The Custodian
Holds the property. The custodian is recorded rather than signed up: it confirms what it holds, and those confirmations are entered by the Operator with the custodian’s own evidence attached, because a bank will not sign up to a platform in order to be named on it.
How it takes the role
Recorded by the Operator and seated in the same act. Nobody is asked to accept, because this actor exercises nothing on the platform.
Acts at stage 5, as set out in How it works.
What it can do
Nothing. This role carries no powers at all, and that is the design rather than an omission. Being named on a Waqf is not being empowered over it.
What it cannot do, and why
Do anything on this platform
The role carries no powers, and that is the design rather than an omission. A party that only holds is recorded as a fact about the Operator’s arrangements; it does nothing here, so it is given nothing.
Be asked to accept
The appointment does not wait for an answer. Nobody is waiting on a bank to reply, and a Waqf is not held up by a counterparty who never agreed to be a user.
How to perform the role
- Nothing on the platform. What follows is what the Operator does about you.
- The Operator records the appointment with the kind of holder you are and the country you hold in, and the seat is taken in the same act because nobody is being asked.
- The Operator enters each confirmation you give, with your statement as evidence. The confirmation carries a date, and when it lapses the Passport shows custody as no longer current rather than silently keeping the last one.
- If you hold nothing, no confirmation should exist. A Waqf with no current custody confirmation cannot become active, which is the control that stops an intention being recorded as an asset.