Emirates Islamic Bank (EIB) and Dubai Land Department (DLD) have signed an agreement appointing EIB as an official escrow account bank.

The signing ceremony took place at Dubai's Land Department head office in the presence of director general of DLD Sultan Batti bin Mujren and general manager Retail Banking, EIB, Faisal Aqil.

EIB is one of the few banks in the UAE to provide Escrow accounts, designed to protect consumer payments on existing and properties under development, in Dubai, said an official spokesman.

The recently promulgated law requires that property developers place receivables in an Escrow account, until predetermined development milestones are achieved and independently verified by the Dubai's  Land Department and the respective Escrow account bank.

'EIB is one of the fastest growing banks in the UAE and we are delighted to be associated with this bank on such a major initiative,' said Butti Bin Mujren.

EIB has a prestigious portfolio of agreements with major property developers in the region, thus giving its customers the widest possible and most convenient options in home financing.

'This step will greatly enhance the confidence of investors and end users in the real estate sector in Dubai. The new law will not only regulate but will set higher standards for the property industry. EIB is very proud to be part of this initiative and will extend its full support in every way possible,' said Aqil.Trade Arabia News Service