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Midclear provides a new service to its members and acts as the Custodian and Administrative agent for Mutual Funds. This service includes the following:

  • Accomplishing all tasks relating to the Fund’s accountancy and administration, and preparing all the financial statements showing the assets, gross income, liabilities and expenses incurred, net income and net asset value as requested by the Decision No 7074 dated September 5, 1998, appendixes No 4,5 and 6.
  • Calculating the Net Asset Value (NAV) of the Fund’s shares on a daily, weekly, or monthly basis as provided for in articles 8 and 9 of the decision No 7074 dated September 5, 1998, supplement issued by the Central Bank of Lebanon.
  • Notifying the Central Bank of Lebanon and the Banking Control Commission of any breaches that may appear to Midclear while carrying out its duties.
  • Abiding by the obligations of the administrative agent and the Custodian as defined in the decision No 7074 dated 5/9/1998 and all supplements and amendments.