Dubai Land Department (DLD) has signed a license agreement with Mashreq Bank, one of the first banks operating in the UAE, for the use of the e-mortgage system.
The development and launch of the new e-mortgage system is an ongoing efforts to enhance automation applications and systems in transactions to reduce paper transactions and the number of visits.
The application of blockchain technologies will contribute to reducing the number of visits, in line with the ratios set by the Government of Dubai for government entities. DLD aims to support the directives of the wise leadership and the strategies to make Dubai the smartest city in the world.
DLD successfully developed an electronic mortgage registration system known as the e-mortgage system to record and modify mortgages as well as procedures for their liquidation. Mashreq Bank is preparing to use the new system to register mortgage contracts for those who applied to the service from DLD.
Under the new agreement, the parties seek to structure and develop the relationship between them, promote their common interests for integration, and enhance close cooperation and coordination between them to achieve the vision and strategy of the Government of Dubai for the benefit of the public.
E-mortgages are a reflection of the digitalisation of services being implemented by the Dubai Government to offer smart services to its citizens. DLD’s new initiative targets Dubai’s real estate sector. This partnership aims to save customers both time and effort by integrating DLD and Mashreq services.
DLD is one of the first entities to emphasise blockchain technology and apply it to its sales and purchasing transactions through its smart platforms. The e-mortgage initiative is one of the most important launched recently by DLD in this field and is based on the completion of the mortgage process between involved parties through artificial intelligence.
Other smart initiatives include the Dubai REST platform, the optimal application for replacing paper title deeds, allowing customers to self-conclude their transactions without the need to visit DLD, supporting the Dubai 10x initiative. Moreover, DLD has eight different smart applications for mobile phones, 10 service centres throughout Dubai, and 17 real-estate registration trustee centres across the Emirate.
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