Dubai – Mubasher: Abu Dhabi City Municipality (ADM) on Monday has announced that it is looking to launch the first global digital mortgage certificate in collaboration with Abu Dhabi Islamic Bank (ADIB).
The move will make the GCC nation the first in the world to offer online real estate services through a smart services hub.
The new service is part of the UAE’s strategy to raise the standard of its services in an effort to match international norms, Emirates News Agency WAM reported.
The new e-mortgage system is equipped with highly secure and protective systems to ensure confidentiality and information privacy.
ADM has invited six of the UAE leading banks as partners in the system and called more lenders to join.
The e-mortgage system can be used for housing loans, commercial funding, security mortgage, mortgage redemption and others, it said.
Earlier in May, Dubai Land Department (DLD) has announced a plan to set a new platform under the name of Real Estate Self Transaction (REST) to conduct online real estate deals.
The new platform will enable its users to trade and sell their properties anytime and from anywhere in the world.
The project will be completed by the first quarter of 2020, and it will cover all real estate transactions.
