Business | Construction

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.

  • Staff Report
  • Published: 14:07 April 8, 2008
  • Gulf News

Dubai: 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.

The agreement forges the mutual cooperation between the private and public sectors in the country.

The MoU allows Mawarid Finance to be the Land Department's account trustee, with the aim of dealing with the department's registered property developers.

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

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

Bin Humaidan said the MoU aims to facilitate procedures for property developers in Dubai, ensuring 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.''

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