Al Islami Escrow Account

Dubai Islamic Bank, the leader in Real Estate finance services, brings you another first, the Al Islami Escrow Account.

The Al Islami Escrow Account will help you manage your project receivables in accordance with the regulations imposed by the Government of Dubai. Under the program we also offer a host of tailor-made, value added services like guidance on completion of Land Department formalities, project administration services and detailed MIS as per requirements.

A dedicated, customer service center will be your window to the know-how, services and expertise which Dubai Islamic Bank has to offer; allowing your requirements to be addressed in a prompt and efficient manner.

Dubai Islamic Bank's expertise in the provision of Escrow Account services emanates from:

-Its leading position as provider of real estate finance in the UAE;

-Its high level of expertise in providing property management services and managing associated unit and building level cash flows

Dubai Islamic Bank strives to provide you with client focused, value-added solutions making your banking experience effort-less and convenient.

Key Benefits:

  • Benefits emanating from the Al Islami Escrow Account :
  • Competitive terms and pricing.
  • Competitive profit rates on account balances.
  • Strict adherence to Shariaa principles.
  • Provision of value add 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 Land Department requirements.
  • Dedicated customer service center for developers providing a single touch point in your dealings with the Bank.
  • Network of 39 branches across the UAE providing easy access to our services.

Services Offered

Through the Al Islami Escrow Account program we offer :

-Guidance on completion of Land Department formalities.

-Account opening and balance management services.

-Comprehensive MIS on account receivables and payables. We can also provide you with detailed MIS on status of units in your building, unit payments received, overdue payments at unit level, and the like.

-Provision of end to end services allowing you to completely outsource management of your sales registry to the Bank. Follow up services through which Dubai Islamic Bank corresponds with end unit purchasers on upcoming payments due and due payments not received also form part of this service package.

Documentary Requirements

For Escrow Account Opening :

  • Land Department approval.
  • Escrow Account Agreement.
  • Land Title Deed in name of developer.
  • Trade License, Commercial Registration & Chamber of Commerce Certificate.
  • Passport copy(ies) of authorized signatories.
  • Cash flows of the Project.

If applicable:

  • Memorandum/Articles of Association
  • Amiri Decree, Power of attorney, Board resolution, Partnership deed

Prior to effecting payments against Progress Payment Certificates :

    -Copy of performance & advance payment guarantees

    -Copy of project insurance policy.

    -Copy of contracts between the developer and contractor, consultant,
    and project manager (if applicable)

    -Copy of project cash flows from contractor & approved by consultant.

We look forward to being of service to you. Please address your queries to:

Customer Service Desk:

Tel1: +971 4 2075611

Tel2: +971 4 2075572

Tel3: +971 4 2075219

Fax: +971 4 2989316

E-mail: escrow@dib.ae