Dubai Land Department, Mashreq Bank Partner On Blockchain Mortgage System

Blockchain, News | May 30, 2019 By:

The Dubai Land Department (DLD) is partnering with UAE-based Mashreq Bank to launch a new blockchain-based mortgage system as the department works to modernize its processes.

Local news outlet The National reported that the new mortgage system is part of the Dubai 10x initiative, which aims to place government entities 10 years ahead of the rest of the world in all sectors, including real estate. Using blockchain technology, the new system will reportedly speed up and strengthen the home loan registration process.

“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits,” said DLD director general Sultan Butti bin Mejren.

According to the report, all mortgage holders with the bank will be linked with the new blockchain-based mortgage system to ensure proper registration and recording of all mortgages. The system will allow Mashreq clients to modify mortgages as well as register liquidations and payment defaults conveniently.

Following the deal with Mashreq, DLD said that it will seek new bank partners for its e-mortgage system, adding that partnerships with leading UAE banks “are an important step” in spreading the benefits of e-mortgages to investors.

“We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD.