Dubai Land Department signs MoU with Mawarid Finance

The Dubai Land Department has signed a Memorandum of Understanding (MoU) with Mawarid Finance under which Mawarid will provide management services of property development Guarantee Accounts with respect to the laws of the UAE and Dubai property.

The agreement establishes the mutual co-operation between the private and public sectors in the country.

The MoU allows Mawarid Finance to be the Land Department’s account trustee, with the goalof dealing with the department’s registered Dubai property developers.

The process will include the account trustee opening a Guarantee Account for registered developers, based on a written document from the department after all the requirements have been fitted.

After signing the MoU, Mr. Juma Bin Humaidan, Deputy Director-General of the Land Department underlined that it would profit the Dubai property sector and the overall economic development of the country.

Bin Humaidan said the MoU aims to ease procedures for developers in Dubai property, insuring that the department is providing the highest standard of services.

Bin Humaidan added: “We are pleased to sign this agreement with Mawarid Finance, which we chose to be a Guarantee Account trustee because of Mawarid’s expertise in this domain. And because of the quality of its products and the Sharia’a-compliant financial services it provides to companies and individuals from all sectors.”