DUBAI: Amlak Finance PJSC, an Islamic home finance company, received approval from the Dubai Land Department to launch trust account services, expanding its services to major real estate developers, according to a statement released to the press. Director General of the Government of Dubai Land Department Sultan Butti Bin Mejren and CEO of Amlak Finance Arif Alharmi sealed the deal in a signing ceremony. Amlak offers Sharia'a solutions and is a leading home finance company in the UAE. The Government of Dubai has taken major steps to regulate the real estate industry and to protect the interests of all stakeholders. The recent establishment of the real estate Regulatory Authority and issuance of Law no. 8 of the trust account services are two recent examples of the government's initiative. These latest developments are meant to protect all participants in the real estate sector, from the property developer, to the financial institution, to the end user and the investor. Mejren said, "The Dubai Land Department is taking significant strides to promote regulations that will contribute to the development of the real estate market in the emirate. We are very pleased with the agreement between Dubai Land Department and Amlak Finance, as it ensures the ultimate protection of all end users and institutions. In addition to offering trust account services, Amlak will also augment financial flexibility to the end user, offer unit sales services, after-sales monitoring and customer service follow up, legal documentation, and construction finance for major developers. Also to be carried out by Amlak's real estate projects department, its in-house engineering team, is the monitoring and progress evaluation of its clients' approved projects to ensure the delivery of the highest quality product. "The agreement underlines Amlak's dedication to contribute to and grow alongside UAE's booming real estate industry, and [to support] Dubai's vision to boost investor confidence and transparency, said Alharmi. Amlak Finance's development has been lauded since its establishment, due in part to being the first player in the home finance sector in the UAE. "At Amlak, we are confident that our offerings through the trust account services will become a success for all parties involved. Offering turnkey solutions to real estate developers creates hassle-free dealings, efficiency, and thoroughness in the property development process, from the actual development to end-user customer service, added Alharmi. Photo Caption: Director General of the Government of Dubai Land Department, Sultan Butti Bin Mejren, and CEO of Amlak Finance Arif Alharmi shaking hands after signing.
