Regulatory Alerts2021-07-06
A circular dated July 6, 2021 regarding controls for providing commercial registry and documentation services through banks
1. The Egyptian Central Bank (ECB) has agreed to allow commercial banks to offer real estate registration and title deed services through their branches, with the approval of both the Ministry of Trade and Industry, and the Ministry of Justice, provided they comply with all regulatory requirements and obtain necessary approvals from the concerned authorities. 2. The ECB will coordinate with relevant ministries, including the Ministry of Trade and Industry or the Ministry of Justice, to establish a mechanism for settling disputes between parties involved in transactions conducted through the real estate registration and title deed services offered by banks. 3. The Egyptian Central Bank (ECB) agrees that commercial banks may open separate bank accounts specifically designated for handling the services provided by the Real Estate Registry Authority and the Land Registrar, with the presence of both the debtor and the creditor in the accounts, inside the branches of the banks. 4. The ECB will require commercial banks to obtain prior approval from it if they intend to expand or amend their agreements with either the Ministry of Trade and Industry or the Ministry of Justice related to providing real estate registration and title deed services through their branches. 5. Any violation by a commercial bank concerning the terms set out in the above agreement shall result in the Egyptian Central Bank revoking its approval for that particular bank to provide real estate registration and title deed services through its branches.