Ajman Bank opens six dedicated escrow accounts for master developer Chapal

For more than 40 years, CHAPAL has developed building concepts of superior and lasting integrity and carefully managed their implementation.

In doing so, CHAPAL has created a most sought after signature style applauded by highly discerning consumers

CHAPAL, a leading property developer and multi-service provider to the real estate sector announced that it has opened 6 escrow accounts with Ajman Bank, the emirate's first Islamic commercial bank, to handle their six projects in Ajman:

1. Chapal the Glory
2. Chapal the Harmony
3. Chapal the Presidency
4. Chapal the Legacy
5. Chapal Corals
6. Chapal the Dunes

This follows the developer's recently announced registration with the Ajman Real Estate Regulatory Authority (ARRA).

On this auspicious occasion, the Chapal takes this opportunity to thank ARRA, (Ajman Real Estate Regulatory Authority) for their continued support and adherence to legislation and regulations that are designed to increase the confidence of investors and encourage them to further invest in the real estate sector within Ajman."

Chapal also acknowledge and appreciated the timely support of Ajman Bank as the official bank to handle 6-escrow accounts for their projects. The new Bank has continued to demonstrate support for the economic development of Ajman since it began operations in February this year, establishing strategic partnerships with organizations like Ajman Freezone and financing asset investment for businesses looking with grow such as Emirates Transport.

Committed to protecting its investors, Chapal has identified the importance of registering for an escrow account to reduce investment risks, and to effectively draw in more foreign investments to Ajman.

Mr. Ahmed Chapal specifically mentioned Ajman Bank and its important role in real estate development, which has been appointed as the sole guardian of escrow accounts in Ajman, 'Registering with ARRA and partnering with Ajman Bank are two important components of our strategy to ensure the security of our clients' investments. He added that 'Chapal's major objectives are to bring transparency and security to the property industry and to improve investors' confidence in Ajman real estate market.

Acting CEO of Ajman Bank, Ali E. Alshaqoosh Al Mueen added,

"We are pleased to see our role in the development of Ajman and the UAE as a whole continue to grow and our real estate industry actively address ways of ensuring and augmenting investor confidence. The work being done by ARRA and master developers like CHAPAL is key to the continued, sustainable growth of the local economy. As an organization committed to community banking, offering these six escrow account in very much in line with our values here at Ajman Bank."

Chapal major projects in Ajman are currently under construction and, aforesaid Escrow accounts would be a great help to deliver these projects on time. He emphasis on the Chapal philosophy of commitment to deliver the best to customers' satisfaction.