Risk Disclaimer: All Investments in Mutual Fund are subject to market risks.

The NAV of Units may

go down or up based on the market conditions. The investors are advised in their own interest to
carefully read the contents of the Offering Document, in particular the Investment Policies
mentioned in Clause 2.1.1, Risk Factors mentioned in Clause 2.4 , Taxation Policies mentioned in
Clause 7 and Warnings in Clause 9.1 before making any investment decision.

OFFERING DOCUMENT

OF

ALHAMRA DAILY DIVIDEND FUND

UPDATED UPTO SIXTH SUPPLEMENTAL OFFERING DOCUMENT DATED 13
NOVEMBER, 2020

OPEN-ENDED SHARIAH COMPLIANT INCOME SCHEME

(Daily Dividend received by the Unit Holder(s) shall be REINVESTED)

(Wakalatul Istithmar Based Fund)

RISK PROFILE: MEDIUM (PRINCIPAL AT MEDIUM RISK)
MANAGED BY

MCB-ARIF HABIB SAVINGS AND INVESTMENTS LIMITED

(Vetted by Shariah Supervisory Board under Chairmanship of Mufti Muhammad

Taqi Usmani)

Open for Public Subscription (IPO): April 10th, 2018

(One day IPO)
 Offering Document – ALH DDF

CLAUSE TABLE OF CONTENTS PAGE

NO.
1. CONSTITUTION OF THE SCHEME 4
1.1 Constitution 4
1.2 Trust Deed (the “Deed”) 5
1.3 Modification of Trust Deed 5
1.4 Introduction to Alhamra Daily Dividend Fund 5
1.5 Duration 5
1.6 Trust property 6
1.7 Initial Offer and Initial Period 6
1.8 Transaction in Units after Initial Offering Period 6
1.9 Offering Document 6
1.10 Modification of Offering Document 6
1.11 Responsibility of the Management Company for information given in this Offering
Document 6
2. INVESTMENT OBJECTIVES, INVESTMENT POLICY, RESTRICTIONS, RISK
DISCLOSURE AND DISCLAIMER 7
2.1 Investment Objective 7
2.2 Changes in Investment Policy 9
2.3 Investment Restrictions 9
2.4 Risk Disclosure 13
2.5 Disclaimer 14
2.6 Cleansing/Purification Process 15
2.7 Non-Shariah compliant Investment 15
2.8 Reclassification of Shariah Status of Investments For The Shariah-Compliant Funds 15
3. OPERATORS AND PRINCIPALS 15
3.1 Management Company 15
3.2 Board of Directors of the Management Company – 16
3.3 Profile of the Management 19
3.4 Existing Schemes under Management and their performance - 24
3.5 Role and Responsibilities of the Management Company 30
3.6 Maintenance of Unit Holders Register 32
3.7 Role of the Trustee 32
3.8 Shariah Supervisory Board 34
3.9 Transfer Agent 35
3.10 Custodian 35
3.11 Distributors/Facilitators 36
3.12 Auditors 36
3.13 Legal Advisors 37
3.14 Bankers 37
3.15 Rating of the Scheme 38
3.16 Minimum Fund Size 38
4. CHARACTERISTICS OF UNITS 38
4.1 Units 38
4.2 Type of units 38
4.3 Administrative Plan - 38
4.4 Purchase and Redemption of Units 39
4.5 Procedure for Purchase of Units 39
4.6 Procedure for Redemption of Units 45
4.7 Purchase (Public Offer) and Redemption (Repurchase) of Units outside Pakistan 47

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 Offering Document – ALH DDF

4.8 Determination of Redemption (Repurchase) Price 48

4.9 Procedure for Requesting Change in Unit Holder Particulars 48
4.10 Procedure for Pledge / Lien / Charge of Units 50
4.11 Temporary Change in Method of Dealing, Suspension of Dealing and Queue System 51
5. DISTRIBUTION POLICY 53
5.1 Declaration of Daily Dividend 53
5.2 Determination of Distributable Income 53
5.3 Payment of Dividend 54
5.4 Dispatch of Dividend Warrants/Advice 54
5.5 Reinvestment of Dividend 54
5.6 Bonus Units 54
5.7 Closure of Register 54
6. FEE AND CHARGES 54
6.1 Fees and Charges Payable by an Investor 54
6.2 Fees and Charges Payable by the Fund 56
6.3 Formation Costs 56
6.4 Other costs and expenses 57
7. TAXATION 58
7.1 Taxation on the Income of the Fund 58
7.2 Withholding tax 58
7.3 Zakat on Fund 58
7.4 Taxation and Zakat on Unit Holders 58
7.5 Disclaimer 59
8. REPORTS TO UNIT HOLDERS 59
8.1 Account Statement 59
8.2 Financial Reporting 60
8.3 Trustee Report 60
8.4 Fund Manager Report 60
9. WARNING AND DISCLAIMER 61
9.1 Warning 61
9.2 Disclaimer 61
10. GENERAL INFORMATION 61
10.1 Accounting Period / Financial Year of the Fund 61
10.2 Inspection of Constitutive Documents 61
10.3 Transfer of Management Rights of the Fund 62
10.4 Extinguishment/Revocation of the Fund 62
10.5 Procedure and manner of Revocation of the Fund 63
10.6 Distribution of proceeds on Revocation 63
11. GLOSSARY 64

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Offering Document – ALH DDF

Offering Document

Of

Alhamra Daily Dividend Fund (ALHDDF)

(Open-Ended Shariah Compliant Islamic Income Scheme)
Wakalatul Istithmar fund

Managed By

MCB-Arif Habib Savings and Investments Limited

[An Asset Management Company Registered under the Non-Banking Finance Companies
(Establishment and Regulation) Rules, 2003]

Date of Publication of Offering Document Dated April 2nd, 2018

Alhamra Daily Dividend Fund (the Fund/the Scheme/the Trust/the Unit Trust/ALHDDF) has been
established through the Trust Deed (the Deed) dated August 7th, 2017 under the Trust Act, 1882 entered
into and between MCB-Arif Habib Savings and Investments Limited, the Management Company, and
Central Depository Company of Pakistan Limited, the Trustee.

REGULATORY APPROVAL AND CONSENT

Approval of the Securities and Exchange Commission of Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has authorized the offer of Units of
Alhamra Daily Dividend Fund and has registered ALHDDF as a notified entity under the Non-
Banking Finance Companies and Notified Entities Regulations, 2008 (“Regulations”) vide letter
No. SCD/AMCW/MCBAHSIL/ALHDDF/191/2017 dated December 15th, 2017. SECP has
approved this Offering Document under the Regulations vides its Letter
No.SCD/AMCW/MCBAHSIL/ADDF/297/2018 dated March 13th, 2018.

It must be clearly understood that in giving this approval, SECP does not take any
responsibility for the financial soundness and Shariah compliance of the fund nor for the
accuracy of any statement made or any opinion expressed in this Offering Document.

Offering Document

This Offering Document sets out the arrangements covering the basic structure of the Alhamra
Daily Dividend Fund (the “Fund”, the “Scheme”). It sets forth information about the Fund that a
prospective investor should know before investing in any type of Unit of the Fund. The provisions
of the Trust Deed, the Rules, the Regulations, the Shariah guidelines, circulars, directives etc as
specified hereafter and Shariah Compliance regulatory provisions, that may be issued from time
to time govern this Offering Document.

If prospective investor has any doubt about the contents of this Offering Document, he/she/it
should consult one or more from amongst their investment advisers, legal advisers, Shariah
Advisor/Scholar, bank managers, stockbrokers or financial advisers to seek independent
professional advice.

Investors must recognize that the investments involve varying levels of risk. The portfolio of
the Fund consists of listed as well as unlisted investments that are subject to market

3
Offering Document – ALH DDF

fluctuations and risks inherent in all such investments. Neither the value of the Units in the
Fund nor the dividend declared by the Fund is, or can be, assured. Investors are requested
to read the Risk Disclosure and Warnings statement contained in Clause 2.4 and Clause 9.1
respectively in this Offering Document.

All Investments of the Fund shall be in adherence to the Islamic Shariah. It is possible that
adherence to the Islamic Shariah will cause the Fund to perform differently from Funds
with similar objectives, but that are not subject to the requirements of Islamic Shariah.

Filing of the Offering Document

The Management Company has filed a copy of the Offering Document signed by the Chief
Executive along with the Trust Deed with SECP. Copies of the following documents can be
inspected at the registered office of the Management Company or the place of business of the
Trustee:

(1) License No. AMCW/17/MCBAHSIL/AMS/07/2016 &

AMCW/14/MCBAHSIL/IA/08/2016 dated September 30, 2016 & August 17, 2016 granted
by SECP to MCB-Arif Habib Savings and Investments Limited to carry out Asset
Management and Investment Advisory Services;

(2) SECP’s Letter No. SCD/AMCW/MCBAHSIL/ALHDDF/639/2017 dated June 30th, 2017

approving the appointment of Central Depository Company of Pakistan Limited as the
Trustee of the Fund;

(3) Trust Deed (the Deed) of the Fund;

(4) SECP’s Letter No. SCD/AMCW/MCBAHSIL/ALHDDF/191/2017 dated December 15th,

2017 registering the Fund in terms of Regulation 44 of the NBFC and Notified Entities
Regulations 2008;

(5) Letter No. ADDF/9180 dated November 2nd, 2017 from Deloitte Yousuf Adil Chartered
Accountants, Auditors of the Fund , consenting to the issue of statements and reports;

(6) Letters No. MCB-AHSIL-1/918/15/301 dated July 23, 2015 from Bawaney & Partners,
Legal Advisers of the Fund , consenting to act as adviser;

(7) Consent Letter Dated March 5th, 2018 from Dr. Ejaz Ahmed Samadani (on behalf of
Shariah Advisory Board) on Alhamra Daily Dividend Fund Offering Document.

(8) SECP’s letter No. SCD/AMCW/MCBAHSIL/ADDF/297/2018 dated March 13th, 2018

approving this Offering Document.

1. CONSTITUTION OF THE SCHEME

1.1 Constitution

The Fund is an open ended fund and has been constituted by a Trust Deed entered into at
Karachi on dated August 7th, 2017 between:

MCB-Arif Habib Savings and Investments Limited, a listed public limited company
incorporated under the Companies Ordinance 1984 and licensed by SECP to undertake
asset management services, with its principal place of business at 24th Floor, Centrepoint,
Off Shaheed-e-Millat Expressway, near KPT Interchange, Karachi, as the Management
Company; and

4
Offering Document – ALH DDF

Central Depository Company of Pakistan Limited, a public limited company

incorporated in Pakistan under the Companies Ordinance, 1984 and registered by SECP
to act as a Trustee of the Collective Investment Scheme, having its registered office at
CDC House, 99-B, Block "B", S.M.C.H.S., Main Shahra-e-Faisal, Karachi, as the
Trustee.

1.2 Trust Deed (the “Deed”)

The Deed is subject to and governed by the Non-Banking Finance Companies

(Establishment and Regulations) Rules, 2003 and Non-Banking Finance Companies and
Notified Entities Regulations, 2008, Securities and Exchange Ordinance 1969,
Companies Ordinance 1984 and all other applicable laws and regulations including
Shariah. The terms and conditions in the Deed and any supplemental deed(s) shall be
binding on each Unit Holder. In the event of any conflict between the Offering Document
and the Deed the latter shall supersede and prevail over the provisions contained in this
Offering Document. In the event of any conflict between the Deed and the Rules or
Regulations and Circulars issued by SECP, the latter shall supersede and prevail over the
provisions contained in the Deed.

Furthermore, all Investments of the Fund Property shall be in accordance with the Islamic
Shariah as advised by the Shariah Supervisory Board. The Fund shall also be subject to
the rules and the regulations framed by the State Bank of Pakistan with regard to the
foreign investments made by the Fund and investments made in the Fund from outside
Pakistan in foreign currency.

1.3 Modification of Trust Deed

The Trustee and the Management Company, acting together and with the approval of
SECP, shall be entitled by supplemental deed(s) to modify, alter or add to the provisions
of the Deed to such extent as may be required to ensure compliance with any applicable
laws, Rules and Regulations and Shariah guidelines.

Where the Deed has been altered or supplemented, the Management Company shall duly
notify to the Unit Holders and posted on their official website.

1.4 Introduction to Alhamra Daily Dividend Fund

Alhamra Daily Dividend Fund is an Open Ended Shariah Compliant Income Scheme. The
Fund has following features mentioned below:

I. Dividend on daily basis will be distributed to the unit holder(s).

II. Daily Dividend received by the Unit Holder(s) shall be REINVESTED.
III. Dividend would be distributed to unit holders appearing in the unit holder register
within cut-off time as mentioned in Annexure “C” on a daily basis.
IV. For online Unit Holder(s), every day is a business day of the Fund.
V. The Fund will work on Back ward pricing (knowing pricing) method.
VI. NAV of the Fund would be announced on next day till 9:00 am.

1.5 Duration

The duration of the Fund is perpetual. However, SECP or the Management Company may
wind it up or revoke, on the occurrence of certain events as specified in the Regulations.

5
Offering Document – ALH DDF

1.6 Trust property

The aggregate proceeds of all Units issued from time to time after deducting Duties and
Charges, Transactions Costs and any applicable Sales Load, shall constitute part of the
Trust Property and includes the Investment and all income, profit and other benefits
arising therefrom and all cash, bank balances and other assets and property of every
description for the time being held or deemed to be held upon trust by the Trustee for the
benefit of the Unit Holder(s) pursuant to the Deed but does not include any amount
payable to the Unit Holders as distribution. However any profit earned on the amount
payable to the Unit Holders as distribution shall become part of the Trust Property.

1.7 Initial Offer and Initial Period

Initial Offer is made during the Initial Period which will be One (1) Business Day and
begins at the start of the banking hours on April 10th, 2018 and shall end at the close of
the banking hours on April 10th, 2018. During initial period the Units shall be issued at
the Initial Price of Rs. 100 per Unit and subsequently at the price calculated and
announced by the Management Company for every Dealing Day.

1.8 Transaction in Units after Initial Offering Period

Subsequently the Public Offering will be made at the Offer Price and redeemed at the
Redemption Price. The Management Company will fix the Offer (Purchase) and
Redemption (Repurchase) Prices for every Dealing Day on the basis of the Net Asset
Value (NAV). The NAV based price shall be fixed after adjusting for the Sales Load as
the case may be and any Transaction Costs that may be applicable. Except for
circumstances elaborated in Clause 4.11 & 10.4 of this Offering Document, such prices
shall be applicable to Purchase and Redemption requests, complete in all respects,
received during the Business Hours on the Dealing Day.

1.9 Offering Document

The provisions of the Trust Deed, the Rules, the Regulations, circulars and the Directive
issued by the Commission govern this Offering Document. It sets forth information about
the Fund that a prospective investor should know before investing in any Unit.
Prospective investors in their own interest are advised to carefully read this Offering
Document to understand the Investment Policy, Risk Factors and Warning and Disclaimer
and should also consult their legal, financial and/or other professional adviser before
investing.

1.10 Modification of Offering Document

This Offering Document will be updated to take account of any relevant material changes
relating to the Fund. Such changes shall be subject to prior consent of the Trustee and
approval from the Securities and Exchange Commission of Pakistan (SECP) and shall be
circulated to all Unit Holders and/ or publicly notified by advertisements in the
newspapers subject to the provisions of the Rules and the Regulations and duly posted on
official website of the Management Company.

1.11 Responsibility of the Management Company for information given in this Offering
Document

The Management Company accepts the responsibility for the information contained in
this Offering Document as being accurate at the date of its publication.

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 Offering Document – ALH DDF

2. INVESTMENT OBJECTIVES, INVESTMENT POLICY, RESTRICTIONS, RISK

DISCLOSURE AND DISCLAIMER

2.1 Investment Objective

The scheme is aimed at meeting investors' short to medium term investment

requirements. The scheme seeks to provide investors’ a daily dividend through
investment in Shariah Compliant instruments.

2.1.1 Investment Policy

Alhamra Daily Dividend Fund is an Open-ended Shariah Compliant Islamic Income

Scheme which primarily invests in Shariah Compliant Authorized Investments. The Fund
shall be subject to such exposure limits as are specified in the Rules, the Regulations and
directives issued by SECP from time to time. The Fund will distribute daily dividend to
the unit holders, which will be reinvested as agreed upon by the unit holders.

2.1.1.1 Benchmark
Six (6) months of average deposit rates of three (3) A rated Scheduled Islamic Banks or
Islamic window of Conventional Banks as selected by MUFAP.

2.1.1.2 Authorized Investments

The Authorized Investment avenues along with maximum and minimum Exposure
limits of the Scheme shall be as follows:

Asset Class Entity Instru Exposure

Rating ment Limit (% of
Rating NAV)
1. Cash in Bank deposits (excluding TDRs)
A-
with licensed Islamic Banks and licensed
(N/A for
Islamic Banking windows of 25%* -
GOP NA
conventional Banks including GOP Ijara 100%
Ijara
Sukuk not exceeding ninety (90) days
Sukuk)
maturity.
2.
Shariah Compliant Deposits / Placements
(Saving / PLS accounts, Term
Deposits),Certificate of Deposits
(CODs), Certificate of Investments
(COIs), Certificate of Musharka &
Modaraba, Istisna, Ijaraha Agreement
with Modaraba:
AA- N/A
0%-25%
 having 6 Months or less Maturity;

 having over 6 Months Maturity AA- N/A

0%-15%
3. Shariah Compliant Deposits / Placements
(Saving / PLS accounts, Term
Deposits),Certificate of Deposits

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 Offering Document – ALH DDF

(CODs), Certificate of Investments

(COIs), Certificate of Musharka &
Modaraba, Istisna, Ijaraha Agreement
with Micro Finance Bank:
A- N/A
 having 6 Months or less Maturity; 0%-25%

 having over 6 Months Maturity A- N/A

0%-15%
4. Shariah Compliant Deposits / Placements
(Saving / PLS accounts, Term
Deposits),Certificate of Deposits
(CODs), Certificate of Investments
(COIs), Certificate of Musharka &
Modaraba, Istisna, Ijaraha Agreement
with Banks and DFI :
A- N/A 0%-75%
 having 6 Months or less Maturity;
A- N/A 0%-15%
 having over 6 Months Maturity
5.  Non Traded Shariah Compliant
Commercial papers (having 6
Months or less Maturity); or AA N/A 0% - 75%
 Listed Shariah Compliant
Commercial Papers.
6.  Non Traded Shariah Compliant
Commercial Papers over 6 AA N/A 0%- 15%
months maturity;

* The Scheme shall invest at least twenty five per cent (25%) of the Net Assets in cash and near
cash instruments which include cash in bank account (excluding TDRs) and Shariah Compliant
Government Securities not exceeding ninety (90) days to maturity. This minimum cash and near
cash requirements shall be calculated on the basis of the average for each calendar month.

**Any other Shariah Compliant securities or instruments as permitted by The Rules, The
Regulations and approved for investment by the SECP and the Shariah Supervisory Board, from
time to time.

1Note: Investments shall be made as per the authorized investment limits given above and may
include the following mode of Shariah Transaction such as; principles of Bai'-Mu'ajjal,
Bai'-Mussawwama, Bai'-Salam, Istisna'a, Mudaraba, Murabaha and Musharakah or any
other structure as approved by the Shariah Advisor from time to time.

2.1.1.3 Outside Pakistan Investment:

The Trustee shall, if requested by MCB Arif Habib Saving and Investment Limited, open
Bank Accounts titled “CDC – Trustee Alhamra Daily Dividend Fund” in foreign

1
Addition of Note through sixth supplemental Offering document approved by SECP dated 13 November,
2020

8
 Offering Document – ALH DDF

countries where investments are made on account of the Fund, if such investments
necessitate opening and operation of Bank Accounts by the Trustee. For this purpose, the
Trustee shall be deemed to be authorized to sign and submit the prescribed account
opening forms of such Banks. The opening, operation and maintenance of such Bank
Accounts in foreign countries shall always be subject to the approval of the SBP & SECP
and the exchange control regulations, as well as any directives of the SBP and the
Commission. Any such proposal by MCB Arif Habib Saving and Investment Limited
shall be submitted to the Commission and SBP with the prior consent of the Trustee.
While opening and operating any type of account and/or making investments in Outside
Pakistan countries on the instructions of Management Company, if the Trustee is required
to provide any indemnities to Outside Pakistan parties then Trustee and the Fund would
be counter indemnified by MCB Arif Habib Savings and Investments Limited to such
extent.

2.1.2 Shariah Investment Guidelines

• The Fund must at all times and all stages of its operation comply with Shariah
principles.
• The Fund shall operate on the basis of the Shariah principles. The banking facilities and
authorized investment instruments used for the Fund shall comply with Shariah
principles.

