Escrow Real Estate | Real-Estate

Search DIB

Competitive

Profit Rates
Dedicated

Customer Service Centre
Competitive

Pricing Rates
Experienced

Professional Assistance

Request Callback Find a branch

Escrow Account Facility

Protecting your long-term business development with a project-specific plan.

Escrow Account Facility

Protecting your long-term business development with a project-specific plan.

Key Benefits

The Dubai Islamic Bank Escrow Account program offers guidance on completion of RERA formalities, Account Opening and transaction services in accordance with RERA instructions and guidelines and also statements to investors on what amounts were received in the escrow account against their units.

Other benefits are:

Competitive terms and pricing
Competitive profit rates on account balances and the option to create fixed deposits
Strict adherence to Sharia principles
Provision of value-added services allowing you to outsource all or part of your administrative duties to the Bank
Comprehensive account level MIS and real time access to account information
Experienced team of in-house engineers providing payment certificate verification services as per RERA requirements
Dedicated customer service centre for developers providing a single touch point in your dealings with the Bank
Network of 90 branches across the UAE providing easy access to our services

Documentation

With our team of skilled professionals, applying for an Escrow account is simple and stress-free. Should you require any assistance in this regard, please visit your nearest branch or contact our Phone Banking team.

Required docments for opening an Escrow account:

RERA approval
Escrow Account Agreement and Account Opening forms signed
Land Title Deed /Sales & Purchase Agreement in name of developer
Trade License, Commercial Registration & Chamber of Commerce Certificate or Offshore company documents
Passport copies of authorized signatories
Cash flows/Audited Statements of the Project
Technical documents related to construction and consultancy contracts (required after account opening)

If applicable: Memorandum/Articles of Association Power of attorney, Board resolution, Partnership deed

What is an Escrow account?

An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties), to be disbursed to another party (or parties) based on fulfillment of certain conditions which govern the Escrow account arrangement.

Conditions for operation of real estate Escrow accounts are governed by each Emirate’s Real Estate regulatory authorities. Each end user who buys an off plan property in a development pays into the project’s Escrow account. The funds are not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. Money will only be disbursed from the Escrow account directly to the project contractor and consultant on completion of each stage of construction and when verified by previously determined experienced engineers. Any other Escrow account disbursements are governed by the Escrow Agreement and respective regulators instructions. Dubai Islamic Bank currently offers Escrow services for projects in Dubai, Ajman and Ras Al Khaimah.

Please address your queries to:

Customer Service Desk

Akhlak Shaikh : +971 4 207 5115
Hussein Trabulsi: +971 4 207 5673
Fax: +97142989316

Any Questions?

What is an Escrow Account?

An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties) and to be disbursed to another party( or parties) based on the fulfilment on certain conditions which govern the escrow account arrangement.

Who governs Escrow Accounts for Real Estate Developers?

The Real Estate Regulatory Authority (RERA), Escrow Law and subsequently issued regulations govern the operation of the Escrow Accounts

How does the Escrow Account for Real Estate work?

Each end user who buys a property in a development launched by a developer will pay into an escrow account which is not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. From the escrow account money will only be disbursed to the contractor of the project directly, upon completing each stage of construction. For each stage, a contractor bills through Progress Payment Certificates also known as PPC’s. Any other disbursements from the escrow account will be governed by the escrow agreement and RERA instructions. Developers do not have any operating rights (withdrawal etc) over escrow accounts.

27 September 2022

Going Green with EVolve – DIB’s Sustainable Auto Finance

20 September 2022

Dubai Islamic Bank Attracts Young Emirati Talent at Ru’ya, Careers UAE Redefined

08 September 2022

DIB Recognizes Top Players in the Automobile Industry

27 July 2022

Dubai Islamic Bank 1st Half 2022 Group Financial Results

06 July 2022

DIB’s collaboration with Dubai Can – another step towards a greener world

29 June 2022

DIB becomes first Islamic bank to join ‘Buna’ The Middle East’s new clearing and settlement payment platform

27 April 2022

Dubai Islamic Bank 1st Quarter 2022 Group Financial Results

02 March 2022

DIB Gets Students #Readyfortomorrow

02 March 2022

Dubai Islamic Bank Shareholders Approve 25% Dividend for 2021

09 February 2022

Dubai Islamic Bank successfully prices USD 750 million Senior Sukuk

01 February 2022

Dubai Islamic Bank joins Etisalat Digital’s Blockchain platform “UAE Trade Connect”

26 January 2022

Dubai Islamic Bank Full Year 2021 Group Financial Results

21 December 2021

Goodbye ‘Fintech’, Hello ‘FUNTECH’, A NEW BRAND rabbit HOPS INTO THE UAE

12 December 2021

Dubai Islamic Bank to offer DIB Trade Club membership and access to the Trade Club Alliance to Corporate and SME customers

09 December 2021

Madinat Badr Masjid opens for prayers in the heart of Muhaisnah

05 December 2021

Dubai Islamic Bank selects 50 UAE nationals for career progression as it celebrates the 50th anniversary of the UAE

26 October 2021

Dubai Islamic Bank Nine Months 2021 Group Financial Results

11 October 2021

Emiratisation: Dubai Islamic Bank proud to be creating a new generation of leaders

05 August 2021

DIB increases Foreign Ownership to 40%

28 July 2021

Dubai Islamic Bank First Half 2021 Group Financial Results

Your Name *

Mobile Number *