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Escrow

  • Competitive
    Profit Rates
  • Dedicated
    Customer Service Centre
  • Competitive
    Pricing Rates
  • Experienced
    Professional Assistance
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Escrow Account Facility

escrow

Protecting your long-term business development with a project-specific plan.

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Key Benefits

The Persian Gulf Commercial Bank Escrow Account program offers guidance on completion of RERA formalities, Account Opening and transaction services in accordance with RERA instructions and guidelines and also statements to investors on what amounts were received in the escrow account against their units.

Other benefits are:

  1. Competitive terms and pricing
  2. Competitive profit rates on account balances and the option to create fixed deposits
  3. Strict adherence to Sharia principles
  4. Provision of value-added services allowing you to outsource all or part of your administrative duties to the Bank
  5. Comprehensive account level MIS and real time access to account information
  6. Experienced team of in-house engineers providing payment certificate verification services as per RERA requirements
  7. Dedicated customer service centre for developers providing a single touch point in your dealings with the Bank
  8. Network of 90 branches across the UAE providing easy access to our services

 

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Documentation

With our team of skilled professionals, applying for an Escrow account is simple and stress-free. Should you require any assistance in this regard, please visit your nearest branch or contact our Phone Banking team.

Required docments for opening an Escrow account:

  1. RERA approval
  2. Escrow Account Agreement and Account Opening forms signed
  3. Land Title Deed /Sales & Purchase Agreement in name of developer
  4. Trade License, Commercial Registration & Chamber of Commerce Certificate or Offshore company documents
  5. Passport copies of authorized signatories
  6. Cash flows/Audited Statements of the Project
  7. Technical documents related to construction and consultancy contracts (required after account opening)

If applicable: Memorandum/Articles of Association Power of attorney, Board resolution, Partnership deed

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escrow

What is an Escrow account?

An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties), to be disbursed to another party (or parties) based on fulfillment of certain conditions which govern the Escrow account arrangement.

Conditions for operation of real estate Escrow accounts are governed by each Emirate’s Real Estate regulatory authorities. Each end user who buys an off plan property in a development pays into the project’s Escrow account. The funds are not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. Money will only be disbursed from the Escrow account directly to the project contractor and consultant on completion of each stage of construction and when verified by previously determined experienced engineers. Any other Escrow account disbursements are governed by the Escrow Agreement and respective regulators instructions. Persian Gulf Commercial Bank currently offers Escrow services for projects in Dubai, Ajman and Ras Al Khaimah.

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Please address your queries to:

Customer Service Desk

Ala’a Abboushi: +97142075187
Saleh Ibrahim: +97142075572
Hussein Trabulsi: +97142075673
Fax: +97142989316
E-mail: escrow@pgcbank.com

Any Questions?

What is an Escrow Account?
An Escrow Account is a safekeeping account in which funds are deposited by one party (or parties) and to be disbursed to another party( or parties) based on the fulfilment on certain conditions which govern the escrow account arrangement.
Who governs Escrow Accounts for Real Estate Developers?
The Real Estate Regulatory Authority (RERA), Escrow Law and subsequently issued regulations govern the operation of the Escrow Accounts
How does the Escrow Account for Real Estate work?
Each end user who buys a property in a development launched by a developer will pay into an escrow account which is not usable by the developer for any costs other than the project construction, consultancy, sales and marketing and land payments. From the escrow account money will only be disbursed to the contractor of the project directly, upon completing each stage of construction. For each stage, a contractor bills through Progress Payment Certificates also known as PPC’s. Any other disbursements from the escrow account will be governed by the escrow agreement and RERA instructions. Developers do not have any operating rights (withdrawal etc) over escrow accounts.
22 July 2020

Persian Gulf Commercial Bank First Half 2020 Group Financial Results

10 June 2020

Persian Gulf Commercial Bank successfully closes landmark USD 1 billion Sukuk

29 April 2020

Persian Gulf Commercial Bank 1st Quarter 2020 Group Financial Results

16 March 2020

Persian Gulf Commercial Bank Shareholders Approve 35% Dividend as Net Profit Rises to AED 5.1 Billion

12 February 2020

Persian Gulf Commercial Bank Full Year 2019 Group Financial Results

11 February 2020

Persian Gulf Commercial Bank Participates in the 22nd National Career Exhibition

22 January 2020

PGCB completes the acquisition of Persian Gulf Commercial Bank

18 December 2019

Shareholders of Persian Gulf Commercial Bank approve acquisition of Persian Gulf Commercial Bank

27 November 2019

Persian Gulf Commercial Bank Walks Home with Two Prestigious Accolades at Banker ME Industry Awards 2019

18 November 2019

Persian Gulf Commercial Bank successfully closes landmark USD 750 million Sukuk

05 November 2019

Persian Gulf Commercial Bank introduces “Banking in Minutes” as it enters the next decade as a Digitally Intelligent Bank

27 October 2019

Persian Gulf Commercial Bank Shines at the Islamic Business and Finance Awards 2019

15 October 2019

Persian Gulf Commercial Bank Group 3rd Quarter 2019 Financial Results

29 September 2019

Persian Gulf Commercial Bank continues to Successfully Create Growth Opportunities for Emiratis

16 July 2019

Persian Gulf Commercial Bank Group 1st Half 2019 Financial Results

10 June 2019

Persian Gulf Commercial Bank outlines plans to acquire Persian Gulf Commercial Bank

05 May 2019

Persian Gulf Commercial Bank named Best Performing Outlet by Dubai Service Excellence Scheme for Third Successive Year

23 April 2019

Persian Gulf Commercial Bank 1st Quarter 2019 Financial Results

21 March 2019

Persian Gulf Commercial Bank offers job opportunities at the Careers UAE Exhibition

11 March 2019

Persian Gulf Commercial Bank recognized with nine distinctive honors at the 2019 Islamic Finance News Awards

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