Tamweel receives property ownership certificate from Dubai Land Department

Following recent proactive reforms at the Dubai Land Department, and in line with global best practices, UAE-based home finance providers and financial institutions that offer mortgages will now receive a Title Deed, which is a legal document providing evidence of ownership of property.

For Sharia-compliant mortgages, the name of the buyer will also be included on the Title Deed. The Title Deed guarantees the transfer of ownership from the lessor, or home finance provider, to the lessee, or buyer, once the Sharia-compliant Ijara contract has been completed. Therefore, the rights of both the lessor and lesee are fully guaranteed.

The first Title Deed issued to a buyer and Tamweel, the largest provider of home finance in the UAE, was for a property in the Arabian Ranches community, which will be leased to the buyer as per the Ijara terms of the offering. Once the lesee has fulfilled his obligations to the mortgage provider, under the Ijara terms, property ownership will be automatically transferred to his name.

Adel Al Shirawi, Chief Executive Officer of Tamweel, said:

"We are delighted to be the first home finance provider in the UAE to receive a Title Deed from the Dubai Land Department, which continues to foster the growth of the real estate market in close cooperation with mortgage providers such as Tamweel. The issuance of this certificate signals even greater transparency and good governance in the real estate sector, which continues to witness unprecedented growth. Just as important, the legal structures that are vital to providing confidence in the market are also becoming increasingly sophisticated."

He continued: "We extend our congratulations to the Dubai Land Department for setting a new benchmark in the region. The issuance of the first Title Deed is a milestone in the development of the home finance industry in the UAE, and will boost the confidence of investors and home buyers here. This is a significant achievement that will further support the growth of the Dubai property market."