Dubai-headquartered Mashreq Bank has signed an MoU with the Dubai International Financial Centre (DIFC), enabling the bank to operate escrow accounts in the jurisdiction.
Mashreq, which was founded as Oman Bank in 1967, is the oldest privately owned bank in the UAE, and was the first to issue credit cards in the country.The DIFC agreement means that Mashreq Bank is registered to provide services to owners' association companies.
The agreement was signed by Zain Qureshi, managing director and head of Real Estate Finance and Advisory at Mashreq Bank and Jaber Al Suwaidi, senior vice president and registrar of Real Property at the DIFC Authority.
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 for."
In a statement Ahmed Abdelaal, CEO of 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 for."
"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, CEO of DIFC Authority, commented: "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."