Dubai Land Department Gives a Nod to Trust Account Service of Property Financing Company

The trust account services of a major residential property financer in Dubai, Amlak Finance have been approved by the Dubai Land Department. In the light of this development, the property finance company has begun expanding its service to major Dubai property developers. The approval implies that the rights of all institutions and end users involved in Dubai property sector are protected. The signing ceremony was held at the Dubai Land Department headquarters where the Trust Account Services were formally launched.
Dubai Land Department had set up the Real Estate Regulatory Authority which in turn has issued laws that bind property developers in Dubai to open escrow accounts with reputed banks. The authority has undertaken the move in order to regulate the functioning of property industry in Dubai. This bid to offer turnkey solutions to Dubai property developers will help in creating hassle-free and efficient dealings in the property sector in Dubai.
Besides trust account services, Amlak will also take the following steps for Dubai property investors:• Enhancing financial flexibility to the end-user in Dubai property market.• Offering sales services for property units.• Monitoring and providing customer support services and follow-up after sale of property units.• Providing legal documentation to major property developers in Dubai.• Providing construction finance to major property developers in Dubai.• Undertaking progress evolution of the approved property projects of its clients.• Ensuring the delivery of world class property in Dubai real estate matrix.
Amlak Finance PJSC is the largest Islamic Home Finance Company that is publicly listed and also offers Sharia’s solutions. Over the years, it has carved a niche for itself as a complete regional residential unit finance company in Dubai property market with the result that it already has strong alliances with various real estate developers. The present move will boost Dubai’s status as a major player in the realty world.