Mashreq Bank will also offer advisory services to real estate developers and owners’ associations/Bloombergby Kudakwashe Muzoriwa
UAE’s Mashreq Bank has signed an escrow services agreement with Dubai International Financial Centre (DIFC), which will allow the bank to open escrow accounts for owners’ associations in the financial hub’s jurisdiction.
Ahmed Abdelaal, the CEO of Mashreq Bank, said that the partnership with DIFC will ensure that owners’ associations, as well as their individual member’s banking needs, are met while safeguarding and controlling appropriate utilisation of their funds.
Under 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.
Mashreq Bank stated that the escrow services 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.
“We are pleased to sign an MoU with Mashreq Bank to support its services to real estate developers and owners’ association based in the financial centre, said Arif Amiri, the Chief Executive Officer, DIFC Authority.
Mashreq Bank will also offer advisory services to real estate developers and owners’ associations based in the DIFC.