Muscat – With the intent of supporting the government’s efforts to regulate the real estate sector, BankDhofar has recently introduced the Escrow Account Service. This service, which comes in line with the Royal Decree 30/ 2018 and Ministerial Decision 72/2019, issued by the Ministry of Housing and Urban Development, will contribute in increasing the confidence among the real estate sector, as BankDhofar will manage the funds as per the terms of the Escrow Account agreement.
Commenting on the account, Mallikarjuna Korisepati, Chief Wholesale Banking Officer at BankDhofar, said: “Introducing the Escrow Account translated our endeavour to cope with the governmental new regulations. The real estate sector is one of the sectors that vitally contributes to the growth of the national economy and attracts investors. As per the Royal degree, all real estate projects should be routed through Escrow account. This will help to improve business between the buyer and seller of real estate. The main focus of the Escrow Law is the obligation for developers to set up an Escrow Account with a local bank for each real estate development project it is launching. Our Escrow Account services will ensure increased confidence levels among investors which will improve the growth of this vital sector in the country.”
The government has promulgated the Escrow law in a move to regulate the real estate sector, and to protect funds paid to developers by purchasers of off-plan properties. The Escrow account will ensure that developers are paid on time based on the agreement which will reflect in increasing the confidence of the investors. BankDhofar customers may open the account in few easy steps and obtain the Escrow agreement. BankDhofar, as an Escrow service provider will accept funds, hold and release the funds following the progress of the project and as per the terms of the escrow account agreement.
With strong presence in Corporate Banking, Retail Banking, Treasury, and Project Finance, BankDhofar caters to customers’ needs and requirements and sets the standard for best customer experience within the banking industry in the Sultanate through innovative products and creative solutions. Following best international banking practices, providing an outstanding customer experience, in addition to its commitment to community development and contribution to the growth of the national economy, has placed BankDhofar at the top of the list of best banks in the region. The Bank has maintained a high level of Omanisation ratio and it strives to offer Omani nationals sound career and development opportunities.