Skip to main content

Dubai Debuts Blockchain Mortgage System

May 29, 2019
Photo credit: Getty Images/ismagilov

While blockchain technology is slowly making its way into the U.S. mortgage industry, it has already taken root and blossomed in the United Arab Emirates (UAE).
According to a report in the UAE publication The National, Dubai Land Department (DLD) and UAE lender Mashreq Bank have launched a blockchain-based electronic mortgage system designed to increase the speed of the home loan registration process. This is the latest effort by Dubai government’s real estate department to adopt blockchain, following last year’s launch of a blockchain-based Real Estate Self Transaction (REST) that was designed to transfer the management of real estate transaction from paper to digital management. These efforts are part of the Dubai 10x initiative, a wider enterprise to advance the UAE’s digital economy.
DLD added that it plans to expand the blockchain program with other UAE-based banks.
“Applying the e-mortgage system requires synergy with leading UAE banks [helps] to spread its benefits to the largest number of investors,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD. “We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services.”

About the author
May 29, 2019
More from
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Raising An Ai Brainchild In The Mortgage Industry

Angel Ai takes on the next five years with a new ‘do and functions to boot

May 02, 2024
NAR Partners With SoFi

NAR members and their clients can receive exclusive rates and discounts on mortgages, student loan refinancing and personal loans.

Apr 09, 2024
Floify President and GM Advising Broker Action Coalition

Sofia Rossato appointed as a vendor advisor to new non-profit

Apr 03, 2024
When, Where, And How To Incorporate AI Into Your Mortgage Business

The impacts and future implications of artificial intelligence and generative AI

Mar 28, 2024
How InstaAI Transforms Loan Officers' Efficiency And Performance

By building a first-of-its-kind GenAI solution, InstaMortgage continues to redefine industry standards

May 07, 2024