Dubai Land Department (DLD) has inked a license agreement with UAE-based Mashreq Bank for the use of the e-mortgage system.
The agreement was signed by Sultan Butti bin Mejren, Director General of DLD, and Arshad Khan, representing Mashreq Bank.
“The development and launch of the new e-mortgage system come as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said Bin Mejren. “We expect that applying blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities. At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest city in the world.”
DLD successfully developed an electronic mortgage registration system known as the e-mortgage system to record and modify mortgages as well as procedures for their liquidation. Mashreq Bank is preparing to use the new system to register mortgage contracts for those who applied to the service from DLD.
Under the new agreement, the parties seek to structure and develop the relationship between them, promote their common interests for integration, and enhance close cooperation and coordination between them to achieve the vision and strategy of the Government of Dubai for the benefit of the public.
“We are delighted to partner with DLD and support it in this new initiative that targets Dubai’s real estate sector,” said Khan. “E-mortgages are a reflection of the digitalisation of services being implemented by the Dubai Government to offer smart services to its citizens. This partnership aims to save customers both time and effort by integrating DLD and Mashreq services, ensuring that it is a win-win situation for everyone. As DLD’s strategic partner, this agreement represents another significant milestone for Mashreq Bank, and we look forward to furthering collaboration in the future.”
Majid Saqer Al Marri, CEO, Registration and Real Estate Services sector, DLD, said, “Applying the e-mortgage system requires synergy with leading UAE banks. Our partnership with Mashreq Bank is an important step towards the success of the project and its objectives and helps spread it to benefit the largest number of investors.
“We will continue to seek the best partners to ensure the comfort and happiness of our customers as well as develop the system and support it with the latest technologies that are constantly evolving to keep pace with developments in the field of registration and real estate services. This system will ensure customers a unique journey and experience, reducing the number of steps and visits by helping them complete all requirements in one place.”
DLD is one of the first entities to emphasise blockchain technology and apply it to its sales and purchasing transactions through its smart platforms.
The e-mortgage initiative is one of the most important launched recently by DLD in this field and is based on the completion of the mortgage process between involved parties through artificial intelligence.
Other smart initiatives include the Dubai REST platform, the optimal application for replacing paper title deeds, allowing customers to self-conclude their transactions without the need to visit DLD, supporting the Dubai 10x initiative.
Moreover, DLD has eight different smart applications for mobile phones, 10 service centres throughout Dubai, and 17 real-estate registration trustee centres across the Emirate.