Dubai is a block chain designed based electronic mortgage system. Together with the Mashreq-Bank digitized registration processes, speed up soon, the mortgage business in the United Arab Emirates (UAE). The “E-Mortgage System” is part of a larger project to make real estate loans in the Emirate easier and faster.
From Polina Khubbeeva
30. May 2019 BTC$8.724,00 0.06% part Facebook Twitter LinkedIn xing mail
The Emirate of Dubai, the most populous Emirate of the United Arab Emirates (UAE) on the Persian Gulf, is pushing ahead with the automation of Mortgage registrations by using the Blockchain technology.
Together with the Mashreq-Bank developed in-Dubai “E-Mortgage System”, i.e. electronic mortgage system, such as The National, the leading English-language news page of the Middle East Region, on 28. May have been reported.
The goal: Faster and easier real estate loans
and Then provides for its license agreement, that customer the Mashreq mortgages following the purchase of a property or of a property automatically in the Online administration system of the state Land Department to access. Here you can edit your loans, the Status of the approval get and also manage payments.
the Director of The Dubai Land Department (DLD), Sultan Butti bin Mejren, commented as follows on the objectives of the “E-Mortgage system:
The development and publication of an electronic mortgage system comes as part of our existing efforts, automation processes worldwide. Our processes to manage with reduced paper work and less personal Visit.
The Emirate will accordingly establish by 2021 a completely paperless administration.
Dubai’s way to the Blockchain-Hub
Dubai, whose real estate sector is one of the most important industries for the national economy, integrate Distributed Ledger technologies are already used in his innovations. Crypto research centers, and a state’s Blockchain platform, Dubai is an international Blockchain Hub.
The new mortgage system is part of the Initiative of Dubai government administrative structures of advanced to. Digitisation of administrative procedures, in the long run to a more diversified economy (Still), the Oil-state. So is Dubai on the world market will remain competitive.
The desert state to a future beyond commodity-based economic models. In crypto and Blockchain technology, the decision-makers of Dubai and see many opportunities for innovative changes in the economy of the 21st century. Century adjust. An electronic mortgage system for foreign investors, buying real estate from abroad is useful.
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