In the world of business, escrow stands as a vital tool for fostering trust and security in transactions. When parties agree on a deal, funds are deposited into an escrow account managed by a neutral third party to demonstrate commitment and safeguard the interests of all those involved.
We provide escrow services that are secure, robust, and transparent within a regulated framework. Whether it’s for Real Estate or Insurance services, consider us your reliable and expert partner for your escrow management needs.
An escrow account in the UAE is responsible for overseeing and managing off-plan property development under strictly regulated legislations. This makes the UAE a highly sought-after property investment attraction for global investors.
RAKBANK, a registered trustee bank with DLD-RERA, empowers developers to thrive in Dubai’s dynamic property market by offering specialized real estate services and comprehensive financial solutions.
At RAKBANK, we specialise in streamlining escrow processes, providing a distinct advantage supported by our team's expertise and extensive experience. With our deep-rooted presence in Ras Al Khaimah, our home emirate, we possess a unique advantage in navigating local regulations and working closely with regulators. This enables us to offer tailored solutions and ensure the efficiency and security of your real estate transactions.
To open a RAKBANK Escrow Account, all you’ll need are the following required documents as well as those requested by the regulator /account trustee:
The Central Bank of the UAE (CBUAE) mandates all insurance agents, health insurance third party administrators and brokerage companies licensed by CBUAE to establish insurance escrow account for deposit of premiums and funds concerned insurance company for and to payment of dues.
We provide insurance escrow service in line with the CBUAE circular 4775/2022 dated 28/11/2022 and 4078/2022 dated 22/11/2022.
Simply put, RAKBANK enables each insurance broker, agent or TPA will have a separate escrow account for each of its insurance companies for securely holding premiums, claim settlements and utilise them for payment dues to and from insurance companies. Only the escrow agent will have rights to debit the escrow accounts.
If you're interested in our Escrow Service, don't hesitate to get in touch with us.
Our team will be more than happy to help you find the best solution for your business needs.