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In GCC we have specifically developed our custodian functions, operate them effectively to meet our clients' expectations.
GCC fund custodian services covers different lines of investments as presented in by the following graph.
Services Provided Prior
to Inception of fund
- Advice the most appropriate
jurisdiction and legal structure for maximum efficiencies.
- Advice the on the advantages
and disadvantages of establishing a fund in a particular jurisdiction.
- Review of the fund's Accounting
Policies.
- Review the appropriateness
of the accounting policies
- Check the consistency of
Article of Associations and fund's Prospectus with the applicable
laws and regulations.
- Fulfill the funds' managers
reporting requirements.
- Administration and secretarial
support
Services Offered After
Inception
- Supervising & monitoring
the funds investment activities according to Article of Association.
- Updating fund accounts.
- Daily reconciliations.
- Preparing Net Assets Value
Reports and other reports required by fund mangers.
- Safe custody of investment
instruments.
- Updating fund manager with
bank balances.
- Disclosing information required
by laws and regulations.
- Maintaining Fund's Unit Holders
Register, if requested.
1- GCC-Fund Custody View
2- Secure payment transfer
by SWIFT
- Gulf Clearing Company
accepts and transmits ISO 15022 compliant messages through the
SWIFT network.
3-Other Services for
Islamic Funds
- Zakat Calculation
- Dividends Cleansing
- Compile Financial Statements
based on Islamic Accounting Standards issued by (AAOIFI), if requested.
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