Sharjah Islamic Bank signs trust agent agreement with Dubai's Land Department

The ceremonies of signing this agreement was held in the domicile of the Land Department in the presence of Juma Bin Humaidan - Assistance Director General of Dubai's Land Department, Mohammad Abdulla, Chief Executive Officer of Sharjah Islamic Bank as well as executives and senior officers in both in the two parties.

As per the provisions of the agreement, Sharjah Islamic Bank has been approved as an authorized authority to administer the process pertaining to the trust account in respect of the developers involved in the field of property development in the emirate of Dubai.

Mohamed Abdulla, the CEO of Sharjah Islamic Bank, emphasized the compliance of the Bank with its presence within the list of the financial or banking corporations authorized to operate the guarantee account and which reflects the bank strategy for supporting and enhancing the economic movement in the state.

He added that SIB is employing an integral team to operate this account for the service and benefit of the property developers in Dubai as well as promoting the government's initiatives to raise the levels of the property development and maintaining transparency which is reflected in property market in Dubai.

Sharjah Islamic Bank has signed this sgreement with the Land Department as per the provisions of the law No. 8 of the year 2007 in respect of accounts to guarantee property development.

This move launched by the government of Dubai to organize the market of the property development in Dubai, the applying laws shall obligate all those who are interested in practicing the business of the property development to open banking guarantee accounts pertaining to each property project separately with the authorized custodians of the account.

The property development companies shall remit all the funds pertaining to the projects including the revenues of selling the units in a close account and shall be operated by withdrawal only for the purpose of executing the projects for protecting investors from delay of construction works whereas the Land Department shall be engaged by running, managing and controlling these accounts to secure and guarantee the process of applying the law in a regular and organized manner and protecting the interest of all participants.