Dubai - Mubasher: Dubai Land Department (DLD) on Tuesday announced it has signed a licence agreement with Mashreq Bank for the use of the e-mortgage system, an electronic mortgage registration.
Under the agreement, Mashreq Bank will use the e-mortgage system developed by DLD to register mortgage contracts for those who applied to the service from Dubai’s department, according to a press release.
The new agreement aims to develop the relationship between the two parties and encourage their common interests in a bid to achieve the vision and strategy of Dubai’s government.
The agreement was signed by director general of DLD Sultan Butti bin Mejren and Mashreq Bank’s representative Arshad Khan.
Bin Mejren said: “The development and launch of the new e-mortgage system come as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.
We expect that applying blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities. At DLD, we are keen to support the directives of our wise leadership and the strategies to make Dubai the smartest city in the world,” he added.
For his part, Arshad Khan said: “This partnership aims to save customers both time and effort by integrating DLD and Mashreq services, ensuring that it is a win-win situation for everyone.
DLD is keen on promoting the blockchain technology and applying it to its sales and purchasing transactions through its smart platforms.