2.1.3 Risk Control in the Investment Process

In line with the Investment Objective of the Scheme, the Investment Committee aims to
identify investment opportunities which offer superior risk adjusted yields. The
Investment Committee will be guided through the internal and external rating of the
investee companies, research covering in-depth evaluation of the proposed investments
and industry dynamics pertinent to the proposed investment.

The Investment process would adapt a preemptive risk management framework to dilute
risk levels and volatility during the portfolio construction process. The investment
restrictions defined in Clause 2.3 will also contribute to the reduction in overall risk
pertinent to the portfolio and result in diversification of exposure.

2.1.4 Management Company Can Alter Investment Mix

The Management Company can from time to time alter the weightings, subject to the
specified limits as per Clause 2.1.1.2 above, between the various types of Authorized
Investments if it is of the view that market conditions so warrant. The Funds not invested
in the foregoing avenues shall be placed as deposit with scheduled Islamic banks or
Islamic windows of conventional banks.

2.2 Changes in Investment Policy

The Investment Policy will be governed by directives of the Shariah Advisor and rules,
Regulations, directives or guidelines issued by SECP from time to time. Any fundamental
change in the Investment Policy will be implemented only after obtaining prior approval
from SECP and giving 90 days prior notice to the Unit Holders as specified in the
Regulations.

2.3 Investment Restrictions

(a) The Trust Property shall be subject to such exposure limits or other prohibitions as are
provided in the Regulations, Trust Deed, this Offering Document of the Fund, circulars

9
Offering Document – ALH DDF

and directives and shall also be subject to any exemptions that may be specifically given
to the Fund by SECP and are explicitly mentioned under the heading Exceptions to
Investment Restriction in this Offering Document or subsequently in writing. If and so
long as the value of the holding in a particular company or sector shall exceed the limit
imposed by the Regulations, the Management Company shall not purchase any further
Investments in such company or sector. In the event Exposure limits are exceeded due to
corporate actions including taking up rights or bonus issue and/or owing to appreciation
or depreciation in value of any Investment, disposal of any Investment or Redemption of
Units, the excess exposure shall be regularized in such manner and within such time as
specified in the Regulations, circular or notification issued by SECP from time to time.

(b) The Management Company on behalf of the Scheme shall not:

i. Make investments in Non-Shariah compliant instruments and against the

guidelines of Shariah Supervisory Board of the Scheme;

ii. Purchase or sell -

(a) Bearer securities;
(b) Securities on margin;
(c) Real estate, commodities or commodity contracts;
(d) Securities which result in assumption of unlimited liability (actual or
contingent);
(e) Anything other than Authorized Investments as defined under 2.1.1.2;

iii. Participate in a joint account with others in any transaction;

iv. Affect a short sale in a security whether listed or unlisted;

v. Take Exposure to equities etc.;

vi. Take Exposure in any other Collective Investment Scheme, except in the case of
foreign investment;

vii. Lend, assume, guarantee, endorse or otherwise become directly or contingently

liable for or in connection with any obligation or indebtedness of any person as
specified in the Regulation;

viii. Make any investment which will vest with the Management Company or its
group the management or control of the affairs of the investee company;

ix. Invest in securities of the Management Company;

x. Purchase any security in a forward contract;

xi. Issue a senior security which is either stock or represents indebtedness, without
the prior written approval of the Commission;

xii. Apply for de-listing from stock exchange, unless it has obtained prior written
approval of the Commission;

xiii. Sell or issue Units for consideration other than cash unless permitted by the
Commission on the basis of structure and investment policy of the Scheme;

10
Offering Document – ALH DDF

xiv. Merge with, acquire or take over any scheme, unless it has obtained the prior
approval of the SECP in writing to the scheme of such merger, acquisition or take
over;

xv. Invest the subscription money until the closure of initial offering period;

xvi. Enter on behalf of the Scheme, into underwriting or sub-underwriting contracts;

xvii. Subscribe to an issue underwritten, co-underwritten or sub-underwritten by group

companies of the Management Company;

xviii. Pledge any of the securities held or beneficially owned by the Scheme except as
allowed under the Regulations;

xix. Accept deposits; and

xx. Make a loan or advance money to any person from the assets of the Scheme.

(c) The investment in issued debt securities of a company shall not, at any time, exceed an
amount equal to fifteen per cent (15%) of total Net Assets of the Scheme or fifteen per
cent (15%) of that single issue, whichever is lower. In all other cases the exposure limit of
ten per cent (10%) as specified in Regulation No. 55(5) and (6) of the Regulations shall
prevail.

(d) The Management Company shall not invest more than thirty five per cent (35%) of total
Net Assets of the Scheme in securities of any one sector as per classification of the stock
exchange.

(e) Where the Exposure of the Scheme exceeds the limits specified in sub-clause (c) and (d)
above because of corporate actions or due to market price increase or decrease in Net
Assets due to redemption, the excess Exposure shall be regularized within Four (4)
months of the breach of limits.

(f) The Management Company, on behalf of the Scheme, shall not take Exposure of more
than thirty five per cent (35%) of the total Net Assets of the Scheme in any single group.
For this purpose, “group” means persons having at least thirty per cent (30%) common
directors or 30% or more shareholding in any other company, as per publicly disclosed
information.

(g) The Management Company, on behalf of the Scheme, shall not take Exposure of more
than ten per cent (10%) of the total Net Assets of the Scheme in listed group companies of
the Management Company and such Exposure shall only be made through the secondary
market.

(h) The Scheme shall invest at least twenty five per cent (25%) of the Net Assets in cash and
near cash instruments which include cash in bank account (excluding TDRs) and Shariah
Compliant Government Securities not exceeding ninety (90) days to maturity. This
minimum cash and near cash requirements shall be calculated on the basis of the average
for each calendar month.

(i) The Scheme shall not invest more than fifteen per cent (15%) of the Net Assets in non-
traded securities including Reverse Repo, Bank Deposits, Certificates of Investments,
Certificates of Musharakas and anything over six (6) months maturity which is not a
marketable security.

11
Offering Document – ALH DDF

(j) Rating of any bank, Micro Finance or DFI with which funds of the Scheme are placed
shall not be lower than A- (A Minus).

(k) Rating of any Modaraba with which funds of the Scheme are placed shall not be lower
than AA- (AA Minus).

(l) Weighted Average Time to Maturity of Net Assets of the Scheme shall not exceed four
yearsand Weighted Average Time to Maturity for Government Securities shall not exceed
7.5 years.

(m) There shall be no restriction regarding time to maturity of any single asset and duration of
a single security in the portfolio of the Scheme.

(n) The Scheme shall not place funds (including TDR. PLS saving deposits, COD, COM,
COI, Money market placements and other clean placements of funds) more than 25 % of
net assets with all micro finance banks/non-banking finance companies and Modarabas.

(o) In case of redemptions requests are pending due to constraint of liquidity in the Fund, for
more than the period as stipulated in the Regulations, the Management Company shall not
make any fresh investment or rollover of any investment.

Exemption to Investment Restrictions

In order to protect the right of the Unit Holders, the Management Company may take an
Exposure in any Shariah compliant unauthorized investment due to recovery of any
default proceeding of any counter party of any Authorized Investment with the approval
of the Commission.

2.3.1 Shariah compliant Financing Arrangements

(a) Subject to any statutory requirements for the time being in force and to the terms and
conditions herein contained, the Management Company may arrange financing for
account of the Scheme, with the approval of the Trustee, from Banks, Financial
Institutions, or such other companies as specified by the Commission from time to time.
The financing, however, shall not be resorted to, except for meeting the redemption
requests and shall be repayable within a period of ninety days and such financing shall not
exceed fifteen (15) percent of the Net Assets or such other limit as specified by the
Commission of the scheme at the time of financing.

If subsequent to such financing, the Net Assets are reduced as a result of depreciation in
the market value of the Trust Property or redemption of Units, the Management Company
shall not be under any obligation to reduce such financing.

Provided that an Asset Management Company during the interim period may invest net
cash flows for right issues or may invest during the interim period if there is no option in
borrowing agreement for early repayment of borrowing.

(b) Neither the Trustee, nor the Management Company shall be required to issue any
guarantee or provide security over their own assets for securing such financings from
banks, financial institutions and non-banking finance companies. The Trustee or the
Management Company shall not in any manner be liable in their personal capacities for
repayment of such financings.

(c) For the purposes of securing any such financing, the Trustee may on the instruction of the

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Offering Document – ALH DDF

Management Company mortgage, charge or pledge in any manner all or any part of the
Trust Property provided that the aggregate amount secured by such mortgage, charge or
pledge shall not exceed the limits provided under the Regulations and/or any law for the
time being in force.

(d) Neither the Trustee nor the Management Company shall incur any liability by reason of
any loss to the Trust or any loss that a Unit Holder(s) may suffer by reason of any
depletion in the Net Asset Value that may result from any financing arrangement made
hereunder in good faith.

2.3.2 Restriction of Transactions with Connected Persons

(a) The Management Company in relation to the Scheme shall not invest in any security of a
company if any director or officer of the Management Company owns more than five per
cent (5%) of the total amount of securities issued or, the directors and officers of the
Management Company own more than ten per cent (10%) of those securities collectively
subject to exemption provided in the Regulations.

(b) The Management Company on behalf of the Scheme shall not without the approval of its
Board of Directors in writing and consent of the Trustee, purchase or sell any security
from or to any Connected Person or employee of the Management Company.

Provided that above shall not be applicable on sale or redemptions of Units.

(c) All transactions carried out by or on behalf of the Scheme with connected person(s) shall
be made as provided in the Constitutive Documents, and shall be disclosed in the
Scheme’s annual reports.

2.4 Risk Disclosure

Investors must realize that all investments in mutual Funds and securities are subject to
market risks. Our target return / dividend range cannot be guaranteed and it should be
clearly understood that the portfolio of the Fund is subject to market price fluctuations
and other risks inherent in all such investments. The risks emanate from various factors
that include, but are not limited to:

(1) Government Regulation Risk – Government policies or regulations are more prevalent
in some securities and financial instruments than in others. Funds that invest in such
securities may be affected due to change in these regulations or policies, which directly or
indirectly affect the structure of the security and/or in extreme cases a governmental or
court order could restrain payment of capital, principal or income.

(2) Credit Risk - Credit Risk comprises Default Risk and Credit Spread Risk. Each can
have negative impact on the value of the income and money market instruments including
Sukuks etc:

(3) Default Risk - The risk that the issuer of the security will not be able to pay the
obligation, either on time or at all;

(4) Credit Spread Risk - The risk that there may be an increase in the difference between the
return/markup rate of any issuer's security and the return/markup rate of a risk free
security. The difference between this return/mark up rates is called a "credit spread".
Credit spreads are based on macroeconomic events in the domestic or global financial

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Offering Document – ALH DDF

markets. An increase in credit spread will decrease the value of income and including
money market instruments

(5) Price Risk - The price risk is defined as when the value of the Fund, due to its holdings in
such securities rises and falls as a result of change in market rates.

(6) Liquidity Risk – Liquidity risk is the possibility of deterioration in the price of a security
in the Fund when it is offered for sale in the secondary market.

(7) Settlement Risk – At times, the Fund may encounter settlement risk in purchasing /
investing and maturing/ selling its investments which may affect the Fund’s performance
etc.

(8) Reinvestment Rate Risk –In a declining interest/ markup rate economic environment,
there is a risk that maturing securities or coupon payments will be reinvested at lower
rates, which shall reduce the return of the Fund compared to return earned in the
preceding quarters.

(9) Events Risk - There may be adjustments to the performance of the Fund due to events
including but not limited to, natural calamities, market disruptions, mergers,
nationalization, insolvency and changes in tax law.

(10) Redemption Risk - There may be special circumstances in which the redemption of
Units may be suspended or the redemption payment may not occur within six working
days of receiving a request for redemption from the investor.

Distribution Risk – Dividends distribution may also be liable to tax because the distributions are
made out of the profits earned by fund and not out of the profits earned by each unit holder. Unit
holders who invest in a fund before distribution of dividends may be liable to pay tax even though
they may not have earned any gain on their investment as return of capital to investors upon
distribution is also taxable.Shariah non-compliance Risk - The risk associated with employing
funds in investments that are not compliant with Shariah.

2.4.1 There may be times when a portion of the investment portfolio of the Scheme is not
compliant either with the investment policy or the minimum investment criteria of the
assigned ‘category’. This non-compliance may be due to various reasons including,
adverse market conditions, liquidity constraints or investment – specific issues. Investors
are advised to study the latest Fund Manager Report specially portfolio composition and
Financial Statements of the Scheme to determine what percentage of the assets of the
Scheme, if any, is not in compliance with the minimum investment criteria of the
assigned category. The latest monthly Fund Manager Report as per the format prescribed
by Mutual Funds Association of Pakistan (MUFAP) and financial statements of the
Scheme are available on the website of the Management Company and can be obtained
by calling/ writing to the Management Company.

2.5 Disclaimer

The Units of the Trust are not bank deposits and are neither issued by, insured by,
obligations of, nor otherwise supported by SECP, any Government agency, the Trustee
(except to the extent specifically stated in this document and the Deed) or any of the
shareholders of the Management Company or any other bank or financial institution. The
portfolio of the Fund is subject to market risks and risks inherent in all such investments.
Fund target return/ dividend range cannot be guaranteed. Fund’s unit price is neither
guaranteed nor administered/ managed. It is based on the NAV that may go up or down
depending upon the factors and forces affecting the capital markets and profit rates.

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Offering Document – ALH DDF

2.6 Cleansing/Purification Process

2.7 Non-Shariah compliant Investment

This refers to the Shariah non-compliant investment made by the Fund Manager and any
other shari’ah compliant investment which subsequently became Non-Shariah compliant.
The said investment will be disposed of / withdrawn on priority basis. In the event, the
disposal/withdrawal of the investment resulted in gain (through capital gain and/or
dividend), the gain is to be channeled to any other charitable bodies as advised by the
Shariah adviser.

2.8 Reclassification of Shariah Status of Investments For The Shariah-Compliant Funds

A security may be reclassified as Shari’ah non-compliant in the periodic review of the

securities by the commission or any other relevant Islamic Shari’ah competent authorities.
If the value of such Shariah non-compliant investment exceeds the original investment
cost, such securities should be disposed as soon as practicable, which in any event such
disposal should be done within three (03) months after the announcement day or receipt
of such notice.

If the Shariah non-compliant investment is below the original investment cost, such
securities is allowed to be kept until the total amount of dividends received and/or the
market value/price equal the original investment costs. When the value of Shariah non-
compliant investment equals the original investment cost, such securities should be
disposed as soon as practicable, which in any event such disposal should be within three
(03) months.

3. OPERATORS AND PRINCIPALS

3.1 Management Company

3.1.1 Organization

MCB- Arif Habib Savings and Investments Limited (MCB-AH) is a listed public limited
company incorporated in Pakistan under the Companies Ordinance, 1984. MCB-AH is
registered as a non-banking finance company under the Rules and licensed by the
Commission to provide asset management and investment advisory services under the
Regulations. MCB-AH is also licensed by the Commission to operate as a Pension Fund
Manager under the Voluntary Pension System Rules, 2005.

MCB-AH started its operations by offering two mutual funds with a total seed capital of
Rs. 500 million in March 2002. In the year 2010 the process of merger was initiated and
on June 27, 2011 MCB Asset Management Company Limited has been amalgamated
with and into Arif Habib Investments Limited. Currently, MCB-AH is managing 14
open-ended Collective Investment Schemes and 2 Voluntary Pension Schemes. MCB-
AH is also managing numerous separately managed accounts. The Assets Under
Management (AUM) of MCB-AH as at March 2018 is Rupees 53 billion approx. (52.8
bn only).

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Offering Document – ALH DDF

3.1.2 Principle Shareholders

As of June 30, 2017
Categories of Shareholders Shareholders Shares Held Percentage

Directors and their spouse(s) and minor children

HAROUN RASHID 1 500 0.00
MR. NASIM BEG 3 26,322 0.04
AHMED JAHANGIR 1 500 0.00
ABDUS SAMAD 2 504 0.00
MIAN MOHAMMAD MANSHA 1 500 0.00
SYED SALMAN ALI SHAH 1 500 0.00
MIRZA QAMAR BEG 1 500 0.00
MR. MUHAMMAD SAQIB SALEEM 1 500 0.00

Associated Companies, undertakings and related parties

MCB BANK LIMITED - TREASURY 1 36,956,768 51.33
ARIF HABIB CORPORATION LIMITED 1 21,664,167 30.09
ADAMJEE INSURANCE COMPANY LIMITED 1 3,757,500 5.22

Executives - - -

Public Sector Companies and Corporations 1 70 0.00

Banks, development finance institutions, non-banking finance companies,

insurance companies, takaful, modarabas and pension funds 2 134,970 0.19

Mutual Funds
CDC - TRUSTEE NIT-EQUITY MARKET OPPORTUNITY FUND 1 900,000 1.25

General Public
a. Local 950 3,625,586 5.04
b. Forei gn 1 4 0.00
Foreign Companies 1 2,901,500 4.03
Others 23 2,029,609 2.82
Totals 993 72,000,000 100.00

3.2 Board of Directors of the Management Company –

Name Address Position Other Directorships
Mian 28-Mair Gulberg, Chairman 1. MCB Bank Limited
Mohammad Lahore. 2. MCB Leasing Company, Azerbaijan.
Mansha

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Offering Document – ALH DDF

Mr. Nasim Beg F 61/6, Block Vice

4, Clifton, Chairman 1- Pakarab Fertilizers Ltd.
Karachi 2- Pakistan Opportunities Limited
3- Arif Habib Corporation Ltd.
4- Arif Habib Dolmen REIT Mangt Ltd.
5- Safe Mix Concrete Products Ltd.
6- Arif Habib Consultancy Pvt Ltd.
7-Aisha Steel Mills Ltd.
8-Power Cement Limited.
9- Silk Bank Limited

Mr. Syed Salman Askari Villas, House Director

Ali Shah # 5, Opposite Polo 1. Mughal Iron & Steel Industries Limited.
Ground,Sarwar Road, 2. Synthetic Products Enterprises Limited.
Cantonment,Lahore 3. WorldCall Telecom Limited.
4. Pakistan Mercantile Exchange Limited.
5. Dairy & Rural Development
Foundation.

Mr. Haroon A-15,Nisar Road, Director 1. Pakistan Cables Ltd

Rashid The Cantonment, 2. Heritage Developments.
Lahore 3. Rashid Poultry.

Mr. Ahmed 85-C,Model Town, Director No other Directorship.

Jahangir Lahore

Mr. Samad A. 84/II,10 Street, Director 1. Javedan Corporation Ltd.

Habib Khayban-E-Seher, 2. Arif Habib Corporation Ltd.
Phase VI,DHA, 3. Arif Habib REIT Management Pvt
Karachi Ltd.
4. Arif Habib Real Estate Services Ltd.
5. Arif Habib DMCC (Dubai).
6. International Complex Projects Ltd.
7. Pak Arab Fertilizer Ltd.
8. Rotocast Engineering Pvt. Ltd-NL
9. Power Cement Ltd.
10. Aisha Steel Mills Ltd.
11. Real Estate Modarba Management
Company Ltd.
12. Arif Habib Equity (Pvt) Ltd.
13. Nooriabad Spinning Mills Pvt Ltd.

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Offering Document – ALH DDF

Mr. Mirza H- 64/1, Street # 25, Director

Qamar Beg Khayaban-e- No other Directorship
Muhahid DHA-
Phase 5, Karachi.

Muhammad Mary Fountain CEO/ Mufap

Saqib Saleem Apartments B3, Executive
Clifton Block 3, Director
Karachi.

Mian Mohammad Mansha, Chairman

Mr. Mansha holds diverse and major business interests in Textile, Banking, Insurance,
Cement, Power and Aviation. He is also serving as Chairman, Board of Directors of MCB
Bank Limited. In 2004, he was presented with Pakistan’s civil award, Sitara-e-Imtiaz, for
his contributions to industrial development. He is a member of Board of Shalamar
Medical & Dental College and also serves as a Director on Punjab Board of Investment &
Trade (PBIT).

Mr. Nasim Beg, Vice Chairman

Mr. Beg, a Fellow Member of the ICAP, is the Executive Vice Chairman of MCB-AH, an
Asset Management Company that he conceived, set up and headed as Chief Executive till
June 2011. He has over forty years of experience in the business world. Mr. Beg has
served as the Deputy Chief Executive of NIT, which he joined during its troubled period
and played an instrumental role in its turn around and later served as the acting CEO for a
few months. He has been associated on senior positions with other asset management &
investment advisory companies and the automobile industry. He serves as a Director for
several prestigious organizations.

