Muscat: Continuing to bring new opportunities and create value for its customers, the National Bank of Oman (NBO) has launched new Escrow Account Services in support of government requirements for real estate development.
The bank will be able to act as an Escrow agent by accepting and holding funds on behalf of customers during the purchase of a property and releasing the funds as per the Escrow agreement, ensuring transparency at every stage of the project, and safeguarding the interests of both buyer and developer.
Mohammed Yahya Al Jabri, Assistant General Manager, Head of Global Transaction Banking at NBO, said, “NBO is committed to supporting the ongoing economic development of the nation by offering customers industry-leading solutions in the real estate sector. Alongside product innovation, customer experience is our topmost priority and hence our Escrow Account Services offering comes with NBO’s best-in-class and trusted customer service and subject matter experts’ resources that reflect the sophisticated advancements in real estate development. This new service will make purchasing real estate more efficient and protect the funds paid to developers for off-plan properties, helping to increase investor and developer confidence and regulate an expanding sector for the benefit of all parties.”
Providing its customers with the confidence of having a trusted partner, NBO has developed a dedicated service desk attended by subject matter experts for Escrow Account clients to offer expert advice in line with international best practices and local regulations to enhance the daily banking experience.
The need for an Escrow Account Service is mandated by Royal Decree 30/2018 and Ministerial Decision 72/2019 issued by the Ministry of Housing and Urban Development, where developers are obliged to establish an Escrow Account with a local bank for each real estate development project. NBO will manage the funds in accordance with the terms of the Escrow Account agreement and release the funds linked to the progress of the project.