Tamweel PJSC, the largest provider of real estate finance in the UAE, participated in a Dubai Land Department and Real Estate Regulatory Agency (RERA) initiative to increase awareness of Escrow Management Services (EMS).
Tamweel, the first real estate financier to be appointed an official escrow agent, participated in a Trust Account Pavilion organised by the Dubai Land Department at the International Property Show. The Trust Account Pavilion provided visitors and exhibitors the opportunity to gain an increased awareness of the escrow structure.
The event, which is being held in association with Strategic Marketing and Exhibitions, is taking place from February 17-19, 2008, at the Dubai World Trade Centre, Zabeel Hall, Trust Account Pavilion. The pavilion is open daily between 10AM-7PM.
The first mortgage provider to be appointed an escrow agent, Tamweel offers real estate developers guidance in successfully completing all relevant Land Department processes, including account opening and balance management services, comprehensive management information systems on account receivables and payables, and timely payments to all stakeholders. Tamweel also provides developers the option to outsource management of their receivables though Tamweel’s own collection management service department, register their buyer units and audit the cash flow of their projects.
In November 2007, Tamweel demonstrated its commitment to increasing awareness of Escrow Management Services by hosting over 50 real estate developers at a one-day escrow account management workshop. This interactive workshop was moderated by representatives of Tamweel, RERA and leading legal advisors.
Since it was established in 2004, Tamweel has worked closely with developers on projects of various scale and designed for a variety of end users. As a result, the company has established transparent and efficient processes for project approvals that are similar to escrow account procedures. With this significant track record, Tamweel is able to provide efficient and transparent Sharia-compliant EMS, with extremely competitive profit rates. Through its dedicated Relationship Managers, the company is able to provide all these services via a single point of contact.
‘We are very pleased to participate in the Trust Account Pavilion, and to support this important initiative of the Dubai Land Department and RERA,’ said Wasim Saifi, Chief Executive Officer of Tamweel. ‘The International Property Show is an ideal venue through which to reach out to our stakeholders and share with them the many benefits of escrow management services’.
‘Since launching this service, we have received an extremely positive response from developers, who continue to respond enthusiastically to our value proposition built upon the twin pillars of transparency and efficiency,’ said Kamal Tayara, General Manager, Escrow Management Services, Tamweel. ‘With an inflow of new contracts on a weekly basis, we are confident that Tamweel will make a significant contribution to the success of this valuable service.’