Sharjah to enhance efficiency of realty, financing procedures

The Sharjah Real Estate Registration Department (Sharjah RERD) signed a memorandum of cooperation with Emirates Islamic bank (EIB) to activate a direct electronic link between the two parties.

This step is part of the department’s strategy to digitise its services and enhance the efficiency of real estate registration and financing procedures, which is in line with the Sharjah government’s digital transformation efforts and the provision of smart interconnected services.

The memorandum was signed by Abdul Aziz Ahmed Al-Shamsi, Director General of the Sharjah Real Estate Registration Department, and Farid Al Mulla, Chief Executive Officer of Emirates Islamic, in the presence of several department directors and officials from both parties.

This agreement represents an advanced step towards facilitating real estate procedures and transactions related to banking services. Additionally, it aims to provide mortgage services and carry out all required actions, including, but not limited to, registering, amending, canceling, and releasing mortgage contracts.

Moreover, it allows Emirates Islamic to use the department’s electronic system, enabling it to conduct inquiries, verifications, and compliance transactions electronically, in accordance with its roles and the applicable legislative controls.

The electronic linking will be launched using the latest encryption protocols and the highest standards of data protection, ensuring the confidentiality and integrity of exchanged information without the need for physical presence.

This will contribute to reducing the time and effort for customers and enhancing the accuracy and quality of operations.

In this context, Abdul Aziz Al-Shamsi said: “This partnership comes within the framework of our ongoing efforts to develop the real estate business environment in the emirate, and achieve a high level of digital integration between government agencies and financial institutions. It will support the quality of life and enhance business in Sharjah.”

“Enabling banks to have direct access to the department’s electronic system for mortgage transactions and digital services reflects our commitment to providing services based on transparency, accuracy, and speed of completion.”

Farid Al Mulla, Chief Executive Officer of Emirates Islamic, also said: “Emirates Islamic is proud to partner with the Sharjah Real Estate Registration Department in this important initiative to streamline mortgage services. This collaboration underscores our commitment to remain at the forefront of driving digital innovation to enhance customer experiences.”

“Aligning with our vision to be the most innovative Shariah-compliant bank for our customers, people, and communities, Emirates Islamic will continue to secure strategic partnerships, to deliver innovative products and enhance customer experience.”

Overall, this agreement is an extension of the department’s efforts to enhance the digital infrastructure of its systems and enable its partners to benefit from its services remotely, which will eventually support Sharjah’s vision of developing smart government work and stimulating economic and real estate growth through strategic partnerships with the private sector.