Badr Al Islami, the Islamic Banking Division of Mashreq, has announced its strategic alliance with Ras Al Khaimah Investment Authority (RAKIA), to be the official Trust Account Manager for all developers of RAKIA owned Real Estate Projects in the emirate of Ras Al Khaimah.
With this agreement, Badr Al Islami will be committed to opening trust accounts for developers in the emirate and ensure that property investors’ funds are protected. Developers will also have more creditability in front of investors and RAKIA.
“This partnership with RAKIA marks another milestone in Badr Al Islami’s mission to provide responsible and transparent solutions to customers and protect all concerned parties,” said Mubashar Khokhar, CEO of Badr Al Islami. “We are confident that we can accommodate the needs of RAKIA’s clients and investors in the implementation of these new services.”
RAKIA, set up to fulfil the vision of the government of RAS Al Khaimah, has attracted investments from domestic and foreign markets to create prosperity in the region. Driven by partnerships between private investments from domestic and foreign markets and the government, RAKIA has created the optimum environment for enterprise, planning and providing infrastructure, and utilities and services.
Once again, we are complementing the government of RAS Al Khaimah’s vision and efforts to create a strong business environment for developers, said Dr. Khater Massaad, CEO RAKIA. Partnering with Badr Al Islami is a step in the right direction towards achieving long-term investments, infrastructure development and employment opportunities in the Emirate.
Badr Al Islami was one of the first institutions to be approved by the Land Department to open Trust Management Account and was also the first institution to open a developer's Trust Account in Dubai.
