First Islamic escrow deal signed in RAK


Standard Chartered yesterday said it signed Ras Al Khaimah’s first Islamic escrow transaction with Pure Real Estate, under the purview of the Ras Al Khaimah Investment Authority (Rakia) and Rakeen, master developer.

The signing for the Dh1.1 billion Blue Mirage project took place at Emirates Towers and “shows Rakia’s commitment to best practice in the realty market”, a statement said. Mawarid Finance is the official end-user financier for the project.

“This is our 50th year in the UAE and this signing in Ras Al Khaimah reinforces our commitment to the country,” said Hassan Jarrar, head of client origination and coverage, Standard Chartered-UAE.

“Our services in the real estate sector are set in place to support and provide the highest levels of assistance to real estate developers and purchasers and ensure the interests of everyone are protected.”

Standard Chartered UAE offers both conventional and Islamic escrow transactions and “this agreement falls in line with its vision to provide clients with a range of value-added services, including a dedicated mortgage centre to provide advice on property purchases in the UAE”, it said.

Rakia Chief Executive Dr Khater Massaad said: “We will use this agreement as the blueprint for developing our escrow and land laws to facilitate development in Ras Al Khaimah. Our close association with developers is the basis for a promising and sustainable drive towards a prosperous future. Our vision is to create new approaches to property development through projects that preserve Ras Al Khaimah’s culture, heritage and values.”