Dr. Salman Shah, Director

Dr. Shah is the former caretaker Finance Minister of Pakistan. He has served as an
Advisor to the Finance Minister, Mr. Shaukat Aziz on finance, economic affairs, statistics
and revenues and also, served as an economic consultant to different Pakistani
governments. He has several years of teaching experience at international and local
universities. Dr. Shah has served as the Chairman of the Privatization Commission and
was a member on the board of Directors of the State Bank of Pakistan, Pakistan
International Airlines, and Lahore University of Management Sciences. He is associated
with various international institutions and has published papers in journals of
international repute.
An experienced academic and consultant, Dr. Shah holds a Ph.D. in Finance &
Economics from Indiana University, Bloomington's Kelley School of Business
Administration, USA.

Mr. Haroun Rashid, Director

Mr. Rashid besides holding this office also serves in senior positions of several
prestigious organizations. He has vast international and local experience to his credit and
is a regular speaker at conferences worldwide. His extensive portfolio includes being
Managing Director for ANZ Securities Asia Limited, Hong Kong and Kashmir Edible
Oils Limited, Pakistan as well as Assistant Director at Grindlays Brandts Limited,
London. He has held the position of Director at Financial Executives Institute, Hong
Kong and Union Bank Limited, Pakistan. He has also served as the Chairman of All
Pakistan Solvent Extractors Association & Governor of Lahore General Hospital.
Mr. Rashid is a fellow of The Institute of Chartered Accountants in England & Wales,
London.

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Offering Document – ALH DDF

Mr. Ahmed Jahangir, Director

Mr. Jahangir has a diverse experience, ranging from the textile sector to finance. He is
currently the Executive Director, Head of Home Textile Business Unit at Nishat Textile
Mills. Before this, he was working as the Director Marketing, Head of International
Marketing of Yarn, Fabric and Home Textile Made up’s. Mr. Jahangir has worked briefly
in the investment banking sector as well. He joined Fidelity Investment Bank Limited in
2001, and served as a Member of the Board of Directors.
He has completed his MBA from the LUMS after receiving a BBA-Finance degree from
Boston University, MA USA.

Mr. Samad A. Habib, Director

Mr. Habib is leading Javedan Corporation as Chief Executive of the company and also
serving as the Director on the board of several other organizations. He has more than 14
years of experience, including 9 years of experience in the financial services industry at
various senior level positions. He began his career with Arif Habib Corporation Limited
as an Investment Analyst and served at various executive positions, subsequently he was
appointed as the Director.
Mr. Habib has earned his Master’s degree in Business Administration.

Mr. Qamar Beg, Director

Mirza Qamar Beg has been Pakistan’s Ambassador to Italy, Commerce Secretary, and
Provincial Chief Secretary. He has also been Chairman and CEO of Pakistan Steel, and
has served on several Boards, including the State Bank of Pakistan and the National
School of Public Policy, in addition to certain private sector Corporates.
He has also been the President of World Food Programme, the UN agency, with presence
in around 80 countries, tasked to fight hunger.
A visiting Fellow at Cambridge University, he has been working on Poverty related
issues, with a particular focus on Institutions.
An author of several reports and research papers, Mr. Qamar is a recipient of one of the
highest civil awards of Italy.

Mr. Muhammad Saqib Saleem

Chief Executive Officer

Mr. Muhammad Saqib Saleem is a Fellow member of the Institute of Chartered

Accountants of Pakistan. He is currently the CEO of MCB-Arif Habib Savings &
Investments Ltd and has over 13 years of working experience which includes 11 years
of post-qualification experience with leading institutions such as JS Investments
Limited (formerly JS ABAMCO Limited), Habib Bank Limited and Atlas Asset
Management Limited. He is also in Board of Directors of MUFAP and serving as
Senior Vice Chairman. Before joining MCB-AH in 2007, Mr. Muhammad Saqib
Saleem was heading the Internal Audit Department of Atlas Asset Management Limited
which includes Risk Management and Compliance. He was performing as Chief
Operating Officer & Company Secretary before being CEO. Mr. Muhammad Saqib
Saleem is member on various technical committees of SECP's.

3.3 Profile of the Management

Mr. Muhammad Asim

Executive Vice President- Chief Investment Officer

Asim has been associated with AMC industry since 2005 and started his career as Buy
Side Analyst.

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Offering Document – ALH DDF

He has been managing among the most consistent outperforming funds in Equity Funds
Category. He has managed funds across various strategies in both active and passive
styles in both dedicated core equity and hybrid asset class funds.

Mr. Asim is an MBA with majors in Finance from Institute of Business Administration,
Karachi. He also holds CFA Charter from CFA Institute, USA. He has also served as
Director and Treasurer on the Board of CFA Association of Pakistan.

Mr. Asif Mehdi Rizvi

Senior Vice President- Chief Operating Officer & Company Secretary

Mr. Asif is a Fellow member of the Institute of Chartered Accountants of Pakistan having
post qualification of over 12 years with over eleven years in the Asset Management
Industry. Previously, he had also worked as Head of Compliance in Faysal Asset
Management Limited and Head of Fund Accounting at Arif Habib Investments Limited.
He completed his articles with KPMG Taseer Hadi & Co. Chartered Accountant.
He was also member of Accounting Standards Committee of ICAP in 2010-2011 & 2011-
2012.

Mr. Abdul Basit

Chief Financial Officer

Mr. Basit is an Associate member of the Institute of Chartered Accountants of Pakistan

and Association of Chartered Certified Accountants – UK having professional experience
of over 5 years. He was associated with A.F. Ferguson & Co Chartered Accountants (A
member firm of PWC) before joining MCB Arif Habib Savings and Investments Limited.
Before being appointed as the company secretary, Mr Basit has been working as a
financial controller in MCB Arif Habib Savings and Investments Limited where he was
responsible for overall supervision and monitoring of Finance and Fund Accounting
departments along with the back office treasury function.

Mr. Junaid Qamar

Head of Corporate Sales

Mr. Junaid is a seasoned Investments and Sales professional with over 16 years of
experience. He has delivered value results in various job functions, with extensive
experience in spearheading business growth strategies.

Mr. Junaid Qamar holds a Bachelors degree (BS – Accounting) from College of Staten
Island, NY, USA (2000) and a Masters degree (MBA – Finance & Investments) from
Wagner College, NY, USA (2002).

Prior to his experience at MCB Arif Habib Savings & Investments Limted, he was
associated with Soneri Bank Limited where he was serving as the Head – Money Market
& Fixed Income. With a blend of extensive experiences in the past, Mr. Junaid has also
been associated with Arif Habib Investments, Pearson Inc. NY, USA and UBL Fund
Managers. He is currently serving Director of Financial Market Association as well.

Syed Kamran Hasnain, CeFA, BA (Hons)

Head of Retail Strategies
Mr. Kamran is a Wealth Management and International Banking executive with over 14
years of retail banking and financial markets experience in USA, UAE and Pakistan.

Mr. Kamran’s prior experience includes working at the world’s leading retail banking and
wealth management firms: 9 years with HSBC Bank as Senior Manager UAE and Head

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Offering Document – ALH DDF

of Wealth Management Pakistan and 3 years with Standard Chartered Bank. He has also
worked and interned for Fortune 500 companies in USA. He has a proven track record of
driving change and establishing diverse, high performing sales and service teams catering
to the financial needs of various client segments.

Mr. Kamran holds Certification in Financial Advice from IFS UK and graduated with
honors, Phi Beta Kappa, Summa Cum Laude from Connecicut College with a Bachelors
degree in Economics and minors in Computer Science, Mathematics and International
Studies.

3.3.1 Performance of Listed Associated Companies

MCB Bank Limited Rupees in Millions

Year Ended December 2016 2015 2014 2013 2012
Profit/(loss) before tax 36,075 42,329 36,729 32,288 31,642
Profit/(loss) after tax 21,891 25,546 24,325 21,495 20,673
Paid up Capital 11,130 11,130 11,130 10,118 9,199
Shareholders’ Equity 117,946 113,186 106,908 97,272 88,877
Total Assets 1,051,814 1,004,410 934,631 815,508 787,075
Earning per share (Rs.) 19.67 22.95 21.85 19.31 18.57
Cash Dividend (%) 160.00% 160.00% 140.00% 140.00% 130.00%
Bonus (% ) Nil Nil Nil 10.00% 10.00%

Pak Arab Fertilizer Limited Rupees in million

Year Ended December 2016 2015 2014 2013 2012
Profit/(loss) before tax (3,019) 1,114 (25) (2,798) (896)
Profit/(loss) after tax (1,927) 2,460 (45) (1825) (240)
Paid up Capital 4,500 4,500 4,500 4,500 4,500
Shareholders’ Equity 17,507 19,411 16,273 13,584 15,396
Total Assets 60,561 65,680 52,727 48,148 54,636
Earning/(Loss) per
(4.28) 5.47 (0.10) (4.06) (0.53)
share (Rs.)
Cash dividend (% ) - - - - -
Bonus (% ) - - - - -

Arif Habib Corporation Limited Rupees in million

Year Ended June 2017 2016 2015 2014 2013

Profit/(loss) before tax 2,381 1,568 4,245 2,276 1,514
Profit/(loss) after tax 2,391 1,281 4,439 2,306 1,366
Paid up Capital 4,538 4,538 4,538 4,538 4,538
Shareholders’ Equity 30,469 29,063 29,445 25,751 24,685
Total Assets 37,735 36,764 39,594 33,511 29,970
Earning/ (Loss) per 5.27 2.82 9.78 5.08 3.01
share (Rs.)
Cash Dividend (%) 30% 25% 40.00% 25.00% 25.00%
Bonus (% ) - - - - -

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Offering Document – ALH DDF

Sui Northern Gas Pipelines Ltd. Rupees in Millions

Year Ended June 2017 2016 2015 2014 2013

Profit/(loss) before tax 12,539 (139) (3,363) (5,489) (15,735)
Profit/(loss) after tax 8,615 124 (2,495) (3,965) (9,749)
Paid up Capital 6,342 6,342 6,342 6,342 6,342
Shareholders’ Equity 10,596 3,697 3,573 6,068 10,032
Total Assets 324,187 251,713 211,777 171,991 164,200
Earning per share (Rs.) 13.58 0.20 (3.93) (6.25) (15.37)
Cash Dividend (%) - - - - -
Bonus (%) - - - - -

Sui Southern Co. Ltd Rupees in Millions

Year Ended June 2016 2015 2014 2013 2012
Profit/(loss) before tax (7,840) (8,769) (5,810) 380 4,086
Profit/(loss) after tax (6,115) (5,391) (3,753) 248 2,581
Paid up Capital 8,809 8,809 8,809 8,809 8,809
Shareholders’ Equity 2,418 8,575 13,615 15,883 18,248
Total Assets 279,076 277,417 233,446 196,971 173,460
Earning per share (Rs.) (6.94) (6.12) (4.26) 0.28 2.93
Cash Dividend (%) - - - - 22.5%
Bonus (% ) - - - - -
Pakistan Engineering Co. Ltd Rupees in Millions
Year Ended June 2017 2016 2015 2014 2013
Profit/(loss) before tax 61 331 64 (124) (153)
Profit/(loss) after tax 67 220 45 (67) (83)
Paid Up Capital 57 57 57 57 57
Shareholders’ Equity (766) (859) (1,098) (1,172) (1,124)
Total Assets 16,451 16,572 9,955 9,636 9,586
Earning/ (Loss) per share 11.73 38.57 7.96 (11.71) (14.61)
Cash Dividend (%) - - - - -

Pakistan Cables Limited Rupees in Millions

Year Ended June 2017 2016 2015 2014 2013
Profit/(loss) before tax 624 407 250 391 260
Profit/(loss) after tax 479 264 189 222 173
Paid up Capital 285 285 285 285 285
Shareholders’ Equity 2,008 1,867 1,700 1,649 1,550
Total Assets 5,790 5,076 4,166 4,364 3,592
Earning per share (Rs.) 16.81 9.29 6.65 7.81 6.08
Cash Dividend (%) 105% 45% 30% 45% 40.00%
Bonus per share (%) - - - - -

Aisha Steel Mills Limited Rupees in million

Year Ended June 2017 2016 2015 2014 2013

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Offering Document – ALH DDF

Profit/(loss) before tax 882 (192) (1,488) (409) (1,115)

Profit/(loss) after tax 1,020 (155) (1,211) (347) (746)
Paid up Capital 7,329 5,157 5,157 3,438 3,438
Shareholders’ Equity 5,476 2,274 2,420 1,906 2,252
Total Assets 18,184 15,352 15,337 16,281 14,351
Earning/(Loss) per (1.74) (1.35) (4.97) (1.62) (3.15)
share (Rs.)
Cash dividend (% ) - - - - -
Bonus (% ) - - - - -

Javedan Corporation Limited

Rupees in million
Year Ended June 2017 2016 2015 2014 2013
Profit/(loss) before tax 1,492 600 1,006 842 723
Profit/(loss) after tax 1,095 695 800 842 711
Paid up Capital 1,570 1,293 1,167 583 581
Shareholders’ Equity 4,080 2,581 2,209 527 (1,416)
Total Assets 14,443 13,466 14,124 12,891 11,239
Earnings per share 7.60 4.57 7.10 10.25 12.23
Cash dividend (%) - - - - -
Bonus (% ) - - - - -

Power Cement
Rupees in million
Year Ended June 2017 2016 2015 2014 2013
Profit/(loss) before tax 565 765 616 (140) 435
Profit/(loss) after tax 467 486 434 (74) 370
Paid up Capital 3,657 3,657 3,657 3,657 3,657
Shareholders’ Equity 8,394 2,348 1,862 1,429 1,495
Total Assets 11,387 6,243 5,988 5,786 5,619
Earning/(Loss) per share 1.14 1.22 1.19 (0.20) 1.01
(Rs.)
Cash dividend (%) - - - - -

Mughal Iron and Steel Industries Limited

Rupees in million
Year Ended June 2017 2016 2015 2014 2013
Profit/(loss) before tax 1,222 1,292 634 356 125
Profit/(loss) after tax 991 893 659 363 128
Paid up Capital 2,516 1,258 1,094 820 820
Shareholders’ Equity 6,637 4,235 3,405 1,665 948
Total Assets 16,023 11,780 11,467 7,073 3,969
Earning/(Loss) per share 4.21 3.80 8.12 4.76 1.72
(Rs.)
Cash dividend (%) 36% 30% 5% - -
Bonus per share (%) - - 15% - 40%

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Offering Document – ALH DDF

Safe Mix Concrete Ltd (Formerly: Safe Mix Concrete Products Ltd) Rupees in Millions

Year Ended June 2016 2015 2014 2013 2012

Profit/(loss) before tax (55) 30 8 8 1
Profit/(loss) after tax (37) 22 14 15 (7)
Paid up Capital 250 250 200 200 200
Shareholders’ Equity 256 298 225 212 197
Total Assets 454 458 388 346 329
Earning/ (Loss) per share (Rs.)
(1.49) 1.04 0.68 0.76 (0.34)

Bonus per share (%) - - -

3.4 Existing Schemes under Management and their performance -

Name: MCB -Pakistan Stock Market Fund

Date of Launching: March 11, 2002

Category of Fund: Equity Scheme
NAV on June 30, 2015: Rs. 6,075.006million
NAV on June 30, 2016: Rs. 8,017.886 million
NAV on June 30, 2017: Rs. 11,629.170 million
Par value of unit: Rs. 50
NAV per unit on June 30, 2015: Rs. 83.23
NAV per unit on June 30, 2016: Rs. 87.09
NAV per unit on June 30, 2017: Rs. 102.5017
Distribution (June 30, 2015): Rs.4.00 per unit
Distribution (June 30, 2016): Rs. 0.50 per unit
Distribution (June 30, 2017): Rs. 10.0 per unit
Return since inception: 3314.14 %
Latest five financial years Returns: 2013 2014 2015 2016 2017
49.40% 34.78% 39.35% 5.25% 29.54%
Name: Pakistan Income Fund

Date of Launching: March 11, 2002

Category of Fund: Income Scheme
NAV on June 30, 2015: Rs.1,131.446 million
NAV on June 30, 2016: Rs.1,050.296 million
NAV on June 30, 2017: Rs. 1,721.960million
Par value of unit: Rs. 50
NAV per unit on June 30, 2015: Rs. 53.42
NAV per unit on June 30, 2016: Rs. 53.61
NAV per unit on June 30, 2017: Rs. 53.7626
Distribution (June 30, 2015): Rs. 4.50 per unit
Distribution (June 30, 2016): Rs. 3.10 per unit

24
Offering Document – ALH DDF

Distribution (June 30, 2017): Rs. 3.54 per unit

Return since inception: 9.68%
Latest five financial years Returns: 2013 2014 2015 2016 2017
7.20% 8.13% 11.31% 6.14% 6.90%

Name: MCB Pakistan Sovereign Fund

Date of Launching: March 1, 2003

Category of Fund: Income
Scheme

NAV on June 30, 2015: Rs. 3,192.984 Million

NAV on June 30, 2016: Rs. 8,691.269 Million
NAV on June 30, 2017: Rs. 1,351.385Million

Par value of unit: Rs. 50

NAV per unit on June 30, 2015 Rs. 53.06
NAV per unit on June 30, 2016 Rs. 53.20
NAV per unit on June 30, 2017 Rs. 53.13
Distribution (June 30, 2015): Rs. 5.25 per unit
Distribution (June 30, 2016): Rs. 3.735 per unit
Distribution (June 30, 2017): Rs. 3.20 per unit
Return since inception: 7.66%
Latest five financial years Returns: 2013 2014 2015 2016 2017
12.30% 9.26% 16.58% 7.30% 5.89%

Name: Pakistan Cash Management Fund

Date of Launching: March 20, 2008

Category of Fund: Money Market Scheme
NAV on June 30, 2015: Rs.1,442.250 million
NAV on June 30, 2016: Rs. 1,992.982 million
NAV on June 30, 2017: Rs. 627.833million
Par value of unit: Rs. 50
NAV per unit on June 30, 2015: Rs. 50.1464
NAV per unit on June 30, 2016: Rs. 50.2062
NAV per unit on June 30, 2017: Rs. 50.2794
Distribution (June 30, 2015) Rs.4.2859 per unit
Distribution (June 30, 2016): Rs. 2.8915 per unit
Distribution (June 30, 2017): Rs. 4.07 per unit
Return since inception: 9.60%
Latest five financial years Returns: 2013 2014 2015 2016 2017
9.00% 8.41% 8.86% 5.88% 8.34%

Name: Pakistan Income Enhancement Fund

Date of Launching: Aug 28, 2008

Category of Fund: Aggressive Fixed Income Scheme
NAV on June 30, 2015 Rs. 968.707 million

25
Offering Document – ALH DDF

NAV on June 30, 2016 : Rs. 2,462.552 million

NAV on June 30, 2017 : Rs. 1,688.067million
Par value of unit: Rs. 50
NAV per unit on June 30, 2015 Rs. 53.00
NAV per unit on June 30, 2016: Rs. 53.16
NAV per unit on June 30, 2017: Rs. 53.0958
Distribution (June 30, 2015) Rs. 5.00 per unit
Distribution (June 30, 2016 ): Rs. 4.25 per unit
Distribution (June 30, 2017 ): Rs. 2.75 per unit
Return since inception: 10.58%
Latest five financial years Returns: 2013 2014 2015 2016 2017
7.20% 8.73% 13.63% 8.33% 5.06%

Name: Alhamra Islamic Stock Fund

( Formerly: MCB Pakistan Islamic Stock
Fund)

Date of Launching: 11 September, 2004

Date of Conversion (Close to Open End): 11 November, 2010
Category of Fund: Equity Scheme
NAV on June 30, 2015: Rs. 665.893 million
NAV on June 30, 2016: Rs. 1,122.952 million
NAV on June 30, 2017: Rs. 2,914.957million
Par value of unit: Rs. 10
NAV per unit on June 30, 2015: Rs. 10.27
NAV per unit on June 30, 2016: Rs. 10.62
NAV per unit on June 30, 2017: Rs. 12.25
Distribution: (June 30, 2015): Rs. 1.25 per unit
Distribution (June 30, 2016): Rs. 0.05 per unit
Distribution (June 30, 2017): Rs. 1.50 per unit
Return since inception: 556.71%
Latest five financial years Returns: 2013 2014 2015 2016 2017
32.30% 31.38% 19.20% 3.90% 26.97%

Name: Pakistan Capital Market Fund

D ate of Launching: January 24, 2004

Date of Conversion (Close to Open Ended) November 21, 2005
Category of Fund: Balanced Scheme
NAV on June 30, 2015: Rs. 681.887million
NAV on June 30, 2016: Rs. 626.921 million
NAV on June 30, 2017: Rs. 675.183million
Par value of unit: Rs. 10
NAV per unit on June 30, 2015: Rs. 10.55
NAV per unit on June 30, 2016: Rs. 10.69
NAV per unit on June 30, 2017: Rs. 11.53

