HOW DOES IT WORK?
- CWAM Global holds a securities custody & depositary account at a top International Bank.
- Through this account, we have a facility to trade cash in amounts from €150,000,000 or accept SBLCs in amounts up to €500,000,000.
- All SBLCs are monetised under Sharia Law with zero contravention referencing interest or any other Sharia contraventions.
- All transactions involving client capital funds invested can be insured by a top EU reinsurance company prior to placement into the trade.
- All trading activities involve the acquisition and resale of bank-issued securities that comply with Sharia principles and standards.
- Profit share is paid out monthly in arrears and can be credited to a corporate account we can open for you with our bank, or to any account you hold in the GCC region.
- All profit shares will be applied on an equitable basis to fund Islamic development projects in the GCC, to support Sharia-accredited charitable programmes worldwide, or both.
- NO FUNDS DERIVED FROM PARTICIPATION IN OUR PROGRAMMES MAY BE USED FOR ANY PROHIBITED ACTIVITY AS DECLARED BY THE UNITED NATIONS AND ICC 600 RULES.
WHAT’S INVOLVED?
- Applicants must complete and submit an application form with a CIS that includes a screenshot of their funds on their account.
- Applicants have to declare whether they are investing cash or delivering a SBLC from a top AA-rated International bank in our verbiage according to Brussels SWIFT rules.
- Once initial due diligence is complete, if cash is being invested, the bank conducts its own due diligence; if an SBLC is being delivered, bank-to-bank due diligence is conducted.
- We then open a sub-account in our bank for the applicant, which is restricted to members of the Islamic faith only.
- Once the account is open, the applicant delivers their cash or issues the SBLC directly to our account.
- To activate an account, the applicant remits the sum of €100,000 to the account immediately upon opening, as we cannot receive and trade funds until the account is active.
- Once all is in place, we commence a Sharia-compliant buy/sell programme, which is managed via our own account in the bank. All profits are retained in segregated sub-accounts.
- ALL APPLICANTS WILL BE SUBJECTED TO A THOROUGH DUE DILIGENCE AND MUST BE APPROVED BY THE SHARIA BOARD OF THE BANK PRIOR TO ACCEPTANCE.
