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Juma Bin Humaidan, Deputy Director-General, the Land Department with Mohammed Al Neaimi, CEO, Mawarid Finance |
Mawarid Finance, Islamic finance company based in Dubai, has signed a Memorandum of Understanding (MoU) with the Dubai Land Department to provide management services of real estate development Guarantee Accounts with respect to the laws of the UAE and Dubai. The agreement forges the mutual cooperation between the private and public sectors in the country.
The MoU was signed by Juma Bin Humaidan, Deputy Director-General, the Land Department and Mohammed Al Neaimi, CEO, Mawarid Finance.
The MoU allows Mawarid Finance to be the Land Department’s account trustee with the aim of dealing with the department’s registered real estate developers. The process will involve the account trustee opening a Guarantee Account for registered developers, based on a written document from the department after all the requirements have been met.
