and effort by integrating DLD and Mashreq services, ensuring that it is a win-win situation for everyone,” said Mashreq Bank senior director Arshad Khan.
Majid Saqer Al Marri, the CEO of the registration and real estate services sector at DLD, said that the partnership with Mashreq “is an important step” in spreading the benefits of e-mortgages to investors.
“We will continue to seek the best partners to ensure the comfort and happiness of our customers as well as develop the system and support it with the latest technologies,” he said. “This system will ensure customers a unique journey and experience, reducing the number of steps and visits by helping them complete all requirements in one place.”For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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