BankDhofar’s Escrow Account Contributes to Boosting Creditability of Real Estate Sector in Oman

In support of the Government’s efforts to regulate the real estate sector, BankDhofar offers the Escrow Account for Real Estate Development Projects Service. This is aligned with the Royal Decree 30/ 2018 and Ministerial Decision 72/2019 issued by the Ministry of Housing and Urban Development and will contribute to increasing confidence in the real estate sector, as BankDhofar will manage the funds as per the terms of the Escrow Account agreement. 

Elaborating on that Zaina Al Harthi, Head – Corporate Liabilities at BankDhofar said: “At BankDhofar we make sure to align our strategies with the government directions and development plans. The Escrow Account contributes in boosting the real estate sector, which serves Vision Oman 2040. This account, which is monitored by the Bank, ensures that the terms and conditions of the transaction between the two parties (i.e. the developer and buyer or project financer) are met before the funds are released. Thus, providing security and protection to both parties involved in a transaction.”

The Escrow account will ensure that developers are paid on time based on the agreement, which will increase the investors' confidence. BankDhofar will be the Escrow Agent managing the account on behalf of all parties as per the terms of the Escrow Account agreement provided by the Bank and agreed by all concerned to protect the rights and interests of all involved. BankDhofar customers may open the account in a few easy steps and obtain the Escrow agreement. Additionally, a dedicated Account relationship manager will be available. Customers may also benefit from interest payable on the balance in the account and Competitive pricing for end-to-end account management. 
BankDhofar has set a clear banking strategy that is in line with Oman Vision 2040 and has effectively contributed to driving the growth of the national economy. Since its inception in 1990, BankDhofar has established itself as one of the leading financial institutions in the Sultanate, with a strong presence in Corporate Banking, Retail Banking, Treasury and Project Finance.
The Bank has been catering to customers’ needs and requirements and setting the standard for the best customer experience within the banking industry in the Sultanate through innovative products and creative solutions. Following best international banking practices, the provision of 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.