Dubai, UAE – 8 July 2024

Aafaq Islamic Finance PSC has entered into a strategic partnership with the Dubai Land Department (DLD) through the signing of a Memorandum of Understanding (MoU). This agreement designates Aafaq as an authorized financial institution to provide escrow services, joining a select group of accredited account trustees managing off-plan project funds for real estate developers in Dubai. This collaboration aims to support the UAE real estate market’s growth amid rising demand for homes.

These specialized escrow accounts are designed for real estate projects, holding funds collected from off-plan investors or project financiers. They ensure a smooth construction process and protect investors’ interests, thereby increasing trust in the real estate sector.

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