Escrow deal inked for Bahrain tower project
Under the agreement, Khaleeji Commercial Bank will create an escrow account for the Fontana Infinity Towers in Juffair
An escrow agency agreement has been inked for the development of Bahrain's Fontana Infinity Towers in Juffair.
Khaleeji Commercial Bank (KHCB), a Bahrain-based Islamic bank, inked the deal with Fontana Infinity Real Estate Company.
The agreement will see KHCB create an escrow account in accordance with the kingdom's Decree Law No 28 of 2014 and the Decision of the Central Bank of Bahrain No 20 of 2016.
Both laws provide protection for buyers and other parties involved with a real estate project, and ensure that finances raised for the development are employed solely for the appointed project.
Khalil Ismail Al-Meer, CEO of KHCB, said the agreement will help maintain best practice in the industry.
According to BNA, he added: "This step contributes greatly to strengthening the confidence of those wishing to buy housing units in Fontana Infinity Towers and the bank has expertise in this area, since we manage a number of escrow accounts for major real estate projects which witness a notable attention by investors."