26
Offering Document – ALH DDF

Distribution (June 30, 2015): Rs. 1.35 per unit

Distribution (June 30, 2016): Rs. 0.40 per unit
Distribution (June 30, 2017): Rs. 1.85per unit
Return since inception: 662.52%
Latest five financial years Returns: 2013 2014 2015 2016 2017
28.10% 26.10% 31.11% 5.17% 25.36%

Name: MCB Cash Management Optimizer

Date of Launching: October 01, 2009

Category of Fund: Money Market Scheme
NAV on June 30, 2015 Rs. 12,532.646 million
NAV on June 30, 2016: Rs. 3,958.288 million
NAV on June 30, 2017: Rs. 10,093.005 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2015 Rs. 100.11
NAV per unit on June 30, 2016: Rs. 100.3368
NAV per unit on June 30, 2017: Rs. 100.5342
Distribution: (June 30, 2015): Rs. 8.6960 per unit
Distribution (June 30, 2016): Rs. 5.55 per unit
Distribution (June 30, 2017): Rs. 6.90 per unit
Return since inception: 9.04%
Latest five financial years Returns: 2013 2014 2015 2016 2017
9.20% 8.25% 8.83% 5.77% 7.11%

Name: MCB-DCF Income Fund

Date of Launching: March 01, 2007

Category of Fund: Income Scheme
NAV on June 30, 2015 Rs. 11,272.806 million
NAV on June 30, 2016: Rs. 6,848.672 million
NAV on June 30, 2017: Rs. 6,189.760 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2015 Rs. 105.6002
NAV per unit on June 30, 2016: Rs. 106.0443
NAV per unit on June 30, 2017: Rs. 106.4294
Distribution: (June 30, 2015) Rs.8.27 per unit
Distribution (June 30, 2016): Rs. 6.15 per unit
Distribution (June 30, 2017): Rs. 6.50 per unit
Return since inception: 9.97%
Latest five financial years Returns 2013 2014 2015 2016 2017
9.80% 10.79% 12.64% 6.23% 6.50%

Name: Alhamra Islamic Income Fund

(Formerly: MCB Islamic Income
Fund)

27
Offering Document – ALH DDF

Date of Launching: June 20th, 2011

Category of Fund: Open-end (Islamic) Income Scheme
NAV on June 30, 2015 Rs. 1,261.060 million
NAV on June 30, 2016 Rs. 968.105 million
NAV on June 30, 2017 Rs. 1,981.140 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2015 Rs. 100.19
NAV per unit on June 30, 2016: Rs. 100.6677
NAV per unit on June 30, 2017: Rs. 101.076
Distribution: (June 30, 2015): Rs.6.3800 per unit
Distribution (June 30, 2016): Rs. 4.60 per unit
Distribution (June 30, 2017): Rs. 6.10 per unit
Return since inception: 7.61%
Latest five financial years Returns 2013 2014 2015 2016 2017
8.90% 8.38% 6.55% 5.05% 6.49%

Name: MCB Pakistan Frequent Payout

Fund

Date of Launching: November 16, 2015

Category of Fund: Asset Allocation Scheme
NAV on June 30, 2016: Rs. 475.913 million
NAV on June 30, 2017: Rs. 889.595 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2016: Rs. 100.2203
NAV per unit on June 30, 2017: Rs. 101.4252
Distribution (June 30, 2016): Rs. 3.27 per unit
Distribution (June 30, 2017): Rs. 4.25 per unit
Return since inception: 9.28 %
Latest five financial years Returns: 2016 2017
3.54% 5.54%

Name: MCB Pakistan Asset Allocation Fund

Date of Launching: March 17, 2008

Category of Fund: Asset Allocation Scheme
NAV on June 30, 2015 Rs. 2,639.699 million
NAV on June 30, 2016: Rs. 2,718.291 million
NAV on June 30, 2017: Rs. 3,438.800million
Par value of unit: Rs. 100
NAV per unit on June 30, 2015 Rs. 77.37
NAV per unit on June 30, 2016: Rs. 79.0558
NAV per unit on June 30, 2017: Rs. 81.0263
Distribution: (June 30, 2015): Rs. 8.50 per unit

28
Offering Document – ALH DDF

Distribution (June 30, 2016): Rs. 0.80 per unit

Distribution (June 30, 2017): Rs. 5.50 per unit
Return since inception: 85.10 %
Latest five financial years Returns: 2013 2014 2015 2016 2017
19.20% 11.95% 19.41% 3.21% 9.54 %

Name: Alhamra Islamic Asset Allocation Fund (Formerly: Pakistan

International Element Islamic Asset Allocation Fund)

Date of Launching: May 2, 2006

Category of Fund: Shariah Compliant Islamic Asset Allocation
Scheme
NAV on June 30, 2015: Rs.803.598 million
NAV on June 30, 2016: Rs. 818.402 million
NAV on June 30, 2017: Rs. 1,485.258 million
Par value of unit: Rs. 50
NAV per unit on June 30, 2015: Rs. 60.93
NAV per unit on June 30, 2016: Rs. 63.52
NAV per unit on June 30, 2017: Rs. 73.0135
Distribution (June 30, 2015): Rs. 6.00 per unit
Distribution (June 30, 2016): Rs. 0.50 per unit
Distribution (June 30, 2017): Rs. 8.00 per unit
Return since inception: 305.42%
Latest five financial years Returns: 2013 2014 2015 2016 2017
28.40% 18.89% 35.59% 5.09% 27.24%

Name: Alhamra Islamic Active Allocation Fund Plan-I

Date of Launching:
Category of Fund: Shariah Compliant Islamic Fund of Funds Scheme
NAV on June 30, 2017: Rs. 1,584.241 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2017: Rs. 100.163
Distribution (June 30, 2017): Rs. 0.80 per unit
Return since inception: 0.81%
Latest five financial years Returns: 2017
0.81%

Name: Alhamra Islamic Active Allocation Fund Plan-II

Date of Launching:
Category of Fund: Shariah Compliant Islamic Fund of Funds Scheme
NAV on June 30, 2017: Rs. 87.9693 million
Par value of unit: Rs. 100
NAV per unit on June 30, 2017: Rs. 100.0057
Distribution (June 30, 2017): Rs. 0.18 per unit
Return since inception: 0.19%
Latest five financial years Returns: 2017

29
Offering Document – ALH DDF

0.19%

3.5 Role and Responsibilities of the Management Company

The Management Company shall manage, operate and administer the Scheme in
accordance with the Rules, Regulations directives, circulars and guidelines issued by
SECP and this Deed and the Offering Document.

The Fund is based on the Shariah principles of “Wakala”, in which the Management
Company shall manage, operate and administer the Scheme and Fund Property in the
interest of the Principal (Unit Holders) in good faith, and to the best of its ability.

3.5.1 Administration of the Scheme

The Management Company shall administer the Scheme in accordance with the Rules,
the Regulations, the Deed and this Offering Document and the conditions (if any), which
may be imposed by the Commission from time to time.

3.5.2 Management of Fund Property

The Management Company shall manage the Fund Property in the interest of unit holders
while ensuring Shariah compliance in good faith, to the best of its ability and without
gaining any undue advantage for itself or any of its Connected Persons and group
companies or its officers, and subject to the restrictions and limitations as provided in the
Deed and the Rules and Regulations. Any purchase or sale of investments made under
any of the provisions of the Deed shall be made by the Trustee according to the
instructions of the Management Company in this respect, unless such instructions are in
conflict with the provisions of the Deed or the Rules and Regulations. The Management
Company shall not be liable for any loss caused to the Trust or to the value of the Fund
Property due to elements or circumstances beyond its reasonable control.

The Management Company shall comply with the provisions of the Regulations, the
Deed and this Offering Document of the Scheme for any act or matter to be done by it in
the performance of its duties and such acts or matters may also be performed on behalf of
the Management Company by any officer(s) or responsible official(s) of the Management
Company or by any nominee or agent appointed by the Management Company and any
act or matter so performed shall be deemed for all the purposes of the Deed to be the act
of the Management Company. The Management Company shall be responsible for the
acts and omissions of all persons to whom it may delegate any of its functions, as if these
were its own acts and omissions and shall account to the Trustee for any loss in value of
the Trust Property where such loss has been caused by willful act and / or omission or of
its officers, officials or agents.

3.5.3 Appointment of Distributors

The Management Company, shall from time to time appoint under intimation to trustee,
remove or replace one or more suitable persons, entities or parties as Distributor(s) for
carrying on Distribution Function(s) at one or more location(s) locally or internationally.
The Management Company may also itself act as a Distributor for carrying on
Distribution Functions and updated list of distributors would be available on official
website of the Management Company.

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Offering Document – ALH DDF

The Management Company shall ensure, where it delegates the Distribution Function,
that:

(a) the Distributors to whom it delegates, have acquired registration from SECP in line
with SRO. 1160(I) 2015 dated November 25, 2015 as registered service providers;
and the written contract with the Distributors clearly states the terms and conditions
for avoidance of frauds and mis-selling of Collective Investment Scheme.

(b) The Management Company and Distributor shall not:

I. involve either directly or indirectly in the mis-selling of Collective
Investment Scheme;
II. sell units of Collective Investment Scheme directly or indirectly by making
a false and mis-leading statement, concealing or omitting material facts of
the Scheme and concealing the risk factors associated with the Scheme;

(c) The Management Company or distributor shall take reasonable care to ensure
suitability of the scheme to the investor.

(d) The Management Company or distributor shall ensure that;

i. any performance reporting/ presentation is accompanied by all

explanations, qualifications, limitations and other statements that are
necessary to prevent such information from misleading investors.
ii. promotional materials do not contain untrue statements or omit to state
facts that are necessary in order to prevent the statements from being
misleading, false or deceptive.
iii. performance is measured and presented after taking into account the risk-
tolerance, investment objectives, level of understanding and knowledge of
the recipient.

3.5.4 Appointment of Investment Facilitator

The Management Company may, at its own responsibility & cost, from time to time
appoint Investment Facilitators to assist it in promoting sales of Units. An update list of
investment facilitators appointed by the Management Company shall be made available at
all times on the websites of the Management Company.

3.5.5 Maintenance of Accounts and Records

The Management Company shall maintain at its principal office, complete and proper
accounts and records to enable a complete and accurate view to be formed of the assets
and liabilities and the income and expenditure of the Scheme, all transactions for the
account of the Scheme, amounts received by the Scheme in respect of issue of Units,
payments made from the Scheme on redemption of the Units and by way of distributions
and payments made at the termination of the Scheme. The Management Company shall
maintain the books of accounts and other records of the Scheme for a period of not less
than ten years.

The Management Company shall ensure that no entry and exit from the Scheme
(including redemption and re-issuance of Units to the same Unit Holders on different
NAVs) shall be allowed other than the following manners, unless permitted otherwise by
the Commission under the Regulations:

(a) cash settled transaction based on the formal issuance and redemption requests

31
Offering Document – ALH DDF

(b) net off issuance and redemption transaction at same net asset value when
redemption request is ready to disburse and rank at the top in the list of pending
redemption requests (if any).

The Management Company shall clearly specify Cut-Off Timings (for acceptance of
application forms of issuance, redemption, and conversion of Units of the Scheme) in this
Offering Document, on its web site and at designated points. Such Cut-Off Timing shall
uniformly apply on all Unit Holders.

3.6 Maintenance of Unit Holders Register

3.6.1 A Register of Unit Holders may be maintained by the Management Company itself or
such other company, as the Management Company may appoint after giving prior notice
to the Unit Holders.

3.6.2 The office of the Transfer Agent is located 24th Floor, Centrepoint, Off Shaheed-e-Millat
Expressway, near KPT Interchange, Karachi, where Register of Unit Holder will
maintain.

3.6.3 Every Unit Holder will have a separate Registration Number. The Management Company
shall use such Registration Number for recording Units held by the Unit Holder. Unit
Holder’s account identified by the registration number will reflect all the transactions in
that account held by such Unit Holder.

3.6.4 Disclaimer

The Management Company shall not be under any liability except such liability as
may be expressly assumed by it under the Rules, Regulations and the Constitutive
Documents, nor shall the Management Company (save as herein otherwise
provided) be liable for any act or omission of the Trustee nor for anything except
for its own gross negligence or willful breach of duty and the acts and omissions of
all persons to whom it may delegate any of its functions as manager as if they were
its own acts and omissions. If for any reason it becomes impossible or
impracticable to carry out the provisions of the Constitutive Documents, the
Management Company shall not be under any liability therefore or thereby and it
shall not incur any liability by reason of any error of law or any matter or thing
done or suffered or omitted to be done in good faith hereunder. The Management
Company shall not be liable for any loss caused to the Fund or to the value of the
Trust Property due to any elements or circumstances of Force Majeure.

3.7 Role of the Trustee

 The trustee shall perform its role as specified in the Rules, Regulation and
directives issued there under, the Deed and this Offering Document.

 The Trustee shall exercise all due diligence and vigilance in carrying out its duties
and in protecting the interests of the Unit Holder(s). The Trustee shall not be under
any liability on account of anything done or suffered by the Trust, if the Trustee had
acted in good faith in performance of its duties under the Trust Deed or in
accordance with or pursuant to any request of the Management Company provided
it is not in conflict with the provisions of the Trust Deed or the Rules and
Regulations. Whenever pursuant to any provision of the Trust Deed, any
instruction, certificate, notice, direction or other communication is required to be
given by the Management Company, the Trustee may accept as sufficient evidence

32
Offering Document – ALH DDF

thereof:
 a document signed or purporting to be signed on behalf of the Management
Company by any authorized representative(s) whose signature the Trustee is
for the time being authorized in writing by the Management Committee to
accept; and
 any Instructions received online through the software solution adopted by the
Management Company/Trustee in consultation with each other shall be
deemed to be instructions from the authorized representative(s).

 The Trustee shall not be liable for any loss caused to the Fund or to the value of the
Trust Property due to any elements or circumstances of Force Majeure.

 In the event of any loss caused due to any gross negligence or willful act and/or
omission, the Trustee shall have an obligation to replace the lost investment
forthwith with similar investment of the same class and issue together with all
rights and privileges pertaining thereto or compensate the Trust, to the extent of
such loss. However, the trustee shall not be under any liability thereof or thereby
and it shall not incur any liability by reason of any error of law or any matter or
thing done or suffered or omitted to be done in good faith hereunder.

3.7.1 Obligations under Regulations and Constitutive Document

The Trustee shall perform all the obligations entrusted to it under the Regulations,
circulars, directives, the Deed and this Offering Document and discharge all its duties in
accordance with the Rules, Regulations, the Trust Deed and this Offering Document.
Such duties may also be performed on behalf of the Trustee by any officer or responsible
official of the Trustee or by any nominee or agent appointed by the Trustee under
intimation to the Management Company. Provided that the Trustee shall be responsible
for the willful acts and omissions of all persons to whom it may delegate any of its duties,
as if these were its own acts and omissions and shall account to the Trust for any loss in
value of the Fund Property where such loss has been caused by negligence or any reckless
willful act or omission of the Trustee or any of its attorney (ies), or agents.

3.7.2 Custody of Assets

The Trustee has the responsibility for being the nominal owner and for the safe custody of
the assets of the Fund on behalf of the beneficial owners (the Unit Holders), within the
framework of the Regulations, the Trust Deed and Offering Document issued for the
Fund.

3.7.3 Investment of Fund Property at direction of Management Company

The Trustee shall invest the Fund Property from time to time at the direction of the
Management Company strictly in terms of the provisions contained and the conditions
stipulated in the Deed, this Offering Document(s), the Regulations, circulars, directives
and the conditions (if any) which may be imposed by the Commission from time to time.

3.7.4 Carrying out instructions of the Management Company

The Trustee shall carry out the instructions of the Management Company in all matters
including investment and disposition of the Fund Property unless such instructions are in
conflict with the provisions of the Deed, this Offering Document(s), the Regulations, the
Circulars and Directives of SECP or any other applicable law.

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Offering Document – ALH DDF

3.7.5 Liabilities of the Trustee

The Trustee shall not be under any liability except such liability as may be expressly
assumed by it under the Rules, the Regulations and/or the Deed, nor shall the Trustee
(save as herein otherwise provided) be liable for any act or omission of the Management
Company or for anything except for loss caused due to its willful acts or omissions or that
of its agents in relation to any custody of assets of investments forming part of the Fund
Property. If for any reason it becomes impossible or impracticable to carry out the
provisions of the Deed the Trustee shall not be under any liability there for or thereby and
it shall not incur any liability by reason of any error of law or any matter or thing done or
suffered or omitted, to be done in good faith hereunder. The Trustee shall not be liable for
any loss caused to the Trust or to the value of the Fund Property due to any elements or
circumstances beyond its reasonable control.

3.7.6 Disclaimer

The Trustee shall not be under any liability except such liability as may be expressly
assumed by it under the Rules and Regulations and the Deed nor shall the Trustee be
liable for any act or omission of the Management Company nor for anything except for
loss caused due to its willful acts or omissions or that of its agents in relation to any
custody of assets of investments forming part of the Trust Property. If for any reason it
becomes impossible or impracticable to carry out the provisions of the Deed the Trustee
shall not be under any liability therefore or thereby and it shall not incur any liability by
reason of any error of law or any matter or thing done or suffered or omitted to be done in
good faith hereunder.

3.8 Shariah Supervisory Board

The Management Company has appointed Shari’ah Supervisory Board for the funds and
underlying plans comprised of the following Shari’ah Advisors:
(a) Justice (Rtd.) Muhammad Taqi Usmani (Chairman)
(b) Dr. Muhammad Zubari Usmani
(c) Dr. Ejaz Ahmed Samadani

Any upward change in Shari’ah Supervisory Board fee shall be subject to approval of the
Commission. through letter or Email.

The Shari’ah Supervisory Board is appointed under intimation to the Trustee. The
Management Company may at any time, with prior notice to the Trustee and intimation to
the Commission, terminate the Agreement with the Shari’ah Supervisory Board by giving
a notice as per the Agreement with the Shari’ah Supervisory Board, before the completion
of the term, and fill the vacancy under intimation to the Commission and the Trustee.
Furthermore, the agreement entered into for the appointment of the Shari’ah Supervisory
Board shall be furnished to the Commission.

3.8.1 Duties and Responsibilities of Shariah Supervisory Board

The Shariah Supervisory Board shall advise the Management Company on matters
relating to Shariah compliance and recommend general investment guidelines consistent
with Shariah. Any verdict issued by the Shariah Supervisory Board in respect of any
Shariah related matter would be final and acceptable to the Trustee, the Management
Company, the Unit Holders and other parties. The Shariah Supervisory Board shall do the
research as appropriate on the criteria followed by Islamic Unit Trusts all over the world
for the purpose of screening of investments. The Shariah Advisory Board will then decide
as to which screening criteria are relevant to be used in the context of Pakistan’s capital

34
Offering Document – ALH DDF

markets and the instruments available therein, and which need to be modified/ added/
deleted.

The Shariah Supervisory Board shall provide technical guidance and support on various
aspects of Shariah, so as to enable the Management Company to ensure the Fund is
Shariah Compliant.

The Shariah Supervisory Board has certified that Investment Policy of the Trust is
compliant with the requirements of Shariah. However, in case there is a requirement for
any amendment, based on future research for purposes of increasing the Shariah
acceptability of the Investment Policy, permission for necessary amendments of the Deed
may be sought from the Commission.

The shariah Supervisory Board shall determine an appropriate percentage of income and
cash flows included in the income and cash flow of the companies in which the Unit Trust
has invested from activities not in accordance with the principles of the Shariah, and will
recommend to the Management Company the criteria for selecting the Charities to whom
such sums shall be donated, subject to the condition that such charity organization is not
related to the Shariah Supervisory Board, Management Company or any of their
employees.

At the end of each Annual and Semi Annual Accounting Period or such other interval as
the Commission may require, the Shariah Supervisory Board shall issue a Shari’ah
certificate to be included in the Annual reports or such other report in respect of the
Shariah compliance of the preceding year’s or past operations of the Fund in accordance
with the Shariah guidelines issued by the Shariah advisor.

3.9 Transfer Agent

The Management Company will perform duties as the Transfer Agent of the Fund until
any further notice and intimation to the Trustee. The Management Company will be
responsible for maintaining the Unit Holder’s Register, preparing and issuing account
statements, Unit Certificates and dividend warrants/advice and providing related services
to the Unit Holders.

