Bank Muscat launches escrow services for real estate sector in Oman

Business Tuesday 17/December/2019 17:23 PM
By: Times News Service
Bank Muscat launches escrow services for real estate sector in Oman

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to offering innovative banking services and customer excellence has become the first bank in Oman to launch escrow services in the country in line with Royal Decree 30/2018 and Ministerial Decision 72/2019 issued by the Ministry of Housing.
It has now become mandatory for real-estate developers to route all funds about real-estate projects with off-plan sales into an escrow account. Through this service, Bank Muscat will act as an escrow agent, who will accept all funds and hold and release these funds following the progress of the project and as per the terms of the escrow account agreement.
With real-estate business transactions becoming ever more sophisticated and complex, many participants now require that funds or other assets be held in escrow until the development is completed, creating a greater demand for an experienced and efficient escrow services provider. An escrow services provider typically serves as a trusted middleman for payments between buyers and sellers.
Ali Said Ali, DGM - Agency & Custody Services, said: “Bank Muscat will provide escrow services through an Escrow Agency Agreement taking into consideration international best practices and local regulations. The use of this service will enhance controls and provide additional comfort to buyers, particularly those who are buying properties under construction, from the diversion of funds by real-estate developers to anything other than the intended purpose as stipulated in the escrow agreement. At the same time, developers will get access to timely payments that are based on project milestones. The bank will be a trusted neutral party that processes transactions on time. We particularly thank the Ministry of Housing and the Central Bank of Oman for their guidance and support in establishing this new service. Corporate customers who would like to get more details on the new escrow account can email [email protected] or call on 24768236.”
Bank Muscat has been at the forefront of customer service excellence and strives to continually deliver high-quality customer service. The bank deems service excellence aligned with world-class products and services as the key to achieving customer satisfaction and surpassing customer expectations. All Bank Muscat products and services have evolved over the years in line with specific requirements by its customers, fulfilling their financial dreams and aspirations.
For Bank Muscat, distinguished customer service has always been and remains paramount. The commitment to customers is the key to achieving strategic objectives, thereby establishing sustainable, long-term business relationships in communities where the bank operates. With the widest reach and the largest network of branches spread across the Sultanate, Bank Muscat meets the expectations of all its customers at both the grassroots level as well as those who need sophisticated solutions.