EIB to open escrow account for Bonyan’s Dh300m Dubai Gate 2

Emirates Islamic Bank (EIB) has announced that it is opening an escrow account for property developer Bonyan International Investment Group.

The account has been opened specifically for Bonyan’s Dh300-million Dubai Gate 2 project, located in Jumeirah Lakes Towers.

The signing ceremony took place at the Bonyan International Investment Offices, in the presence of Abdullah Atatreh, Chairman of the board at Bonyan International and Faisal Aqil, general manager of retail banking at Emirates Islamic Bank.

“We are very happy Bonyan International Investment Group has chosen to partner with us to safeguard its investors. Both our organisations have played a leading role in the development of the real estate market in the region and this partnership will further enrich the contribution,” said Aqil.

Aqil added: “Since the bank has been appointed as an escrow account bank with the Dubai Land Department, we have opened escrow accounts with many of the major developers in the

Atatreh said: “We are very pleased with the quality of service and support provided by EIB towards the opening of the escrow account for our Dubai Gate 2 project. Applying the new escrow law gives credit for Dubai’s property market and ensures the highest level of protection for property investors, as well as enhances confidence levels in this sector.” Emirates Islamic Bank has portfolio of escrow accounts and home finance agreements with major property developers in the country.