3.10 Custodian

Central Depository Company of Pakistan Limited will also be performing the functions of
the custodian of the Trust Property. The salient features of the custodial function are:
(a) Segregating all property of the Fund from Custodian’s own property and that of its
other clients.
(b) Assuring the smooth inflow/outflow of dematerialized securities and such other
instruments as required.
(c) Ensuring that the benefits due on investments are received and credited to the Fund’s
account.

The Trustee may, in consultation with the Management Company, from time to time,
appoint, remove or replace one or more Custodian(s) for performing the Custodian
Function at one or more locations, on terms and conditions to be agreed between the
Custodian and the Trustee and agreed by the Management Company for the safe keeping
of any portion of the Trust Property.

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Offering Document – ALH DDF

3.11 Distributors/Facilitators

3.11.1 Parties detailed in Annexure ''D'' of this Offering Document have each been appointed as
Distributors to perform the Distribution Functions at their Authorized Branches. The
addresses of these branches are given in Annexure ''D'' of this Offering Document; these
branches may be increased or decreased by the Management Company from time to time.
The Management Company may, from time to time, appoint additional Distributors (if
they fulfill the requirement of regulations) or terminate the arrangement with any
Distributor and intimate the Trustee and Commission accordingly. The Management
Company may itself perform the functions of a Distributor either directly or through sub-
distributors.

3.11.2 The Distributors will be responsible for receiving applications for Purchase, Redemption,
Conversion or Transfer of Units etc. They will be interfacing with and providing services
to Unit Holders, including receiving applications for change of address or other
particulars or applications for issuance of duplicate certificates, requests for income tax
exemption or Zakat exemption, etc. for immediate transmission to the Management
Company or Transfer Agent as appropriate for further action. The Management Company
shall remunerate the Distributors out of its resources and/or from Sales Load.

3.11.3 The Management Company may, at its sole discretion, from time to time, appoint
Investment Facilitators (Facilitators). The Facilitators’ function is to identify, solicit and
assist investors in investing in the Fund. The Management Company shall remunerate the
Facilitators out of its resources and/or from Front-end Load.

3.12 Auditors

3.12.1 Deloitte Yousuf Adil & Co., Chartered Accountants.

3.12.2 They will hold office until the transmission of the reports and accounts, which will cover
the period from commencement of the Trust up to the end of the Accounting Period and
will, afterwards, be eligible for reappointment by the Management Company with the
concurrence of the Trustee. However, an auditor may be reappointed for such terms as
stipulated by the Regulations and/or the Ordinance, as amended from time to time. The
appointment of Auditor and contents of the Auditor’s report shall be in accordance with
the provisions of the Rules and Regulations.

3.12.3 The Auditors shall have access to the books, papers, accounts and vouchers of the Trust,
whether kept at the office of the Management Company, Trustee, Custodian, Transfer
Agent or elsewhere and shall be entitled to require from the Management Company,
Trustee and their Directors, Officers and Agents such information and explanations as
considered necessary for the performance of audit.

3.12.4 The Trustee shall be entitled to require the Auditors to provide such further reports as
may be agreed between the Trustee and the Management Company as may be considered
necessary to facilitate the Trustee in issuing the certification required under the
Regulations.

3.12.5 The Auditors shall prepare a written report to the Unit Holders on the accounts and books
of accounts of the Trust and the balance sheet, profit and loss account, cash flow
statement and statement of movement in Unit Holders’ Funds and on every other
document forming part of the balance sheet and profit and loss account, including notes,
statements or schedules appended thereto.

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Offering Document – ALH DDF

3.12.6 The contents of the Auditors report shall be as mentioned in the Regulations.

3.13 Legal Advisors

Bawaney & Partners
Advocates & Investment & Corporate Advisers
3rd & 4th Floors, 68-C, Lane-13
Bokhari Commercial Area
Phase-VI, DHA
Karachi.

3.14 Bankers

Current List of Bankers Rating

Dubai Islamic Bank Pakistan Limited AA-

In addition to the above-mentioned Banks, the Management Company may appoint any
other Bank with the approval of its Board of Directors. The Trustee shall operate the bank
accounts on instructions from the Management Company.

3.14.1 Bank Accounts

(a) The Trustee, at the request of the Management Company, shall open Bank Account(s)
titled “CDC-Trustee Alhamra Daily Dividend Fund” for the Unit Trust at designated
Bank(s) inside or outside Pakistan, subject to the relevant laws, Trust Deed, Rules and
Regulations, for collection, investment, redemption or any other use of the Trust’s Funds.

(b) The Management Company may also require the Trustee to open Bank Account(s) as
Distribution Account(s) for dividend distribution out of the Unit Trust. Notwithstanding
anything in the Deed, the beneficial ownership of the balances in the Accounts shall vest
in the Unit Holders.

(c) All bank charges for opening and maintaining Bank Accounts for the Trust shall be
charged to the Fund.

(d) All income, profit etc. earned in the Distribution Account(s), including those accruing on
unclaimed dividends, shall form part of the Trust Property for the benefit of the Unit
Holders and shall be transferred periodically from the Distribution Account(s) to the main
Bank Account of the Trust.

(e) The amounts received from the Investors before the Initial Period shall be deposited in a
Bank Account of the Fund and any income, profit etc earned and/or accrued on the
investments of that amount upto and including the day before the opening of Initial Period
shall not form part of the Trust Property and shall be paid by the Management Company
or the Trustee to those Investors participated before the Offering Period, either in cash or
in additional Units as selected by those Investors, in proportion of their investments.

(f) The Trustee shall, if requested by the Management Company at its discretion also open a
separate Account designated by the Management Company. These account(s) may be
used for the purpose of collection of sale proceeds, where collections received on account
of subscription of Units by investors of various unit trusts and the administrative plans
that are managed by the Management Company shall be held prior to their being allocated
and transferred to pertinent unit trust(s). Such account(s) may also be used for temporary
parking for the purpose of redemption. Provided however, in relation to the other unit

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Offering Document – ALH DDF

trusts managed by the Management Company mentioned above, there are similar
provisions in the trust deeds of such Funds and have Trustee as common between them.

3.15 Rating of the Scheme

The Management Company will be obliged to obtain a rating of the Scheme, once the
Scheme becomes eligible for rating as per the criteria of the rating agency, and such
rating shall be updated at least once every Financial Year and also published in the annual
and quarterly reports of the Scheme as well as on the Management Company’s website.

3.16 Minimum Fund Size

The minimum size of Alhamra Daily Dividend Fund shall be one hundred million rupees
at all times during the life of the scheme. In case of after the initial public offering or
subsequently at any time if the size of open end scheme falls below that minimum size of
one hundred million rupees, the asset management company shall ensure compliance with
the minimum fund size within three (3) months of its breach and if the fund size remains
below the minimum fund size limit for conservative ninety (90) days the asset
management company shall immediately intimate the grounds to the commission upon
which it believes that the scheme is still commercially viable and its objective can still be
achieved.

4. CHARACTERISTICS OF UNITS

4.1 Units
All Units and fractions thereof represent an undivided share in the Fund and rank pari
passu as to their rights in the net assets, earnings, and the receipt of the dividends and
distributions. Each Unit Holder has a beneficial interest in the Fund proportionate to the
Units held by such Unit Holder. For the convenience of investors, the Management
Company may issue Units with different options for different arrangements as chosen by
the investor from time to time, after seeking prior approval of the Commission and
amending the Offering Document.

4.2 Type of units

a. Type “A” (Pre-IPO Units) shall be issued to the Pre-IPO Investors and may be
charged a Front-end Load, at the discretion of the Management Company.

b. Type “B” Units shall be issued to the investors during and after the Initial
Offering Period and may be charged a Front-end Load at the discretion of the
Management Company. It will also include the unit issued against the
reinvestment of daily dividends net of any applicable taxes.

4.2.1 The Management Company may offer additional types of units or prescribe
additional account under any types of units through supplementary OFFERING
DOCUMENTs.
4.3 Administrative Plan -
Investors of the Fund may opt for an Administrative Plan over the Fund at any time
to attain a regular periodic income and systematic transfer to support their liquidity
requirements with the approval of SECP.

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Offering Document – ALH DDF

4.4 Purchase and Redemption of Units

(a) Units are purchased at the Offer Price and redeemed at the Redemption Price at any of the
Authorized Distribution Offices during Business Hours on any Dealing Day in
accordance with the procedure set out in of this Offering Document.

(b) Units of the Scheme shall be allocated on the basis of Purchase (Offer) Price applicable
on the date of realization of subscription money into the bank account of the Scheme.

(c) During the period if the register is closed, the sale, redemption and conversion of Units
will be suspended.

(d) The Management Company may decline an applicant for issue of units if it is of the
opinion that it will not be possible to invest the substantial inflow of Funds or to meet any
regulatory requirements.

4.5 Procedure for Purchase of Units

4.5.1 Who Can Apply?

Any investor or any related group of investors qualified or authorized to purchase the
Units may make applications for the Purchase of Units in the Fund. Application may be
made pursuant to the procedures described in paragraph 4.5.2 below by any qualified or
authorized investor(s) including, but not limited to, the following:

(a) Citizens of Pakistan resident in Pakistan. In respect of minors below 18 years of age,
applications may only be made by their guardians.

(b) Companies, corporate bodies, financial institutions, banks, partners of a firm and societies
incorporated in Pakistan provided such investment is permitted under their respective
memorandum and articles of association and / or bye-laws.

(c) Pakistanis resident abroad, foreign nationals and companies incorporated outside Pakistan
can apply for Units subject to the regulations of the State Bank of Pakistan and the
Government of Pakistan and any such regulations and laws that may apply to their place
of residence, domicile and citizenship. The payment of dividends and redemption
proceeds to such investors shall be subject to the relevant taxation and exchange
regulations / laws. Any person making an application for the Purchase of Units in the
Fund shall warrant that he/she is duly authorized to purchase such Units.

(d) Provident Funds constituted by companies registered under the Companies Ordinance,
1984, subject to conditions and investment limits as laid down in Employees Provident
Fund (Investment in Listed Securities) Rules, 1996, as amended from time to time,
including by SROs.

(e) Provident, Pension and Gratuity Funds constituted by organizations other than companies
under Section 20 (h) of the Trusts Act 1882, (11 of 1882).

(f) Islamic products/ Takaful from Companies under Insurance Ordinance, 2000

(g) Non Profit Organization under Rule 213 (i) of the Income Tax Rules, 2002.

(h) Fund of Funds;

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Offering Document – ALH DDF

(i) Any other investor as allowed under regulations from time to time

How can Units be purchased?

4.5.2 Account Opening Procedure

The procedure given below is designed for paper-based transactions. The Management
Company will introduce electronic/Internet based options for opening of accounts for
which SECP has already given approval via letter # SCD/AMCW/MCBAHSIL/496/2017
dated March 29, 2017.
Further; paper based transaction will be available for 5 business day(s) from Monday to
Friday except banking and gazette holiday(s) while for online Unit Holder(s) transaction
will be available round the clock. Please refer Annexure “C” for cutoff timing of paper
based and online transactions.

(a) In case of new Investor before purchasing Units of the Fund an investor must open an
account with Management Company using the Account Opening Form (Form ) attached
to this Offering Document.

(b) In case of individuals, a photocopy of the Computerized National Identity Card (CNIC),
NICOP or Passport etc of the applicant or any other form of identification acceptable to
the Management Company needs to be furnished. The Management Company may also
requires other documents for processing account opening request in accordance with the
laws as may be applicable from time to time.

(c) In case of a body corporate or a registered society or a trust the following documents
would be required,
(i) Duly certified copy of the memorandum and articles of association/ Charter/
Byelaws or rules and regulations;
(ii) Duly certified copy of power of attorney and/or relevant resolution of the board of
directors/ trustees/ governors delegating any of its officers to invest the Funds and/
or to realize the Investment and;
(iii)Duly certified copy of the Computerized National Identity Card (CNIC) of the
officer to whom the authority has been delegated.

The Management Company may also requires other documents for processing account
opening request in accordance with the laws as may be applicable from time to time.

(d) In case of existing Unit Holders, if any of the documents (in a-c above) have previously
been submitted with the Management Company and/or Transfer Agent, fresh submission
of documents will not be required provided that submitted documents are acceptable to
the Management Company. However, the account number must be provided to facilitate
linking.

Any change in particulars of Unit Holder including name or address or bank account as
entered in the Register shall forthwith be notified in writing by relevant unit holder to the
distributor company or transfer agent.

(e) The Distribution Company and/or Management Company will be entitled to verify the
particulars given in the Account Opening Form. In case of any incorrect information, the
application may be rejected if the applicant fails to rectify the discrepancy.

40
Offering Document – ALH DDF

(f) If subsequent to receipt of the application by the Distributor, but prior to issue of the
Units, the application is found by the Registrar or the Distributor to be incomplete or
incorrect in any material manner, the Registrar or the Distributor will advise the applicant
in writing to remove the discrepancy, in the meanwhile the application will be held in
abeyance for fifteen (15) days and in the event the discrepancy is not removed in the said
fifteen (15) days, the amount will be refunded without any interest or mark-up. However,
in the event Units have been issued and a material discrepancy is discovered subsequent
to that, the Registrar or the Distributor will advise the applicant in writing to remove the
discrepancy within fifteen (15) days and if the investor, in the opinion of the Registrar,
fails to remove the discrepancy without good cause, the Units shall be redeemed at the
Redemption Price fixed on the date the Units are so redeemed. The Unit Holder shall not
be entitled to any payment beyond the redemption value so determined.

(g) The Investor Account Opening Form can be lodged with any Distributor or directly
lodged with the Management Company. No other person is authorized to accept the forms
or payment.

(h) The Management Company will make arrangements, from time to time, for receiving
Account Opening Forms from outside Pakistan and will disclose these arrangements
through its website and its Distributors and agents outside Pakistan.

(i) Electronic Transactions

The Management Company is providing Web Based Functionality (“iSave”) whereby

New customers can open online investment account through MCBAH website and
existing customers can also register themselves to make online transactions in their
account which has been approved by SECP vide its letter #
SCD/AMCW/MAHSIL/423/2013 . The process of iSave is available at the Management
Company’s Website. Further updated information about the online account opening along
with electronic/internet transaction functionality will be made available from time to time
on the website of the Management Company.

(j) Online Sahulat Account

In case of online Unit Holder(s) making investments through Sahulat Account, maximum
investment limit will be the same as mentioned in Circular 33 dated November 04, 2016
as amended from time to time or any replacement thereof. Such Unit Holder(s) will not be
required to fill the investment form and the units will be allocated automatically to the
Unit Holder(s) on receipt of investment.

4.5.3 Joint Application

(a) Joint application can be made by up to four applicants. Such persons shall be deemed to
hold Units on principal holder basis. However, each person must sign the Account
Opening Form and submit a copy of Computerized National Identity Card, NICOP,
Passport, other identification document and is also required to fulfill the FACTA and
KYC requirements.

(b) The principal Holder shall receive all notices and correspondence with respect to the
account, as well as proceeds of any redemption, or dividend payments. Such person’s
receipt or payment into the person’s designated bank account shall be considered as a
valid discharge of obligation by the Trustee and the Management Company.

(c) In the event of death of the principal Holder, the person first in the order of survivor(s) as
stated in the Account Opening Form shall be the only person recognized by the Trustee
and the Management Company to receive all notices and correspondences with regard to

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Offering Document – ALH DDF

the accounts, as well as proceeds of any redemption requests or dividend. Such person’s
acknowledgement of receipt of proceeds shall be considered as the valid discharge of
obligation by the Trustee and the Management Company.

Provided however the Trustee and/or the Management Company may at their discretion
request the production of a Succession Certificate from an appropriate Court before
releasing of redemption requests or dividends in cases of doubts or disputes among the
Joint Unit Holders and/or the legal heirs or legal representatives of the deceased.

4.5.4 Purchase of Units

(a) After opening an account an account holder may purchase Units of the Fund using the
Investment Application Form attached to this Offering Document. Payment for the Units
must accompany the form.

(b) Application for Purchase of Units shall be made by completing the prescribed Investment
Application Form and submitting it to the authorized branches of the Distributor or to the
Management Company together with the payment by cheque, bank draft, pay order or
online transfer as the case may be in favor of Trustee Bank Account and crossed
“Account Payee only” as specified below;
 Demand draft or Pay order in favor of CDC- Trustee Alhamra Daily Dividend
Fund
 Online transfer to Bank Account(s) of CDC- Trustee Alhamra Daily Dividend
Fund
 Cheque (account payee only marked in favor of CDC- Trustee Alhamra Daily
Dividend Fund
 CDC- Trustee MCBAH Funds (for collection accounts)

(c) The Management Company may also notify, from time to time, arrangements or other
forms of payment within such limits and restrictions considered fit by it with the prior
approval of Commission.

(d) Applicants must indicate their account number in the Investment Application Form except
in cases where the Investor Account Opening Form is sent with the Investment
Application Form.

(e) The applicant must obtain on their registered mobile number a SMS and/ or on registered
email address an acknowledgment for the receipt of the application, other documents
and the demand-draft, pay-order, cheque or deposit slip, online investment as the case
may be. However; applicant may ask to get the hardcopies of the same and in case where
the applicant does not have registered mobile number and email address, the Management
Company will send the acknowledgement through registered post at their registered home
address. Further, the Management Company shall ensure to send an investment account
statement to each unit/certificate holder on the registered mailing address and e mail
address provided by the unit holder, as the case may be, at least once in a year. The
Management Company shall provide the account statement to the investors within 7
working days from the receipt of such request.

(f) The Distribution Company and/or Management Company will be entitled to verify the
detail given in the Investment Form. In case of any incorrect information, the application
may be rejected if the applicant fails to rectify the discrepancy (except for discrepancy in
payment instrument, in which case application will be rejected immediately).

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Offering Document – ALH DDF

(g) The Management Company will make arrangements, from time to time, for receiving
Investment Request Forms and payments from outside Pakistan and will disclose these
arrangements through its website and its Distributors and agents outside Pakistan.

(h) Electronic Transactions:

Web Based purchase of units are made available on the Website of the Management
Company. The SECP has already given approval vide its letter #
SCD/AMCW/MCBAHSIL/314/2016 dated February 24, 2016 for online investment in
Collective Investment Schemes. Further updated information about the electronic/internet
transaction functionality will be made available from time to time on the website of the
Management Company.

4.5.5 Minimum Amount of Investment

Units shall be issued as per clause 4.2 with a minimum investment size of Rs. 500/-
(Rupees Five Hundred only) and thereafter the minimum amount for investment would be
Rs. 500/- (Rupees Five Hundred only) per transaction at applicable NAV or purchase
price other than reinvestment of Dividend and bonus units. The Management Company
reserves the right to alter the minimum amounts stated hereinabove after giving thirty (30)
days prior notice to the unit holders. However, enhancement in current minimum
monetary investments shall not take effect retrospectively.

2
Note: In case of online investments, the Management Company may accept amount
below the Minimum Amount of Investment (as mentioned in this Offering
Document) at its own discretion.

4.5.6 Determination of Purchase (Public Offer) Price

(a) Units offered during the Initial period will be as specified in Clause 1.7.

(b) After the Initial Period, the Purchase (Offer) Price for the Unit offered through Public
Offering, shall be determined from time to time pursuant to the Sub clause (4.5.7)
hereafter and shall be announced by the Fund for Dealing Days during the period when
the Fund is open for subscription.

4.5.7 The Purchase (Offer) Price shall be equal to the sum of:
(i) The Net Asset Value as of the close of the Business Day (knowing/backward
pricing);
(ii) Any Front-end Load as disclosed in this Offering Document.
(iii) Such amount as the Management Company may consider an appropriate
provision for Duties and Charges; and
(iv) Such amount as the Management Company may consider an appropriate
provision for Transaction Costs.
(v) Such sum shall be calculated upto four decimal places.

If such price exceeds or falls short of the current value of the underlying assets by more
than five percent based on information available, the Asset Management Company shall
defer dealing and calculate a new price and this new price would be applicable for dealing
of units.

2
Trustee has given consent through forth supplemental OD dated 20 April, 2020

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Offering Document – ALH DDF

(a) The Purchase (Offer) Price so determined shall apply to purchase requests, received by
the Distributor or the Management Company during the Business Hours on the Dealing
Day on which the completely and correctly filled purchase of Units application form is
received.

(b) The Purchase (Offer) Price determined by the Management Company shall be made
available to the public at the office and branches of the Distributors and will also be
published daily on the Management Company’s and MUFAP’s website.
4.5.8 Allocation/ Issue of Units

(a) The Purchase Price determined shall apply to all Investment Request Forms, complete in
all respects, received by the Management Company at its registered address or by the
Distributor at its Authorized Branch(s) during Business Hours on that Dealing Day. Any
Investment Request Forms received after Business Hours will be transferred to the next
Dealing Day.

