Dubai property developer Cirrus Developments has signed a partnership with Badr Al-Islami to deliver a trust management account to protect property buyers.

The partners are also undertaking a campaign to raise awareness of the new Emirate of Dubai property law - Law No.8 of 2007 - which provides protection for investors buying 'off-plan'

As a pioneering developer in the regulated Dubai property market, Cirrus Developments is the first development company in Dubai to have established a trust account before going to the market with a single property offering.

'As a developer we volunteered to be part of the Trust management account six months before the law was actually passed. Our company strategy was to launch in the same time frame as the implementation of the new law. It is excellent news for property buyers in Dubai. Our aim is to provide the best possible experience for our customers and this is a mark of our commitment in this area,' said chairman & CEO of Cirrus Developments Behnam Eshragh.

This trust management account was strategically activated following the passing of Law No 8 of 2007 Concerning Guarantee Accounts of Real Estate Developments in the Emirate of Dubai which came into effect in July this year.

The new law aims to protect purchasers in off-plan transactions by creating trust accounts where installation payments are managed. Badr Al-Islami, the Islamic Banking Division of Mashreq, is the first finance house to be approved by Dubai Land Department to provide these accounts.

The Dubai Land Department is the champion of the property-buying community in Dubai. The new law and the activation of the Trust management accounts gives the Dubai Land Department additional methods to clamp down on any unscrupulous developers who seek to take advantage of people buying off-plan.

'We are the first institution to be approved by Dubai Land Department to provide the new trust management accounts. We will offer a dependable service to developers' buyers purchasing off-plan through these exclusive accounts, designed to monitor and process all project-specific funds. The new law is great news for all investors and we are pleased to be a pioneer in this area,' said CEO of Badr Al-Islami Mubashar H Khokhar.Trade Arabia News Service