Tamweel gets title deed from Land Department

DUBAI — Tamweel PJSC has announced that it recently became the first home finance provider in the UAE to receive a property ownership certificate, or title deed, from the Government of Dubai Land Department.

By A Staff Reporter

Published: Mon 28 May 2007, 8:54 AM

Last updated: Sat 4 Apr 2015, 8:38 PM

Following recent reforms at the Dubai Land Department, and in line with global best practices, UAE-based home finance providers and financial institutions that offer mortgages will now receive a title deed, which is a legal document providing evidence of ownership of property.

For Shariah-compliant mortgages, the name of the buyer will also be included on the title deed. The title deed guarantees the transfer of ownership from the lessor, or home finance provider, to the lessee, or buyer, once the Shariah-compliant Ijara contract has been completed. Therefore, the rights of both the lessor and lesee are fully guaranteed.

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