(b) Units will be allocated at the Purchase Price as determined in Clause 4.5.6 above and
issued after realization of Funds in the bank account of the Fund. However; incase of
online investment through 1 link, units will be allocated upon intimation from 1-link that
the investments have been received and credited in MCBAH account.

(c) The statements or report shall be sent only by electronic mail at the time of opening of
first account and there after each time there is issuance of units against fresh subscription
on the registered email address of the Unit Holder(s). Physical copy of account statement
shall only be send on specific request of the Unit Holder. The Management Company
shall provide the account statement to the investors within 7 working days from the
receipt of such request. Provided that the Management Company shall send an investment
account statement to each Unit Holder on the registered mailing address provided by the
Unit Holder at least once in a year

(d) In case the Management Company announces a suspension of further issue of Units of
Fund, it may allow existing Unit Holder to continue acquiring Units out of any dividend
declared on the Units held.

(e) In case of non receipt of documents and/or investment amount from the unit-holder(s)
and/or any substantial reasons which limits the Management Company to allocate the
units to such Unit Holder(s) , the units shall be allocated to such Unit Holder(s) on such
“NAV” on which all the discrepancies have been resolved and confirmation regarding
realization of investment amount has also been obtained until 5:00 pm.

4.5.9 Issuance of Physical Certificates

(a) Unit Certificates will be issued only if requested by the Unit Holder.

(b) Unit Holder can apply for the issue of Certificate by completing the prescribed
application form and submitting it to the relevant Distribution Company together with a
fee at the rate as determined by the Management Company from time to time and
available on MCBAH website. However, the Management Company may waive the fee
on case to case basis.

(c) The Certificate will be posted at the applicant's risk within 21 Business Days after the
request for the Certificate has been made to the address of the Unit Holder or to the
address of the principal Unit Holder, if the relevant Unit or Units are jointly held.

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Offering Document – ALH DDF

(d) A Unit or any fraction thereof shall not be represented by more than one Certificate at any
one time.

4.5.10 Replacement of Certificates

(a) The Transfer Agent or Management Company may replace Certificates, which are
defaced, mutilated, lost or destroyed on application received by them from the Unit
Holder on the prescribed form on the payment of all costs and on such terms as to
evidence, indemnity and security as may be required. Any defaced or mutilated
Certificate must be surrendered before a new Certificate is issued.

(b) The Unit Holder shall on application on prescribed form be entitled to consolidate the
entire holding in the Fund into one (01) Certificate upon surrender of existing
Certificates.

(c) Each new issue of Certificates will require payment as determined by the Management
Company from time to time and available on MCBAH website, subject to revisions of fee
from time to time by the Management Company.

4.5.11 Issuance of Units in Book Entry form in CDS

Unit Holder may obtain Units in Book Entry form in CDS. The Issuance of Units in CDS
shall be made in accordance with the procedure laid down in CDCPL Regulations. The
cost of CDS (if any) for issuance of units in CDS would be deducted from Unit Holder (s)
account equivalent to the number of Units.

4.6 Procedure for Redemption of Units

4.6.1 Who Can Apply?

All Unit Holders shall be eligible for redemption after the closure of the Initial Period.

4.6.2 Redemption Application Procedure

4.6.3 Request for Redemption of Units shall be made by completing the prescribed redemption
form and the same is received at the Authorized Branch or office of the Distributor on a
Dealing Day during the Business Hours as may be announced by the Management
Company from time to time. The Distributor may retain a copy of the Redemption Form
and a copy may also be supplied to the Registrar, if so required by the Management
Company.

4.6.4 The Management Company may redeem only part of the Units comprised in a Certificate
and reissue a new Certificate for the remaining Units, however, in the case where
Certificate is not issued any number of Units may be redeemed by the Unit Holder
thereof. The relevant Certificate shall accompany the application for Redemption of
Units, if issued. At the discretion of the Management Company certificate charges may
apply for the reissued Certificate.

4.6.5 The Registrar with the consent of the Trustee may dispense with the production of any
Certificate that shall have become lost, stolen or destroyed upon compliance by the Unit
Holder(s) with the like requirements to those arising in the case of an application by him
for the replacement thereof.

4.6.6 In case of application for redemption by joint Unit Holders, unless otherwise specified by
the joint holders, such application should be signed by all the joint Holders as per their

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Offering Document – ALH DDF

specimen signatures provided at the time of opening of the account within the Unit
Holder Register, through the investor’s Account Opening Form. However, the Transfer
Agent will follow any subsequent change in account operating instruction requested by
the Unit Holder or Holders in writing as the case may be.

4.6.7 The Distribution Company or the Registrar shall verify the particulars given in the
application for Redemption of Units. The signature of any Unit Holder or joint Unit
Holder on any document required to be signed by him under or in connection with the
application for redemption of Units may be verified by Management Company or the
Registrar or otherwise authenticated to their reasonable satisfaction. In case of submission
of electronic on-line redemptions the Unit Holder’s user ID and password will
authenticate his identity.

4.6.8 The Unit Holder will be receiving a note through a SMS on registered mobile number
and/ or on registered email address confirming the receipt of the application for
redemption. In case where the Unit Holder does not have registered mobile number and
email address, the Management Company will send the acknowledgement through
registered post at their registered home address.

4.6.9 If subsequent to receipt of the redemption application by the Distributor, but prior to the
redemption of the Units, the application is found by the Management Company or the
Registrar or the Distributor to be incomplete or incorrect in any material manner, the
Management Company or Registrar or the Distributor will advise the applicant to remove
the discrepancy. In the meanwhile, the application will be held in abeyance up to fifteen
(15) days. In the event the discrepancy is not removed in the said fifteen (15) days, the
application for redemption will be cancelled treating the same as null and void. The Unit
Holder will then have to submit a fresh application for Redemption of Units.

4.6.10 The Management Company shall ensure all valid redemption request are paid based on
ranking of the request in a queue.

4.6.11 The amount payable on redemption shall be paid to the Unit Holder or principal Unit
Holder by dispatching a cheque/ bank draft/ pay order for the amount to the registered
address of the Unit Holder or through Electronic Bank transfer to the Unit Holder's
designated bank account as communicated by the Unit Holder from time to time either
through Account Opening Form or Special Request Form within six (6) Business Days
from the date of presentation of the duly completed Redemption form, electronic or
otherwise, at the Authorized Branch or office of the Distributor or the Management
Company.

4.6.12 The Management Company may request the Trustee to disburse the redemption proceeds
to any third party/aauthorized rrepresentative upon specific or standing instruction in
writing of the Unit Holder as the case may be.

4.6.13 No Money shall be paid to any intermediary except to the Unit Holder or his authorized
representative under normal circumstances.

4.6.14 The Management Company may make arrangements through branches of banks to
facilitate redemption of Units of the Unit Trust. A request for redemption of Units may
also be made through the use of electronic means including but not limited to Internet or
ATM facilities under prior arrangement with the Trustee and approval from SECP. The
Management Company may redeem appropriate number of units from the account of Unit
Holder to cover any transaction processing charges applicable on the mode of payment

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Offering Document – ALH DDF

selected by the Unit Holder. Please refer to the website of the Management Company for
current level of charges (currently there are no charges).

4.6.15 The receipt of any amount payable in respect of the Units by the Unit Holders or any Joint
Holder, as the case may be, shall be a good discharge to the Trustee and the Management
Company.

4.6.16 Application for Redemption of Units will be received at the authorized offices or
branches of the Distributor on all Dealing Days. Where redemption requests on any one
Dealing Day exceed ten (10) percent of the total number of Units outstanding, such
redemption requests in excess of ten (10) percent may be deferred in accordance with the
procedure elaborated in the Clause 4.11.4.

4.6.17 On the occurrence of any circumstance specified in the Regulation or the Deed that may
require the Fund should be suspended, the Management Company shall suspend the Sale
and Redemption of Units and the intimation of suspension shall be made to the Unit
Holders, the Trustee and the Commission according to the procedure laid down in the
Regulation.

4.6.18 Redemption of Units in Book Entry form in CDS

Unit Holder may redeem their Units held in Book Entry form in CDS. The Redemption of
Units in CDS shall be made in accordance with the procedure laid down in CDCPL
Regulations.

4.7 Purchase (Public Offer) and Redemption (Repurchase) of Units outside Pakistan

4.7.1 Subject to exchange control, SECP’s prior approval and other applicable laws, Rules and
Regulations, in the event of arrangements being made by the Management Company for
the Purchase (Public Offer) of Units to persons not residing in Pakistan or for delivery in
any country outside Pakistan, the price at which such Units may be issued may include in
addition to the Purchase (Public Offer) Price as hereinbefore provided a further amount
sufficient to cover any exchange risk insurance, any additional stamp duty or taxation
whether national, local or otherwise leviable in that country in respect of such issue or of
the delivery or issue of Certificates, or any additional costs relating to the delivery of
certificates or the remittance of money to Pakistan or any other cost in general incurred in
providing this facility.

4.7.2 In the event that the Redemption Price for Units shall be paid in any country outside
Pakistan, the price at which such Units may be redeemed may include as a deduction to
the Redemption Price as hereinbefore provided a further amount sufficient to cover any
exchange risk insurance and any additional stamp duty or taxation whether national, local
or otherwise leviable in that country in respect of such payment or redemption or any
bank or other charges incurred in arranging the payment or any other cost in general
incurred in providing this facility. Provided however, neither the Management Company,
nor the Trustee give any assurance or make any representation that remittance would be
allowed by the State Bank of Pakistan at the relevant time.

4.7.3 The currency of transaction of the Trust is the Pakistan Rupee and the Management
Company, Trustee or any Distributor are not obliged to transact the purchase or
redemption of the Units in any other currency and shall not be held liable, save as may be
specifically undertaken by the Management Company, for receipt or payment in any other
currency or for any obligations arising therefrom.

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Offering Document – ALH DDF

4.8 Determination of Redemption (Repurchase) Price

4.8.1 The Redemption ( Repurchase) Price shall be equal to the Net Asset Value as of the close
of Business Day the day on which application for redemption is received (backward
pricing) less:

(a) Any Back-end Load as per the details in this Offering Document; and;
(b) Such amount as the Management Company may consider an appropriate
provision for Duties and Charges and other levies etc; and
(c) Such amount as the Management Company may consider an appropriate
provision for Transaction Costs;
(d) Such sum shall be calculated up to four decimal places.

Level of all back end loads shall be disclosed in this Offering Document. An increase in
Back End load will require 90 days prior notice to the Unit Holder or any other period as
specified in the Regulations.

4.8.2 The Repurchase (Redemption) Price so determined shall apply to properly filled
redemption application requests received before the close of the Business Hours on the
Dealing Day by the Distributor or the Management Company.

4.8.3 The Redemption Price determined by the Management Company shall be made available
for every Dealing day to the public at the office and branches of the Distributors and at
the discretion of the Management Company may also be published in any daily
newspaper widely circulated in Pakistan and will be published at Management
Company’s and MUFAP’s website.

4.9 Procedure for Requesting Change in Unit Holder Particulars

4.9.1 Who Can Request Change?

All Unit Holders are eligible to change their Unit Holder details if they so desire. For such
change in particulars, a request shall be made via the Special Request/ Instruction Forms.
These Forms may be obtained from Distributors or Investment Facilitators or from the
Management Company or through its website. However, if Units are held in CDS account
then request should be made through CDS Participant or the Investor Account Service
(IAS) with which the account is maintained, according to the procedure laid down in
CDC Regulations.

4.9.2 Application Procedure for Change in Particulars

Subject to the submission of Special Request Form and supporting documents to the
satisfaction of the Management Company, the Unit Holder may request any change in his
or her information kept in the Unit Holder Register. Changes will not be allowed in CNIC
number and Joint Holder Account.

(a) Fully completed Special Request/ Instruction Form(s) have to be submitted by both
Individual and/or Institutional Investor(s). This Form should be delivered to any of the
Authorized Branches of the Distribution Companies or may be submitted to the
Management Company through an Investment Facilitator within Business Hours on a
Dealing Day.

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Offering Document – ALH DDF

(b) The applicant must obtain a copy of the Special Request/ Instruction Form signed and
duly verified by an Authorized Officer of the Distributor or Management Company.
(c) The Distribution Company and/ or Management Company will be entitled to verify the
particulars given in the Special Request/ Instruction Form. In case of any incorrect
information the application may be rejected if the applicant does not rectify the
discrepancy.

(d) The Unit Holder will be liable for any taxes, charges or duties that may be levied on any
of the above changes. These taxes, charges or duties may either be recovered by
redemption of Unit Holder equivalent Units at the time of the service request or the
Management Company may require separate payment for such services.

(e) Unless the Joint Unit Holder(s) of Units have specified otherwise, all the Joint Unit
Holder(s) shall sign the Special Request/ Instruction Form for such Units.

4.9.3 Transfer, Nomination, Transmission and Conversion Procedure

4.9.4 Unit Holder may, subject to the law, transfer any Units held by them to any other person.
The transfer shall be carried out after the Management Company/ Transfer Agent has
been satisfied that all the requisite formalities including the payment of applicable taxes
and duties, if any, have been complied with.

4.9.5 Both the transferor and the transferee must sign every instrument of transfer and the
transferor shall be deemed to remain the Holder of the Units transferred until the name of
the transferee is entered in the register. Every instrument of transfer must be duly
completed in all respects. .

4.9.6 Where Certificates have been issued, the Management Company/ Transfer Agent with the
consent of the Trustee may dispense with the production of any Certificate that shall have
become lost, stolen or destroyed upon compliance by the Unit Holder(s) with the like
requirements to those arising in the case of an application by him for the replacement
thereof as provided in this Offering Document. The Management Company or the
Transfer Agent shall retain all instruments of transfer.

4.9.7 The Transfer Agent shall, with the prior approval of the Management Company or the
Management Company itself be entitled to destroy all instruments of transfer or the
copies thereof, as the case may be, which have been registered at any time after the
expiration of twelve (12) years from the date of registration thereof and all the
Certificates which have been cancelled at any time after the expiration of ten (10) years
from the date of cancellation thereof and all registers, statements and other records and
documents relating to the Trust at any time after the expiration of ten (10) years from
transmission to the Trust. The Trustee or the Management Company or the Transfer
Agent shall be under no liability, whatsoever, in consequence thereof and it shall
conclusively be presumed in favor of the Trustee or the Management Company or the
Transfer Agent that every Unit of Transfer so destroyed was a valid and effective
instrument duly and properly registered by the Trustee or the Management Company or
the Transfer Agent and that every Certificate so destroyed was a valid Certificate duly
and properly cancelled, provided that (i) this provision shall apply only to the destruction
of a document in good faith and without notice of any claim (regardless of the parties
thereto) to which the document may be relevant; (ii) nothing in this sub-clause shall
impose upon the Trustee or the Management Company or the Transfer Agent any liability
in respect of the destruction of any document earlier than as aforesaid or in any case
where the conditions of provision (i) above are not fulfilled. Reference herein to the
destruction of any document includes reference to the disposal thereof in any manner.

49
Offering Document – ALH DDF

Complete list of unclaimed dividends will be maintained by AMCs and shall not be
destroyed. Unit Holder may nominate any successor/ nominee for transmission, subject
to all legal requirements, in case of the decease of Unit Holder.

4.9.8 Transmission of Units to successors in case of inheritance or distribution of the estate of a

deceased Unit Holder shall be processed by the Transfer Agent or the Management
Company itself as Registrar after satisfying as to all legal requirements such as intimation
of death of deceased Unit Holder along with certified copy of death certificate , ,
indemnity from nominee along-with copy of CNIC of nominee and deceased Unit Holder,
and original unit certificate (in case of physical certificate) etc. If considered necessary
the Management Company may also require either heirship or succession certificate for
the purpose of determining entitlement of the deceased Unit Holder’s property. The legal
costs and taxes, if any, shall be borne and paid by the transferees. However, the
processing fee shall not be payable by successors or the beneficiaries of the estate in the
case of transmission. The Management Company shall pay the relevant processing fee to
the Transfer Agent.

4.9.9 A Unit Holder may convert the Units of the Scheme into Units of another scheme
managed by the Management Company by submitting a form designated for this purpose
either physically or electronically. Notwithstanding anything contained in this Offering
Document, the Offer Prices applicable on the conversion shall be the price applicable for
the day on which form is submitted. For the purpose of conversion transaction applicable
Cut Off timings of the respective Schemes shall be applicable. The Transfer Agent or
Management Company itself shall carry out the conversion after satisfying that all the
requisite formalities have been fulfilled and payment of the applicable taxes, fees and/or
load, if any, has been received. The Management Company may impose a time limit
before which conversion may not be allowed.

4.9.10 A Unit Holder may merge the Units which he/she has invested with two folio/registration
numbers into one folio/ registration number. The Transfer Agent shall carry out the
merger after satisfying that all the requisite formalities have been completed and payment
of applicable taxes and fee, if any, has been received.

4.9.11 Partial Transfer

Partial transfer of Units covered by a single Certificate is permitted provided that in case
of physical certificates issued, the Unit Holder must apply for splitting of the unit
certificate representing the partial amount and then the new certificate shall be applied for
transfer.

4.10 Procedure for Pledge / Lien / Charge of Units

4.10.1 Who Can Apply?

(a) All Unit Holders are eligible to apply for pledge/ lien/ charge of Units if they so desire.
Such Pledge/ Lien/ Charge can be made via the Pledge of Units Form as attached in
Annexure ''F'' of this Offering Document. This Form may be obtained from Distributors
or Investment Facilitators or from the Management Company or through its website.
However, if Units are held in CDS account then request should be made to the CDS
Participant or the Investor Account Service (IAS) with which the account is maintained,
according to the procedure laid down in CDC Regulations.

(b) Any Unit Holder either singly or with Joint Unit Holder(s) (where required) may request
the Management Company or Transfer Agent to record a pledge/ lien of all or any of his/

50
Offering Document – ALH DDF

her/ their Units in favor of any third party legally entitled to invest in such Units in its
own right. The Management Company or Transfer Agent shall register a lien on any Unit
in favor of any third party with the consent of the Management Company. However, the
lien shall be valid only if evidenced by an account statement or letter issued by the
Management Company or Transfer Agent with the Units marked in favor of the Pledgee.
The onus for due process having been followed in registering a lien shall lie with the
party claiming the lien.

(c) The lien once registered shall be removed by the authority of the party in whose favor the
lien has been registered or through an order of a competent court. Neither the Trustee, nor
the Management Company, nor the Transfer Agent, shall be liable for ensuring the
validity of any such pledge/ charge/ lien. The disbursement of any loan or undertaking of
any obligation against the constitution of such pledge/charge/lien by any party shall be at
the entire discretion of such party and neither the Trustee nor the Management Company
and the Transfer Agent shall take any responsibility in this matter.

(d) Payments of cash dividends or the issue of bonus Units and redemption proceeds of the
Units or any benefits arising from the said Units that are kept under lien/ charge/ pledge
shall be paid to the order of the lien/ charge/ pledge holder’s bank account or posted to the
registered address of Pledgee mentioned in the Pledge Form and/ or Investor Account
Opening Form submitted. In case of Units are pledged through Central Depository
System, payments of cash dividends or the issuance of bonus Units goes to the Pledgor as
per Central Depositories Act.

(e) The Distribution Company and/ or Management Company will be entitled to verify the
particulars given in the Pledge Form. In case of any incorrect information the application
may be rejected if the applicant does not rectify the discrepancy.

(f) Fully completed Pledge of Units Form has to be submitted by both Individuals and/or
non-individuals Unit Holders. This Form should be delivered to any of the Authorized
Branches of the Distribution Companies or may be submitted to the Management
Company directly or through an Investment Facilitator within Business Hours on a
Dealing Day.

(g) All risks and rewards, including the right to redeem such Units and operate such
accounts, shall vest with the pledge/ lien/ charge holder. This will remain the case until
such time as the pledge/ lien/ charge holder in writing to the Management Company
instructs otherwise.

4.11 Temporary Change in Method of Dealing, Suspension of Dealing and Queue System

4.11.1 Temporary Change in the Method of Dealing

Under the circumstances mentioned in Clause 4.11.2 & 4.11.3, Subject to compliance
with Regulation (having regard to the interests of Unit Holders), the Management
Company may request the Trustee to approve a temporary change in the method of
dealing in Units.

A permanent change in the method of dealing shall be made after expiry of at least one
month’s notice to Unit Holders and with the approval of Trustee.

4.11.2 Suspension of Fresh Issue of Units

The Management Company may, under the following circumstances, suspend issue of

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Offering Document – ALH DDF

fresh Units.

 The situation of Force Majeure as defined in this Offering Document;

 A situation in which it is not possible to invest the amount received against

issuance of fresh Units; or

 Any other situation in which issuance of fresh Units is, in Management

Company’s opinion, against the interests of the existing/remaining Unit Holders.

