Dubai Islamic Bank (DIB) in partnership with Real Estate Regulatory Agency (RERA) hosted over 50 real estate developers at an escrow forum aimed at providing a platform for DIB’s escrow account customers to have a dialogue with Real Estate Regulatory Agency (RERA).
The forum was attended by senior RERA officials including Engineer Marwan Bin Ghalaita, CEO; Khalid Obaid Ahmad Al Mutaiwei, Director of Escrow Account Department; Essa Saeed Ahmed Al Mansoori, Head of Escrow Account Section; and Ayman Adel Kamal, Executive Vice President, and the Chief of Real Estate Finance & Direct Equities Department, DIB.
Addressing the forum, Marwan bin Ghalita said: “Since RERA’s establishment in 2007, we have taken several steps to bring about greater transparency and credibility in the real estate sector and will continue to play a key role in regulating the market. This interactive session is another step in the right direction.
“The current market situation calls for a greater need for regulation and scrutiny to ensure that only credible developers enter the market. Also, we plan to apply new conditions aimed at regulating off plan sale of properties in line with the new laws # 8 of 2007 and 13 of 2008.”
As one of the largest escrow players in the market, DIB has been actively involved with consulting RERA on general issues related to the escrow regulations. Ayman Adel Kamal said: “As a provider of value-added services such as escrow account management, we are pleased to facilitate this interaction between our customers and RERA. Such industry dialogues enable service providers like DIB to enhance the services offered, while also supporting authorities such as RERA to strengthen and tighten regulations. Working together with RERA and developers, DIB will continue to contribute towards enhancing investor confidence in Dubai’s real estate sector.”
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank reported AED 2.5 billion in net profit for the year ending December 31, 2007, rising by 60 per cent compared to AED 1.56 billion for 2006. The bank recorded total revenues of AED 7 billion for 2007, rising by 46 per cent compared to AED 4.8 billion for 2006. Total assets in 2007 reached to AED 84.3 billion, an increase of 31 per cent compared to AED 64.4 billion in 2006.
DIB set a world record by raising a US$3.52 billion sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB’s ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE’s Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious “Bank of the Year - UAE” award from The Banker magazine and additional accolades from Euromoney.
