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Mashreq, one of the leading financial institutions in the UAE, today announced that it has signed an agreement with Dubai International Financial Centre (DIFC), the global eighth ranked international financial centre, which will enable the bank to open Escrow accounts for owners’ associations in DIFC’s jurisdiction. Under DIFC regulations, Mashreq Bank is also registered to provide services to owners’ association companies. The agreement was signed by Zain Qureshi, Managing Director; Head Real Estate Finance and Advisory, Mashreq Bank and Jaber Al Suwaidi, Senior Vice President & Registrar of Real Property, DIFC Authority during an exclusive signing ceremony at DIFC.
The Escrow account agreement will see Mashreq provide GTB products and solutions to owners’ association companies, providing them with a range of innovative and convenient payments solutions. More specifically, the agreement will ensure independent management of the accounts of the owners’ associations, and will collect service charge contributions of owners in each account, while also monitoring their spending based on their approved budgets.
Commenting on the agreement, Ahmed Abdelaal, CEO, Mashreq Bank, said: “We are committed to supporting the real estate sector of the UAE, a vital pillar of the national economy. This partnership with DIFC will ensure that owners’ associations as well as their individual member’s banking needs are being catered to. Moreover, the services will effectively safeguard and control appropriate utilization of their funds, while offering them with quick and seamless service, as and when they need it.”
Arif Amiri, Chief Executive Officer, DIFC Authority, said: “We are pleased to sign an MoU with Mashreq Bank, one of our strategic partners, to support its services to real estate developers and owners’ association based in the Centre. Supporting our clients is a key priority as it truly reflects our dedication to providing an enabling ecosystem from which financial institutions can thrive. As we commence our bold expansion plans, we look forward to delivering a robust regulatory environment and building a closer partnership with Mashreq Bank.”
Commenting on Mashreq’s agreement with DIFC, Zain Qureshi, Managing Director; Head Real Estate Finance and Advisory, Mashreq Bank, said, “Mashreq is delighted to partner with DIFC. This initiative is another example of our wider support to the country’s real estate sector, by offering services which effectively safeguard and control appropriate utilization of owner associations’ funds. As part of our remit, we will not only be able to open Escrow accounts for owners’ associations under DIFC’s jurisdiction, but also provide them with extensive advisory services, if they require. According to the agreement, owners’ contributions will be deposited in the Escrow account, following which funds will be disbursed based on DIFC’s robust guidelines – which will promote further transparency and integrity.”
As part of the agreement, Mashreq will act as a trustee between DIFC and owner association companies. Companies can open an owners’ association account – either a General Expense Account or/and a Reserve Account. In line with its digitization strategy, Mashreq will also open virtual accounts for reconciliation purposes.
To ensure exceptional customer service, Mashreq Bank will also provide a dedicated Real Estate Trust team, who will assist owner association companies with extensive advisory services as well as facilitate the opening of Escrow accounts for them. Mashreq will also provide owners’ associations with online access to their accounts in order to enhance transparency in their operations.
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