Such suspension may however not affect existing Unit Holders for the issue of bonus
Units as a result of profit distribution The Management Company shall announce the
details of circumstances at the time a suspension of fresh issue is announced. The
Management Company shall immediately notify SECP and Trustee if issuance of Units is
suspended and shall also have the fact published, immediately following such decision, in
the newspapers in which the Fund’s prices are normally published.

In case of suspension of redemption of Units due to extraordinary circumstances the

issuance of Units shall also be kept suspended until and unless redemption of Units is
resumed

Investment application form received on the day of suspension will not be processed and
the amount received shall be returned to the investor.

4.11.3 Suspension of Redemption of Units

The Redemption of Units may be suspended during extraordinary circumstances/ Force

Majeure.

Redemption requests received on the day of the suspension shall be rejected.

4.11.4 Queue System

In the event redemption requests on any day exceed ten percent (10%) of the Units in
issue, the Management Company may invoke a Queue System whereby requests for
redemption shall be processed on a first come first served basis for up to ten percent
(10%) of the Units in issue. The Management Company shall proceed to sell adequate
assets of the Fund and / or arrange borrowing as it deems fit in the best interest of all Unit
Holders and shall determine the redemption price to be applied to the redemption requests
based on such action. Where it is not practical to determine the chronological ranking of
any requests in comparison to others received on the same Dealing Day, such requests
shall be processed on basis proportionate to the size of the requests. The Management
Company shall provide all redemption requests duly timed and date stamped to the
Trustee within 24 hours of receipt of any such request following the queue system. The
requests in excess of ten percent (10%) shall be treated as redemption requests qualifying
for being processed on the next Dealing Day at the price to be determined for such
redemption requests. However, if the carried over requests and the fresh requests received
on the next Dealing Day still exceed ten percent (10%) of the Units in issue, these shall
once again be treated on first come first served basis and the process for generating
liquidity and determining the redemption price shall be repeated and such procedure shall
continue till such time the outstanding redemption requests come down to a level below
ten percent (10%) of the Units then in issue.

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Offering Document – ALH DDF

4.11.5 Winding up in view of Major Redemptions

In the event the Management Company is of the view that the quantum of redemption
requests that have built up are likely to result in the Fund being run down to an
unsustainable level or it is of the view that the selloff of assets is likely to result in a
significant loss in value for the Unit Holders who are not redeeming, it may announce
winding up of the Fund. In such an event, the Queue System, if already invoked, shall
cease to apply and all Unit Holders shall be paid after selling the assets and determining
the final Redemption Price. However, interim distributions of the proceeds may be made
if the Management Company finds it feasible. In case of shortfall, neither the Trustee nor
the Management Company shall be liable to pay the same.

5. DISTRIBUTION POLICY

5.1 Declaration of Daily Dividend

The Fund on a daily basis shall distribute all net profit (after deducting all expenses of the
Fund) as dividend and that dividend shall be re-invested after deducting applicable taxes.
By distributing dividend on a daily basis, the Management Company shall ensure that
total distribution in an Accounting period accumulates to an amount that is required under
the tax laws and other regulations in force to be distributed and that may be beneficial for
its Unit Holders. The Fund will comply with regulatory and taxation requirements and the
distribution policy may be amended accordingly after intimation to Trustee and SECP.

Further, in order to avail relevant tax benefit for exemptions, the Fund can also distribute
bonus on annual basis.

Further provided that dividend amount less than Rs. 0.01 shall not be taken into account
and dividend shall not be entitled if holding in register of any unit-holder(s) is less than
one unit.

Incase during the financial year, NAV falls below the par value, the dividend distribution
shall be stopped immediately till the NAV reaches the par value. However in case where
the NAV at the end of Financial Year is below the par; the fund shall treat below par
value as a par value for next financial year.

Dividend will be distributed to the Unit Holder(s) appearing in the register within cutoff
timing as mentioned in Annexure ‘C’ on a daily basis. Unit Holder(s) having
discrepancies of any type will not be eligible for dividend distribution purposes unless all
the discrepancies are removed.

3
Note: Daily dividend will generally appears into Unit Holder’s Account on next
working day of the Management Company.

5.2 Determination of Distributable Income

5.2.1 The amount available for distribution in respect of any Accounting Period shall
be determined in accordance with the regulatory and taxation requirements as
may be applicable from time to time.

3
Addition of note through fifth supplemental offering document approved by SECP dated 30 July, 2020.

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Offering Document – ALH DDF

5.2.2 All the receipts deemed by the Management Company to be in the nature of
capital accruing from Investments shall not be regarded as available for
distribution but shall be retained as part of the Fund Property, provided that and
subject to the regulatory and taxation requirements such amounts out of the sale
proceeds of the Investments and all other receipts as deemed by the Management
Company to be in the nature of the net realized appreciation may be distributable
to the Unit Holders by the Trustee upon instructions of the Management
Company and shall thereafter cease to form part of the Fund Property..

5.3 Payment of Dividend

All unit holders appearing in the register of Unit Holders will be entitled for dividend and
the amount of dividend shall be reinvested at the ex-dividend NAV after deduction of all
applicable taxes.

5.4 Dispatch of Dividend Warrants/Advice

Dividend warrants/advices/payment instruments and/or Account Statements shall be

dispatched to the Unit Holders or the charge-holders at their registered addresses or/
registered email addresses or/ SMS.

5.5 Reinvestment of Dividend

Any cash dividend entitled to the unit holder shall be reinvested at the ex-dividend NAV
after deduction of all applicable taxes.

5.6 Bonus Units

The Management Company may decide to distribute, wholly or in part, the distributable
income in the form of stock dividend (which would comprise of the Bonus Units of the
Trust) if it is in the interest of Unit Holders. After the fixing of the rate of bonus
distribution per Unit, in case of distribution in the form of Bonus Units, the
Management Company shall, under intimation to the Trustee, issue additional Units
issued in the name of the Unit Holders as per the bonus ratio. The Bonus Units would
rank pari passu as to their rights in the Net Assets, earnings and receipt of dividend and
distribution with the existing Units from the date of issue of these Bonus Units.

5.7 Closure of Register

The Management Company may close the Register by giving at least seven (7) days
notice to Unit Holder provided that the time period for closure of register shall not exceed
six (6) working days at a time and whole forty five (45) days in a Financial Year. During
the closure period, the sale, redemption, conversion of Units or transfer of Units will be
suspended. Notice for closure of register should be published in two newspapers (Urdu
and English language) having circulated all over Pakistan.

6. FEE AND CHARGES

6.1 Fees and Charges Payable by an Investor

The following fees and charges shall be borne by the Investor:

6.1.1 Front-end Load

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Offering Document – ALH DDF

Front end Load is a part of Sales Load which may be included in the offer price of the
Units. The remuneration of Distributors shall be paid from such Load and if the Front-end
Load is insufficient to pay the remuneration of the Distributors, the Management
Company shall pay the amount necessary to pay in full such remuneration and no charges
shall be made against the Fund Property or the Distribution Account in this respect.

The Management Company may at its discretion charge different levels of Load as per
Annexure ''B''. Any change in Front-end Load shall be done through an addendum to the
Offering Document after seeking prior approval of the Commission.

A Distributor located outside Pakistan may if so authorized by the Management Company

and the Trustee retain such portion of the Front-end Load as is authorized by the
Management Company and transfer the net amount to the Trustee, subject to the law for
the time being in force.
The issue price applicable to Bonus Units issued by way of dividend distribution or issue
of Units in lieu of cash distribution shall not include any sales or processing charge.

6.1.2 Back-end Load

Back end Load deducted from the Net Asset Value in determining the Redemption Price;
provided however that different levels of Back-end Load may be applied to different
types of Units, but Unit Holders within a type shall be charged same level of back end
load. Management Company may change the current level of Back-end Load after giving
90 days prior notice to the Unit Holder through newspaper (either Urdu or English
Newspaper) and via post and the unit holders shall be given an option to exit at the
applicable NAV without charge of back end load as specified in the Regulation.

The current level of Back-end Load is indicated in Annexure ''B''.

6.1.3 Expenses borne by the Management Company and the Trustee

The Management Company and Trustee shall bear all expenditures in respect of their
respective secretarial and office space and professional management services provided in
accordance with the provisions of the Deed and applicable laws. Neither the Management
Company nor the Trustee shall make any charge against the Unit Holders nor against the
Trust Property nor against the Distribution Account for their services nor for expenses,
except such expenses or fees as are expressly authorized under the provisions of the
Regulations and the Deed to be payable out of Trust Property.

Any cost associated with sales, marketing and advertisement of collective investments
schemes shall not be charged to the collective investment schemes unless specifically
allowed by the Commission in Rules or Regulations.

6.1.4 Other Charges

Transfer of Units from one owner to another shall be subject to a Processing charge as
referred in Annexure B at the date the request is lodged, which shall be recovered from
the transferee. However, the processing charge shall not be payable by successors in the
case of inheritance or distribution of the estate of a deceased Unit Holder. The
Management Company may recover reasonable transactional charges either from the
transaction proceeds or from the account of the Unit Holder by redeeming appropriate
number of units. Currently there is no charge on account of other charges; however, the
Management Company may from time to time determined an amount/ percentage to be
charged and communicate the same to its Unit Holders after seeking approval of the
Commission.

55
Offering Document – ALH DDF

Units issued to an Account holder through conversion from another scheme run by the
Management Company shall be issued at a price based on the Net Asset Value on that
date.

6.1.5 Remuneration of Distribution Company / Investment Agent / Investment Facilitator

The Distribution Company employed by the Management Company will be entitled to a

remuneration payable by the Management Company out of its own resources and/or from
Front End Load on terms to be agreed between the Management Company and the
Distribution Company. The Investment Facilitator/Investment Adviser/Sales Agent
employed by the Management Company will be entitled to a remuneration payable by the
Management Company out of its own resources.

Distributors located outside Pakistan may, if so authorized by Trustee and the

Management Company, be entitled to remuneration (from Management Company’s own
resources) on terms to be agreed between them and the Management Company, subject to
the law for the time being in force.

6.2 Fees and Charges Payable by the Fund

The following expenses shall be borne by the Fund:

6.2.1 Remuneration of the Management Company

The remuneration shall begin to accrue from the close of the Initial Offering Period. In
respect of any period other than an Annual Accounting Period, such remuneration shall be
prorated on the basis of the actual number of days for which such remuneration has
accrued in proportion to the total number of days in the Annual Accounting Period
concerned.

Current level Management Fee is disclosed in Annexure ''B''. Any increase in the current
level of Management Fee, provided it is within the maximum limit prescribed in the
Regulations shall be subject to prior approval of SECP and after giving a ninety (90) days
prior notice to the unit holders and the unit holders shall be given an option to exit at the
applicable NAV without charge of any exit load.

6.2.2 Remuneration of the Trustee

The Trustee shall be entitled to a monthly remuneration out of the Trust Property
determined in accordance with Annexure ''A''.

The remuneration shall begin to accrue following the expiry of the Initial Period. For any
period other than an Annual Accounting Period such remuneration will be prorated on the
basis of the actual number of days for which such remuneration has accrued in proportion
to the total number of days in an Annual Accounting Period concerned. Any upward
change in the remuneration of trustee from the existing level shall require prior approval
of the Commission.

6.3 Formation Costs

All preliminary and floatation expenses of the Fund including expenses incurred in
connection with the establishment and authorization of the Fund, including execution and
registration of the Constitutive Documents, issue, legal costs, printing, circulation and
publication of the Offering Document, and all expenses incurred during and up to the
Initial Offering Period subject to a maximum of one per cent of pre-IPO capital of the

56
Offering Document – ALH DDF

Fund or Rupees five million, whichever is lower, shall be borne by the Fund subject to the
audit of expenses and amortized over a period of not less than five years or within the
maturity of the Fund whichever is lower. This cost shall be reimbursable by a collective
investment scheme to an AMC subject to the audit of expenses. The Formation Cost shall
be reported by the Management Company to the Commission and the Trustee giving their
break-up under separate heads, as soon as the distribution of the securities is completed.

6.4 Other costs and expenses

Expenses Borne by the Management Company:

The Management Company would bear all the expenses mentioned below;

(a) Bank charges, foreign currency conversion and Borrowing/financial costs.

(b) Audit Fees and related audit expenses
(c) Custody charges
(d) Fees and deposits for registration with a depositary organization such as the Central
Depositary Company of Pakistan, Listing Fee including renewals payable to the Stock
Exchange(s) and other related stock exchange expenses on which Units may be listed
(e) Rating fee of collective investment scheme payable to approved rating agency;
(f) Any printing costs and related expenses for issuing the collective investment
scheme’s quarterly, half-yearly and annual reports, etc.;
(g) Shariah Advisory Fee
(h) All expenses incurred by the Trustee in effecting the registration of all registerable
property in the Trustee’s name.
(i) Charges and levies of stock exchanges, national clearing and settlement company,
CDC charges.
(j) fee pertaining to the Fund payable to the Commission
(k) Legal and related costs incurred in protecting or enhancing the interests of the Unit
Holders

Expenses Borne by the Fund:

Except the above, following are the charges which shall be payable out of the Fund
Property as allowed under the applicable laws:

(i) Brokerage, Transaction Costs etc. of investing and disinvesting of the Fund
Property.
(ii) Any amount which the Shariah Advisor may declare to be Haram and to be paid to
Charity.
(iii) Taxes, fees, , duties if any, applicable to the Fund and on its income, turnover
and/or its properties including the Sales Tax levied on Services offered by Asset
Management Company.
(iv) Total Expense Ratio:
Total Expense Ratio shall be capped up to 2.5% of average Net Assets or any other
limit as may be directed by SECP from time to time.4

Notes:
1. The Fund may charge, fee and expenses related to registrar services, accounting,
operation and valuation services related to CIS, on discretion of the Management
Company which will be reimbursable to the Management Company. 5

4
Amended through Second Supplemental dated July 25, 2019 as provided consent on by the trustee of
the fund, Central Depository Company of Pakistan Limited

57
Offering Document – ALH DDF

2. Normal legal recurring expenses including retainership fee are to be borne by the
Management Company. However, in case there is any litigation/ tax disputes against the
Fund, the legal/ tax fee on the same including lawyer fee/ tax advisor fee etc. may be
borne by the Fund.
3. Any other expenses as permissible under the Rules and Regulations from time to time
may be borne by the fund.

7. TAXATION
7.1 Taxation on the Income of the Fund
7.1.1 Liability for Income Tax

The following is a brief description of the Income Tax Ordinance, 2001, applicable in
respect of the Fund. This section is for advice only and potential investors should consult
their tax experts for their liability with respect to taxation on income from investment in
the Fund. This part does not cover tax liability of non-Pakistani resident investors with
respect to taxes in their own jurisdiction.

Under the Tax Law in Pakistan, the definition of a public company includes a trust
formed under any law for the time being in force. The Fund will be regarded as a public
company liable to a tax rate applicable to a public company.

The income of the Fund will accordingly be taxed at the following rates:
(i) Dividend income as applicable according to the relevant law;
(ii) Capital Gains Tax as applicable according to the relevant law;
(iii) Return from all other sources/ instruments are taxable at the rate applicable to a
public company.

7.1.2 Liability for Income Tax if Ninety Percent of Income is distributed

Notwithstanding the tax rate given above, the income from the Fund will be exempted
from tax if not less than 90% of the income for the year as reduced by capital gains
whether realized or unrealized is distributed amongst the Unit Holders as dividend .

7.2 Withholding tax

Under the Income Tax Ordinance 2001, the Fund’s income from dividend from (shariah
compliant) sukuks, securities, securities or instruments of companies, organizations and
establishments, return on (Riba free) deposits with banks/financial institutions, return
from contracts, will not be subject to any withholding tax.

7.3 Zakat on Fund

The Fund is Saheb-e-Nisab under the Zakat and Ushr Ordinance, 1980. The balance in the
credit of savings bank account, or similar account with a bank standing on the first day of
Ramzan-ul-Mubarak will be subjected to Zakat deduction @ 2.5%.

7.4 Taxation and Zakat on Unit Holders

7.4.1 Taxation on Income from the Fund of the Unit Holder

5
Amended through Second Supplemental dated July 25, 2019 as provided consent on by the trustee of
the fund, Central Depository Company of Pakistan Limited

58
Offering Document – ALH DDF

The following is a brief description of the Income Tax Ordinance, 2001, applicable in
respect of Unit Holder of the Fund. This section is for advice only and potential investors
should consult their tax experts for their liability with respect to taxation on income from
investment in the Fund. This part does not cover tax liability of non-Pakistani resident
investors with respect to taxes in their own jurisdiction.

7.4.2 Unit Holders of the Fund will be subject to tax on dividend income distributed by the
Fund at applicable tax rates as mentioned in Income Tax Ordinance 2001. The tax
deducted on dividend will be the final tax and the payer will be required to withhold the
amount of tax at source from payment of dividend except payment to the banking
companies.

7.4.3 Capital gain arising from redemption of Units of the Fund will be subject to tax at the
applicable tax rate as mentioned in Income Tax Ordinance 2001.

7.4.4 Unit Holders who are exempt from income tax may obtain exemption certificate from the
Commissioner of Income Tax and provide the same to the Management Company and/ or
Transfer Agent and on the basis of Exemption Certificate income tax will not be withheld.

7.4.5 Unitholders may be liable to pay tax even though they may not have earned any gain on
their investment as return of capital through distribution to investors is also taxable as per
Income Tax Ordinance, 2001
6
7.4.6 Tax Credit to Unit Holders

Unit Holders other than a company shall be entitled to a tax credit under Section 62 of the
Income Tax Ordinance, 2001, on purchase of new Units.

7.4.7 Zakat
Units held by resident Pakistani Unit Holders shall be subject to Zakat at 2.5% of the value of
the Units under Zakat and Ushr Ordinance, 1980, (XVII of 1980), except those exempted
under the said Ordinance. Zakat will be deducted at source from the redemption proceeds.
Above deduction will not be made if Unit Holder provides declaration in due course of time to
the Management Company.

7.5 Disclaimer

The tax and Zakat information given above is based on the Management Company’s
taxadvisor’s interpretation of the law which, to the best of the Management Company’s
understanding, is correct. Investors are expected to seek independent advice so as to
determine the tax consequences arising from their investment in the Units of the Fund.
Furthermore, tax and Zakat laws, including rates of taxation and of withholding tax, are
subject to amendments from time to time. Any such amendments in future shall be
deemed to have been incorporated herein.

8. REPORTS TO UNIT HOLDERS

8.1 Account Statement

6
Sub Clause 7.4.6 is deleted regarding tax credit through first supplemental offering document dated 30
October 2018. Sub clause 7.4.6 has been added through fifth supplemental offering document dated 30
July,2020

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Offering Document – ALH DDF

The statements or report shall be sent by electronic mail at the time of opening of first
account and there after each time there is issuance of units against fresh subscription on
the registered email address of the Unit Holder(s). In case where the applicant does not
have registered email address, the Management Company will send the statements or
reports through registered post at their registered home address. Physical copy of account
statement shall only be send on specific request of the Unit Holder. The Management
Company shall provide the account statement to the investors within 7 working days from
the receipt of such request. Provided that the Management Company shall send an
investment account statement to each Unit Holder on the registered mailing address
provided by the Unit Holder at least once in a year.

An AMC may send account statement at the registered email address of the unit holder
only after obtaining consent in writing from the unit holder for sending electronic account
statement. It is in compliance of SRO 1279(1) 2017; however any change in NBFC
regulations at any point of time, the Regulations will prevail.

The Unit Holder will be entitled to ask for copies of his account statement on any Dealing
Day within Business Hours by applying to the Management Company/ Transfer Agent in
writing and providing such fee as mentioned on the website of the Management Company
that may notify from time to time.

8.2 Financial Reporting

(a) The Management Company shall prepare and transmit the annual report
electronically in such form and manner as set out in SECP SRO 787 of 2014 and
Regulations as amended or substituted from time to time. In case where any unit
holder who has opted to receive Audited Financial Statements and notice through
email and subsequently ask for the hard copy of Audited Financial Statements the
same shall be provided free of cost with in seven days of receipt of such request.

(b) The Management Company shall prepare and transmit quarterly reports
electronically in such form and manner as set out in SECP SRO 787 of 2014 and
Regulations as amended or substituted from time to time. In case where any unit
holder who has opted to receive quarterly Financial Statements and notice through
email and subsequently ask for the hard copy of quarterly Financial Statements, the
same shall be provided free of cost within seven days of receipt of such request.

