Mubasher: Al Salam Bank – Bahrain said Sunday that it has signed a partnership agreement with Eagle Hills Diyar, a UAE-based private real estate investment and development company, to form a real estate development escrow account model in the Kingdom for Marassi Al Bahrain.

The agreement comes in accordance with law no. 28 of 2014 and the Central Bank of Bahrain’s resolution no. 20 of 2016, under which developers are required to establish an escrow account with a local bank for each real estate development project intended to be sold off-plan, according to a bourse filing.

The bank said that this will ensure protection for stakeholders, especially end-buyers, by utilizing funds only for the development they have invested in.

 “We are pleased to sign this partnership agreement with Eagles Hills Diyar that makes Al Salam Bank amongst the first escrow agent banks in the Kingdom,” Deputy Group CEO - Banking, Anwar Murad, said.

“Adding a product such as the real estate development escrow account to our portfolio of property financing models is part of our continued commitment to be one of the leading banks in exploring new and innovative Shari’a-compliant products and services tailored specifically to meet the changing needs of the market place and real estate industry,” he added.