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Bank appointed residential project’s ‘escrow agent’

Manama, As part of its commitment to encourage real estate investment, Khaleeji Commercial Bank (KHCB) has announced signing an 'escrow agency agreement' for Al Bareh project, developed by Diyar Al Muharraq.

The signing ceremony was attended by the CEO of KHCB, Sattam Sulaiman Al Gosaibi and Dr. Maher Abdulaziz Al Shaer, CEO of Diyar Al Muharraq.

KHCB will act as the project's escrow agent, in order to protect the rights of buyers and investors. The bank will also provide flexible Sharia-compliant financing solutions and payment mechanisms with competitive profit rates for those wishing to purchase Al Bareh residential units, within the terms and conditions of the bank.

"We have signed this agreement with Diyar Al Muharraq to create this bank account, in accordance with the Bahrain Real Estate Development Law, which is the first of precautionary measures for buyers and investors. We are working with a group of local developers to create escrow accounts that undoubtedly contribute to enhancing confidence in the real estate development market in Bahrain, in order to offer customers a smooth and convenient experience when applying for real estate financing. We have assigned a special unit to receive and complete applications, as well as a Relations Manager to each residential project in order to reduce application approval periods," Al Gosaibi said.

Source: Bahrain News Agency