Al Masraf approved and registered as an account trustee by RERA, on behalf of the DLD
The Dubai Land Department (DLD) has reached an agreement with the Arab Bank for Investment and Foreign Trade (Al Masraf) to manage and service the Owners Association (OA) accounts.
The MoU was signed by the DLD’s regulatory arm, RERA, since it is one of the authorities responsible for implementing Law No. 27 of 2007, regarding co-owned properties in Dubai with regards to OAs.
The MoU was signed by Marwan bin Ghalita, CEO of RERA and Hussein Ohida, assistant general manager – Corporate Support Services at Al Masraf.
“RERA seeks to attract as many potential private sector partners as possible to help them implement their strategies to regulate Dubai’s real estate sector and support all parties in their respective roles. The new MoU with Al Masraf will provide OA accounts more options and access to banking services provided by leading banks operating in the country,” said Ghalita.
RERA has issued regulations relating to OAs including those regarding the general organisation, the key law for OAs and decisions concerning co-owned properties, the statement from DLD said.
“We are delighted to introduce this service to our clients and the existing escrow services to developers. By signing this agreement with the DLD, we can extend our escrow account services for property OAs through the Mollak system. This partnership with the DLD is another milestone for Al Masraf on its journey to launching more value-added transaction banking services in the region,” added Ohida.
Al Masraf has been approved and registered under the MoU by RERA as an account trustee, in accordance with Law No. 27 of 2007. The institution was authorised for the role since it is licensed in the UAE to provide banking services to individuals and companies. RERA has also authorised Al Masraf to provide other services in line with the agreement.