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Financial services, Government, UAE

Fully digitised mortgage registration system coming to UAE soon

The Abu Dhabi Municipality has signed five agreements related to the delivery of e-mortgage services through the smart digital services platform with four banks and one finance company on behalf of the three municipalities in Abu Dhabi: ADM, Al Ain Municipality, and Al Dhafra Municipality.

Led by Saif Badr Al Qubaisi, General Manager of Abu Dhabi City Municipality, ADM, and Chairman of the Technology Committee at the Department of Urban Planning and Municipalities, the agreement includes Mashreq Bank, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and Abu Dhabi Finance. The initiative is part of the department’s endeavours to digitalise its services and enhance the cooperative relationships with all strategic partners.

“The department will continue upgrading its online services and opening communication channels with active entities such as the banks and establishments concerned with supporting the performance of the real estate market,” said Al Qubaisi. “We are also focused on improving our services to keep pace with the expectations and highest satisfaction rating of customers, strategic partners and the community.”

He then noted that the Abu Dhabi City Municipality has taken the initiative of developing a digital system for registering the property mortgage known as e-mortgage. Thus, the UAE becomes one of the first countries to use this system in registering, amending and redeeming property mortgages.

“Among the key objectives of the said agreements is to boost the relationship between the municipalities and banks with a view to streamlining procedures as well as the legal and administrative systems applied by both parties. Such cooperation will empower the real estate market and enhance its ability to carry out property mortgages through swift procedures that save the time of all parties and the hassles of attending to complete the process. The new system enables all parties to complete this process online with no routine procedures or papers involved,” explained Al Qubaisi.

The agreements were signed for the banks as follows: for Mashreq Bank signed by Arshad Khan, Senior Managing Director, Mortgage Finance, Trust Accounts Department. For First Bank of Abu Dhabi signed by Lubna Ibrahim Al Sayegh, Executive Vice President and Head of Credit Control – Group Credit Sector, and Bassem Halim Riyad Senior Vice President and Head of Documentation – Group Credit Sector. For Abu Dhabi Islamic Bank signed by Khamis Mohammed Khamis Buharoon Al Shamsi, Acting Chief Executive Officer. For Abu Dhabi Commercial Bank signed by Amro Al Manhali, Head of Islamic Banking, Abu Dhabi Commercial Bank.

Christopher Hoo Taylor, Chief Executive Officer of Abu Dhabi Finance Company , signed on behalf of the Abu Dhabi Finance Company.

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