Based on its strategic partnership with Banque Misr, a major investor in the platform, Belmazad has recently announced the launch of a pioneering service in the Egyptian real estate market, the “Brokerage Account” or “Escrow Account” service, Invest-Gate reports.

The contract was formally executed by Mahmoud Farahat, one of the co-founders of Belmazad, and Rasha Genena, the Cash Products and Payment Solutions Manager in the Corporate and Financial Institutions Banking Products Sector at Banque Misr.

The signing took place in the presence of Omar Dewey, another co-founder of Belmazad; Mostafa Osman Ali, the Cash Products and Payment Solutions Manager for Companies at Banque Misr; and a distinguished cohort of leaders from the corporate and financial institutions banking products sector at Banque Misr and Belmazad platform.

The brokerage account operates under a tripartite agreement involving the seller, Belmazad, and Banque Misr. This agreement encompasses all requisite instructions and documentation to ensure the validity of the property ownership transfer process.

Upon the buyer depositing the property value into the intermediary account, the bank notifies the seller upon payment completion, enabling the seller to initiate the agreed-upon ownership transfer procedures.

Mahmoud Farahat, a co-founder of Belmazad, affirmed the platform’s commitment to offering innovative ideas and services to the real estate market. He remarked, “We continuously strive to provide tangible solutions to the challenges faced by individuals engaged in real estate transactions, be they sellers, buyers, or brokers. Hence, the introduction of the brokerage account service, available to both our platform’s clients and clients across the real estate market.”

Farahat highlighted that the pivotal role of Banque Misr, as a significant shareholder in Belmazad platform, was instrumental in the rollout of this groundbreaking service. He elucidated, “The brokerage account is overseen by Banque Misr, entrusted with issuing the brokerage account, thereby ensuring its legality and compliance with all regulations that protect the parties’ rights.”

Omar Dewey, another co-founder of Belmazad, emphasized the unparalleled nature of this achievement within the Egyptian real estate sector. He stated, “This innovative service streamlines the property ownership transfer process and secures payment transfers through the intermediary account with Banque Misr. It represents a comprehensive and intelligent offering to customers within the Egyptian real estate landscape.”

Dewey further added, “The financial guarantee service not only secures individuals’ financial transactions but also unlocks new avenues for real estate investment with confidence and security. This serves to sustain the substantial financial transactions within the vast real estate market, particularly given its contribution rate exceeding 22% of the GDP.”