Department Director: Adel N. Hamadah

 

OPERATIONS

 

Objective

o     To adhere to and implement the procedures setup for the functioning of Settlements / Communications and Imaging Processing transactions.

o     To process every financial transaction prior to its value date and to minimize errors while processing.

o     To automate every process in the electronic format thereby limiting human errors.

 

 

GENERAL RESERVE FUND (GRF)

 

Objective

 

o    The Unit's main objective is to prepare the Financial Statements in a timely manner for Senior Management

o    Prepare the reports (monthly, quarterly and yearly).

o    Ensure enough controls regarding the accuracy of the accounting posting.

o    Respond to all the queries of internal and external auditors.

o    Train Kuwaiti staff.

 

FUTURE GENERATIONS FUND (FGF)

 

Objective

o       Prepare financial accounts (ISS)

o       Provide Management information (JETS)

o       Provide ad hoc reports

 

 

 

CUSTODIAN RELATIONSHIP

 

Objective

 

1.  CONTROL

o    To ensure that all fund transactions are authorized, executed and recorded according to procedures.

2.      Global Custody

o    To ensure that all issues are followed up and reconciled

o    To raise additional requirements from Internal Audit department.

o     To follow up on issues of accounting, operations and securities lending  in coordination with the concerned staff

o    To periodically revise the fee in line with the market

o    To maintain ongoing relationships.