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Escrow

  • Competitive
    Profit Rates
  • Dedicated
    Customer Service Centre
  • Competitive
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  • Experienced
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Escrow Account Facility

escrow

Protecting your long-term business development with a project-specific plan.

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Key Benefits

The Dubai Islamic Bank Escrow Account program offers guidance on completion of RERA formalities, Account Opening and transaction services in accordance with RERA instructions and guidelines and also statements to investors on what amounts were received in the escrow account against their units.

Other benefits are:

  1. Competitive terms and pricing
  2. Competitive profit rates on account balances and the option to create fixed deposits
  3. Strict adherence to Sharia principles
  4. Provision of value-added services allowing you to outsource all or part of your administrative duties to the Bank
  5. Comprehensive account level MIS and real time access to account information
  6. Experienced team of in-house engineers providing payment certificate verification services as per RERA requirements
  7. Dedicated customer service centre for developers providing a single touch point in your dealings with the Bank
  8. Network of 90 branches across the UAE providing easy access to our services

 

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escrow

What is an Escrow account?

An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties), to be disbursed to another party (or parties) based on fulfillment of certain conditions which govern the Escrow account arrangement.

Conditions for operation of real estate Escrow accounts are governed by each Emirate’s Real Estate regulatory authorities. Each end user who buys an off plan property in a development pays into the project’s Escrow account. The funds are not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. Money will only be disbursed from the Escrow account directly to the project contractor and consultant on completion of each stage of construction and when verified by previously determined experienced engineers. Any other Escrow account disbursements are governed by the Escrow Agreement and respective regulators instructions. Dubai Islamic Bank currently offers Escrow services for projects in Dubai, Ajman and Ras Al Khaimah.

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Documentation

With our team of skilled professionals, applying for an Escrow account is simple and stress-free. Should you require any assistance in this regard, please visit your nearest branch or contact our Phone Banking team.

Required docments for opening an Escrow account:

  1. RERA approval
  2. Escrow Account Agreement and Account Opening forms signed
  3. Land Title Deed /Sales & Purchase Agreement in name of developer
  4. Trade License, Commercial Registration & Chamber of Commerce Certificate or Offshore company documents
  5. Passport copies of authorized signatories
  6. Cash flows/Audited Statements of the Project
  7. Technical documents related to construction and consultancy contracts (required after account opening)

If applicable: Memorandum/Articles of Association Power of attorney, Board resolution, Partnership deed

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Please address your queries to:

Customer Service Desk

Akhlak Shaikh : +971 4 207 5115
Hussein Trabulsi: +971 4 207 5673
Fax: +97142989316

Any Questions?

What is an Escrow Account?
An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties) and to be disbursed to another party( or parties) based on the fulfilment on certain conditions which govern the escrow account arrangement.
Who governs Escrow Accounts for Real Estate Developers?
The Real Estate Regulatory Authority (RERA), Escrow Law and subsequently issued regulations govern the operation of the Escrow Accounts
How does the Escrow Account for Real Estate work?
Each end user who buys a property in a development launched by a developer will pay into an escrow account which is not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. From the escrow account money will only be disbursed to the contractor of the project directly, upon completing each stage of construction. For each stage, a contractor bills through Progress Payment Certificates also known as PPC’s. Any other disbursements from the escrow account will be governed by the escrow agreement and RERA instructions. Developers do not have any operating rights (withdrawal etc) over escrow accounts.
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