The Investment Manager
Directs how the Corpus is invested, within the policy the Operator sets and its Governance Council approves. Appointed by the Operator as nāẓir, and only once the council has approved appointing that manager. A narrow role by design: three powers, all of them about reporting what is there rather than deciding what should be.
How it takes the role
Put forward by somebody who may make appointments, and must accept for itself before anything is conferred. Only the party appointed may answer. Nothing is conferred by being put forward.
Acts at stage 6, as set out in How it works.
What it can do
| What it lets you do | In use |
|---|---|
| Record a holding as reported by a custodian or manager.also held by operator | Yes |
| Keep the Waqf’s list of risks up to date.also held by operator | Not yet |
| Record a valuation, from a source accepted for that kind of asset.also held by operator | Yes |
1 of these is granted but not yet available on the site, so it confers nothing today. Said here rather than left to be discovered.
What it cannot do, and why
Hold the property
The property stays with a licensed custodian. Directing and holding are kept apart so that nobody both chooses an investment and confirms it exists.
Set the policy it invests within
Setting the investment policy belongs to the Operator, with its council’s approval. A manager writing its own mandate is a mandate that will accommodate whatever the manager wanted to do.
Value its own holdings and have that stand alone
A manager’s own valuation is not an independent one. A portfolio with no independent price is reported as exactly that until one exists.
Close a breach it caused
A breach cannot be closed without a recorded correction. Noticing is not remedying.
How to perform the role
- Answer the appointment on the Appointments page.
- Record holdings as the custodian reports them, not as your own books have them. The two disagreeing is information, and the platform is built to show it.
- Record valuations naming the source. Each kind of asset has its own list of sources that count as independent, and the platform refuses one not on that list.
- Keep the list of risks up to date. It is given to you and to the Operator both, deliberately: the party taking the risk and the party answerable for it should both be able to write in it.