Thursday, Jul 16, 2020
International Finance
Economy Real Estate

DLD and Dubai Islamic Bank sign e-mortgage agreement to boost emirate’s real estate

Dubai Islamic Bank, Dubai Land Department, Dubai, United Arab Emirates, construction, real estate, electronic mortgage,
Dubai Land Department (DLD) has signed an e-mortgage agreement with Dubai Islamic Bank (DIB), which was signed by His Excellency Juma Bin Humaidan, Deputy Director General of DLD, and His Excellency Mohammed Abdulla Al Nahdi, Deputy Chief Executive Officer of DIB

By integrating services offered by DLD and DIB, the agreement aims to save customers time and effort. The integreation will minimise procedures for submitting documents for mortgage contract registrations by processing them through DLD’s electronic mortgage system, eliminating the need for customers to visit DLD or any of its service centres. The agreement will facilitate customer procedures and simplify the mortgage registration process. Customers and bank representatives will no longer need to visit DLD or a real estate registration trustee office to register mortgage contracts, thus reducing the number of customers at DLD’s services points.

His Excellency Juma Bin Humaidan, deputy director general of DLD, said, “Our new e-mortgage agreement with DIB is aligned with our efforts to support Dubai’s digital transformation and provide convenient transactions for all parties. We would like to express our gratitude to DIB’s staff for their continued cooperation with us, and their support of DLD initiatives that contribute to the development of the Emirate’s real estate sector.”

Mohamed Al Nahdi, deputy CEO and chief Operating Officer at DIB, said, “Our cooperation with DLD for the new e-mortgage services is an important step for our customers. The e-mortgage agreement with DLD will help provide a more effective solution with the aim of saving our customers time and effort. As the largest Islamic bank in the UAE, DIB has played a vital role in strategic partnerships with government institutions in support of Dubai’s vision of creating a culture of innovation. As the largest mortgage provider in the UAE, DIB’s collaboration with DLD is another testament to our leadership in the banking sector and supporting Dubai’s drive for digital transformation.”

Sultan Al Akraf, senior director of the Real Estate Registration Department at DLD, added that the initiative is a new step in DLD’s efforts to deliver integrated e-services to its customers. “It reflects the vision of our leadership to spread happiness, elevate Dubai’s status as the smartest city in the world, and enhance the attractiveness of real estate investment to drive sustainable growth in the sector. At DLD, we believe in public-private sector integration, and enter into partnerships that contribute to providing the best services to our customers. The new agreement with DIB strengthens our existing partnership with the world’s leading Shariah-compliant bank, and also ensures increased customer satisfaction by providing excellent services and saving time.”

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