Standard Chartered, one of the leading international banks in the UAE, has signed the Escrow Account Agreement with Dubai Land Department (DLD).

This agreement will formally authorise Standard Chartered as an approved bank for opening and managing Escrow accounts for property developers registered with DLD, said an official spokesman.

The move means Standard Chartered is one of the few banks in the UAE to offer both conventional and Islamic banking Escrow accounts, providing greater choice for potential property buyers.

The signing ceremony, held in the DLD Offices, was attended by director general of DLD Sultan Butti bin Mijrin, CEO of Standard Chartered, UAE, Nigel Jones and chief advisor, Standard Chartered UAE Sultan Al Suwaidi.

'Dubai Land Department has taken a hands-on approach to develop existing legistlation in the emirate's real estate industry to ensure the highest levels of protection for property investors as well as to enhance confidence levels in this sector. The agreement is a milestone in achieving this,' said Butti bin Mijrin.

The Agreement complies with the newly imposed Law Number 8 of 2007 issued by Vice-President and Prime Minister of the UAE and Ruler of Dubai Shaikh Mohammad bin Rashid Al Maktoum and sets out to protect any party who sells units from a property development plan prior to the projects completion or while in the process of construction.

Such payments should now be placed in to authorised Escrow agent accounts until the completion and handover of the developments.

'Standard Chartered recently launched the UAE's first dedicated mortgage centre in Emaar Business Park, showing its commitment to the property sector in this market. The agreement signed today reinforces our involvement with the real estate industry and highlights our support to government backed initiatives in the UAE,' said Jones.Trade Arabia News Service