8.3 Trustee Report

The Trustee shall report to the Unit Holder, to be included in the annual and second
quarter Financial Reports issued by the Management Company to the Unit Holders, as to
whether in its opinion the Management Company has in all material respects managed the
Fund in accordance with the provisions of the Regulations, the Constitutive Documents
and if the Management Company has not done so, the respect in which it has not done so
and the steps the Trustee has taken in respect thereof.

8.4 Fund Manager Report

The Management Company shall prepare Fund Manager’s Report each month as per
guideline issued by MUFAP and also made available at their website latest by 7th of each
month. The Management Company shall transmit the same to the Unit Holders through
electronic mail if requested by the Unit Holders.

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Offering Document – ALH DDF

9. WARNING AND DISCLAIMER

9.1 Warning

9.1.1 If you are in any doubt about the contents of this Offering Document, you should consult
your bank manager, Legal advisor, or other financial advisor. The price of the Units of
this Fund and the income of this Fund (from which distributions to Unit Holders is made)
may increase or decrease.

9.1.2 The Unit price of this Fund and the income of this Fund (from which distributions to Unit
Holders is made) may increase or decrease. Investment in this Fund is suitable for
investors who have the ability to take the risks associated with financial market
investments. Capital invested in the financial markets could in extreme circumstances
lose its entire value. The historical performance of this Fund, other Funds managed by the
Management Company, the financial markets, or that of any one security or transaction
included in the Fund’s portfolio will not necessarily indicate future performance.
9.1.3 Before making any investment decision, investor should review the latest monthly fund
manager report and financial statements of the Scheme particularly the details of non-
compliant investment and Risk Factors.

9.2 Disclaimer

9.2.1 The Units of the Fund are not bank deposits and are neither issued by, insured by,
obligation of, nor otherwise supported by SECP, any Government Agency, Trustee
(except to the extent specifically stated in this Offering Document and the Trust Deed) or
any of the shareholders of the Management Company or any of the Pre-IPO Investors or
any other bank or financial institution. The portfolio of the Fund is subject to market risks
and risks inherent in all such investments.

9.2.2 Fund’s target return/ dividend range cannot be guaranteed. Fund’s Unit price is neither
guaranteed nor administered/ managed; it is based on the NAV that may go up or down
depending upon the factors and forces affecting the capital markets and interest rates.

10. GENERAL INFORMATION

10.1 Accounting Period / Financial Year of the Fund

Accounting Period means a period ending on and including an accounting date and
commencing (in case of the first such period) on the date on which the Trust Property is
first paid or transferred to the Trustee and (in any other case) from the next day of the
preceding accounting period.

Annual Accounting Period means the period commence on 1st July and shall end on 30th
June of the succeeding calendar year.

10.2 Inspection of Constitutive Documents

The copies of constitutive documents, such as the Deed and the Offering Document, can
be inspected free of charge at the addresses given below, however such documents shall
also be available on the website of the Management Company:

24th Floor, Centre Point, Off Shaheed-e-Millat Expressway, Near KPT

Interchange, Karachi

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Offering Document – ALH DDF

10.3 Transfer of Management Rights of the Fund

The management rights of the Fund may be transferred to another Management Company
upon the occurrence of any of the following events in accordance with the procedure laid
down in the Regulation, the Deed and the Directive issued by the Commission;-

(i) the Management Company goes into liquidation, becomes bankrupt or has a
liquidator appointed over its assets, or its license has been cancelled or does not
hold valid license;

(ii) where the Management Company is unable to remove the suspension of

redemption of Units of the Fund within the fifteen (15) business days of
suspension and the Unit Holders representing at least three fourth in value of total
outstanding Units of the concerned scheme pass a resolution or have given consent
in writing that the scheme be transferred to another Management Company;

(iii) if in the opinion of the Commission further management of the Fund by the
existing Management Company is detrimental to the interest of the Unit Holders,
the Commission may direct the Trustee to transfer the Fund to another
Management Company.

(iv) If the Management Company may retire voluntarily with the prior written consent
of the Commission.

10.4 Extinguishment/Revocation of the Fund

The Fund may be extinguished by the occurrence of any of the following events in
accordance with the procedure laid down in the Regulation, the Deed and the Directive
issued by the Commission;-

(i) the Fund has reached its maturity date as specified in the Deed;

(ii) where the Management Company is unable to remove the suspension of

redemption of Units of the Fund within the fifteen business days of suspension and
the Unit Holders representing at least three fourth in value of total outstanding
Units of the concerned scheme pass a resolution or have given consent in writing
that the scheme be revoked;

(iii) where the Management Company goes into liquidation, becomes bankrupt or has a
liquidator appointed over its assets, or its license has been cancelled or does not
hold valid license;

(iv) in the opinion of the Management Company the scheme is not commercially
viable or purpose of the scheme cannot be accomplished subject to the consent of
Trustee;

(v) The Management Company subject to regulatory approval, may announce winding
up of the Trust in the event redemption requests build up to a level where the
Management Company is of the view that the disposal of the Trust Property to
meet such redemptions would jeopardize the interests of the remaining Unit
Holder(s) and that it would be in the best interest of all the Unit Holder(s) that the
Trust be wound up.

(vi) on occurrence of any event or circumstances which, in the opinion of the Trustee,
requires the Fund to be revoked; and

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Offering Document – ALH DDF

(vii) where the Commission deems it necessary to revoke the Fund so directs either
Trustee or the Management Company in the interest of Unit Holders.

10.5 Procedure and manner of Revocation of the Fund

Revocation of the Fund shall be done in accordance with the procedures and in the
manner as mentioned in the Regulations or through circulars/ guidelines issued by the
SECP from time to time.

10.6 Distribution of proceeds on Revocation

In case of Revocation of the Fund the Trustee shall according to the procedure laid down
in Regulations refund the net proceeds to the Unit Holders in proportion to the number of
units held by them.

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Offering Document – ALH DDF

11. GLOSSARY

Unless the context requires otherwise the following words or expressions shall have the
meaning respectively assigned to them:

11.1 “Accounting Date” means the thirtieth day of June in each year and any interim date on
which the financial statements of the Scheme are drawn up. Provided that the Management
Company may, with the written consent of the Trustee and after obtaining approval from
the Commission and the Commissioner of Income Tax may change such date to any other
date and such change shall be intimated to the Commission.

11.2 “Account Opening Form” means standardized form prescribed by the Management
Company to be duly filled by the investors at the time of opening an account with the
Management Company.

11.3 “Accounting Period” means a period ending on and including an Accounting Date and
commencing (in case of the first such period) on the date on which the Trust Property is
first paid or transferred to the Trustee and (in any other case) from the next day of the
preceding accounting period.

11.4 “Administrative Plans” means investment plans offered by the Management Company
and approved by the Commission, where such plans allow investors a specific investment
strategy in any one or a combination of Schemes managed by the Management Company
in accordance with the conditions specified by SECP.

11.5 “Annual Accounting Period” or “Financial Year” means the period commence on 1st
July and shall end on 30th June of the succeeding calendar year.

11.6 “Asset Management Company” means an asset Management Company as defined in

the Rules and Regulations.

11.7 “Auditor” means the Auditor of the Trust appointed by the Management Company, with
the consent of the Trustee, as per the Regulations.

11.8 “Authorized Branches” means those Branches of Distributors or Distribution

Companies which are allowed by the Management Company to deal in Units of the Funds
managed by the Management Company.

11.9 “Authorized Broker” means those Brokers which are authorized to deal in Government
Securities.

11.10 “Authorized Investments” mean investments as defined in the Clause 2.1.1.2 of this
Offering Document.

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Offering Document – ALH DDF

11.11 “Back-end Load” means the charge deducted from the Net Asset Value in determining
the Redemption Price; provided however that different levels of Back-end Load may be
applied to different types of Units, as specified in this Offering Document.

11.12 “Bank” means institution(s) providing banking services under the Banking Companies
Ordinance, 1962, or any other regulation/ Shariah guidelines in force for the time being in
Pakistan, or if operating outside Pakistan, under the banking laws of the jurisdiction of its
operation outside Pakistan.

11.13 “Bank Accounts” means those account(s) opened and maintained for the Trust by the
Trustee at Shariah compliant Banks or any other bank subject to approval of Board of
Directors the beneficial ownerships in which shall vest in the Unit Holder(s).

11.14 “Broker” means any person engaged in the business of effecting transactions in securities
for the account of others.

11.15 “Business Day” means every day in the financial year of the Fund; provided that physical
forms will be accepted within cutoff timing from Monday to Friday except bank holiday(s)
and gazette holiday(s).

11.16 “Certificate” means the definitive certificate acknowledging the number of Units
registered in the name of the Unit Holder issued at the request of the Unit Holder pursuant
to the provisions of the Trust Deed.

11.17 Charity” means amount paid by the Trustee, upon instruction of the Management
Company and in consultation with the Shari’ah Advisor, out of the income of the Fund to
Charitable Trust/welfare organization, representing income which is impermissible Haram.

11.18 “Connected Person” shall have the same meaning as assigned in the Rules and
Regulations.

11.19 “Constitutive Documents” means the Trust Deed or such other documents as defined in
the Regulations.

11.20 “Custodian” means a Bank, a Depository or an Investment Finance Company licensed

under the Regulations, which may be appointed by the Trustee in consultation with the
Management Company to hold and protect the Trust Property or any part thereof as
custodian on behalf of the Trustee, and shall also include the Trustee itself if it provides
custodial services for the Fund.

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Offering Document – ALH DDF

11.21 “Cut-Off Time”/ “Business Hours” means the day time for dealing in Units of the Fund.
The current Cut-Off Timing/Business Hours are mentioned in Annexure ''C'' of this
Offering Document.

11.22 “Dealing Day” means that Business Day on which Units will be available for dealing
(purchase, redemption, transfer, switching etc) during Cut-off Time. Provided that the
Management Company may with the prior written consent of the Trustee and upon giving
not less than seven (7) days notice in two widely circulated English or Urdu newspapers in
Pakistan declare any particular Business Day(s) not to be a Dealing Day(s).

11.23 “DFI” means Development Financial Institution and includes the Pakistan Industrial
Credit and Investment Corporation (PICIC), the Saudi Pak Industrial and Agricultural
Investment Company Limited, the Pak Kuwait Investment Company Limited, the Pak
Libya Holding Company Limited, the Pak Oman Investment Company (Pvt.) Limited,
Investment Corporation of Pakistan, House Building Finance Corporation, Pak Brunei
Investment Company Limited, Pak-Iran Joint Investment Company Limited, Pak-China
Investment Company Limited, and any other financial institution notified under Section 3-A
of the Banking Companies Ordinance, 1962.

11.24 “Distribution Account” means the Bank Account (which may be a current, saving or
deposit account) maintained by the Trustee with a Bank as directed by the Management
Company in which the amount required for distribution of income to the Unit Holder(s)
shall be transferred. Interest, income or profit, if any, including those accruing on
unclaimed dividends, in this account shall be transferred to the main account of the Fund
from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

11.25 “Distributor / Distribution Company” means Company(ies), Firm(s), Sole Proprietorship

concern(s), individual(s), Banks or any other Financial Institution appointed by the
Management Company under intimation to the Trustee for performing any or all of the
Distribution Functions and who are registered with MUFAP as Registered Service
Providers. The Management Company may itself also performs the Distribution Function.

11.26 “Distribution Function” means the functions with regard to:

a. receiving applications for issue of Units together with the aggregate Offer Price for
Units applied for by the applicants;
b. issuing receipts in respect of (a) above;
c. interfacing with and providing services to the Holders including receiving
redemption/transfer applications, conversion notices and applications for change of
address or issue of duplicate Certificates for immediate transmission to the
Management Company or the Transfer Agent as appropriate;
d. accounting to the Management Company for all: (i) payment instruments received from
the applicants for issuance of Units; (ii) payments instruments to the Holders on
redemption of Units; and (iii) expenses incurred in relation to the Distribution Function.
e. the above functions may be performed electronically, if appropriate systems are in
place.

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Offering Document – ALH DDF

11.27 “Duties and Charges” means in relation to any particular transaction or dealing all stamp
and other duties, taxes, Government charges, bank charges, transfer fees, registration fees
and other duties and charges in connection with the increase or decrease of the Trust
Property or the creation, issue, sale, transfer, redemption or purchase of Units or the sale or
purchase of Investment or in respect of the issue, transfer, cancellation or replacement of a
Certificate or otherwise which may have become or may be payable in respect of or prior to
or upon the occasion of the transaction or dealing in respect of which such duties and
charges are payable, but do not include the remuneration payable to the Distribution
Company or any Commission payable to agents on sales and redemption of Units or any
Commission charges or costs which may have been taken into account in ascertaining the
Net Asset Value.

11.28 “Exposure” shall have same meanings as provided in the Regulations.

11.29 “Federal Government” means the Federal Government of Islamic Republic of Pakistan.

11.30 “Financial Institution” means a Bank, Development Finance Institution, Non Banking
Finance Company, Micro Finance Banks, Modaraba or an institution registered under
relevant laws to provide financial services within or outside Pakistan.

11.31 “Financial Sector” shall comprise of the savings and term deposits / certificates/
securities/ instruments issued by the entities of Banking Sector, Financial Services Sector,
Life Insurance Sector and Non- Life Insurance Sector as classified by Karachi Stock
Exchange and DFIs.

11.32 “Force Majeure” means any occurrence or circumstance or element which delays or
prevents performance of any of the terms and conditions of this Deed or any obligations of
the Management Company or the Trustee and shall include but not limited to any
circumstance or element that cannot be reasonably controlled, predicted, avoided or
overcome by any party hereto and which occurs after the execution of this Deed and makes
the performance of the Deed in whole or in part impossible or impracticable or delays the
performance, including but not limited to any situation where performance is impossible
without unreasonable expenditure. Such circumstances include but are not limited to floods,
fires, droughts, typhoons, earthquakes and other acts of God and other unavoidable or
unpredictable elements beyond reasonable control, such as war (declared or undeclared),
insurrection, civil war, acts of terrorism, accidents, strikes, riots, turmoil, civil commotion,
any act or omission of a governmental authority, failure of communication system, hacking
of computer system and transmissions by unscrupulous persons, closure of stock exchanges,
banks or financial institutions, freezing of economic activities and other macro-economic
factors, etc.

11.33 “Formation Cost” means preliminary expenses relating to regulatory and registration
fees of the Scheme, flotation expenses of the Scheme, expenses relating to authorization of
the Scheme, execution and registration of the Constitutive Documents, legal costs, printing,
circulation and publication of this Offering Document, announcements describing the
Scheme and all other expenses incurred until the end of the Initial Period.

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11.34 “Front-end Load” means the Sales load which may be included in the offering price of
the Units; provided however that different levels of Front-end Load may be applied to
different investors, as determined by the Management Company. However aggregate of
Front-end Load and Back-end Load should not exceed 3% of Net Asset Value.

11.35 “Government Securities” includes monetary obligations of the Government or a

Provincial Government or a corporation wholly owned or controlled, directly or indirectly,
by the Federal Government or a Provincial Government and guaranteed by the Federal
Government and any other security as the Federal Government may, by notification in the
official Gazette, declare, to the extent determined from time to time, to be a Government
Security.

11.36 “Haram Income” means any income prohibited by the Shariah.

11.37 “Holder or Unit Holder” means the investor for the time being entered in the Register as
owner of a Unit including investors jointly so registered pursuant to the provisions of the
Trust Deed.

11.38 “Initial Period” or “Initial Offering Period” means a period determined by the
Management Company during which Units will be offered as mentioned in clause 1.7 of
this Offering Document.

11.39 “Initial Price” or “Initial Offer” means the price per Unit on the first day of the Initial
Period determined by the Management Company.

11.40 “Investment” means any Authorized Investment forming part of the Trust Property.

11.41 “Investment Facilitators/Advisors” means an individual, firm, corporate or other entity

appointed by the Management Company to identify, solicit and assist investors in investing
in the Scheme. The investment facilitator/advisor is not authorized to perform the
Distribution Functions. The Management Company shall compensate the Investment
Facilitators.

11.42 “Investment Form” means a standardized form prescribed by the Management Company
to be duly filled by the investor to purchase Units and will be stated in this Offering
Document.

11.43 “Local Governments” mean all the local / city governments in Pakistan.

11.44 “Management Company” is defined in the preamble hereto;

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Offering Document – ALH DDF

11.45 “Net Assets”, in relation to the Trust, means, the excess of assets over liabilities of the
Scheme as calculated in accordance with the Regulations.

11.46 “Net Asset Value” or "NAV” means per Unit value of the Trust arrived at by dividing
the Net Assets by the number of Units outstanding.

11.47 “Offer Price or Purchase (Public Offer) Price” means the sum to be paid by the investor
for purchase of one Unit, such price to be determined pursuant to this document.

11.48 “Offering Document” means the prospectus or other document (issued by the
Management Company with written consent of the Trustee and approved by the
Commission) which contains the investments and distribution policy, unit structure(s) and
all other information in respect of the Unit Trust, as required by the Rules and Regulations
and is circulated to invite offers by the public to invest in the Scheme.

11.49 “Online” means transactions through electronic data-interchange whether real time
transactions or otherwise, which may be through the internet, intranet networks and the like.

11.50 “Ordinance” means the Companies Ordinance, 1984.

11.51 “Par Value” means the face value of Rs. 100 for a Unit of the Fund.

11.52 “Personal Law” means the law of inheritance and succession as applicable to the
individual Unit Holder.

11.53 “Pledge Form” means a standardized form prescribed by the Management Company to
be duly filled by the investor to Pledge his/her Units and will be stated in this Offering
Document.

11.54 “Profit Distribution Date” means the date on which the Management Company decides
to distribute the profits (if any).

11.55 “Provincial Governments” mean the Provincial Governments of all four provinces of
Pakistan.

11.56 “Redemption Form” means a standardized form prescribed by the Management

Company to be duly filled by the investor to redeem Units and will be stated in this
Offering Document.

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Offering Document – ALH DDF

11.57 “Redemption Price or Repurchase Price” means the amount to be paid to the relevant
Holder upon redemption of that Unit, such amount to be determined pursuant to this
document.

11.58 “Register Function” means the functions with regard to:

a. Maintaining the Register, including keeping a record of change of addresses/other
particulars of the Holders;
b. Issuing account statements to the Holders;
c. Issuing Certificate, including Certificates in lieu of undistributed income to Holders;
d. Cancelling old Certificates on redemption or replacement thereof;
e. Processing of applications for issue, redemption, transfer and transmission of Units,
recording of pledges, liens and changes in the data with regard to the Holders;
f. Issuing and dispatching of Certificates;
g. Dispatching income distribution warrants, and bank transfer intimation and
distributing bonus Units or partly both and allocating Units to Holders on re-investment
of dividends;
h. Receiving applications for redemption and transfer/transmission of Units directly
from Holder or legal representatives or through Distributor;
i. Maintaining record of lien/pledge/charge; and
j. Keeping record of change of addresses/other particulars of the Holders.

11.59 “Regular Interval” means monthly, quarterly, half yearly or annual periods.

11.60 “Rules” mean Non-Banking Finance Companies (Establishment and Regulation) Rules
2003 as amended from time to time.

11.61 “Regulations” mean Non--Banking Finance Companies and Notified Entities

Regulations, 2008 and the Schedules and Forms attached to it as amended/replaced from
time to time.

11.62 “Sales Load” mean Front End Load deducted at the time of Investment or Back End
Load charged at the time of Redemption from the Fund. However, load charged upon
redemption and which forms part of the Fund Property shall not classify as Sales Load.
However, cumulative sales load does not exceed three percent 3% of the NAV.

11.63 “SECP” or “Commission” means Securities and Exchange Commission of Pakistan

established under Securities and Exchange Commission of Pakistan Act, 1997 and shall
include its successor.

11.64 “Special Instruction Form” means a standardized form prescribed by the Management
Company to be duly filled by the investor to change his/her particulars and will be stated in
this Offering Document.

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Offering Document – ALH DDF

11.65 “Shariah” means divine guidance as given by the Holy Qur'an and the Sunnah of Holy
Prophet Muhammad (PBUH) and embodies all aspects of the Islamic faith, including
beliefs, practices, rules and principles of Shariah.

11.66 “Stock Exchange” means Stock Exchanges registered under the Securities and Exchange
Ordinance, 1969.

11.67 “Sukuk” means a type of Islamic bond that is backed by assets of the issuer that earn
profit or rent.

11.68 “Transaction Costs” means the costs incurred or estimated by the Management Company
to cover the costs (such as, but not restricted to ,bank charges, brokerage, Trustee charges,
taxes or levies on transactions, etc.) related to the investing or disinvesting activity of the
Unit itself or Trust’s portfolio, inter alia, necessitated by creation or cancellation of Units,
which costs may be added to the NAV for determining the Offer Price of Units or to be
deducted from the NAV in determining the Redemption Price.

11.69 “Transfer Agent” means a company including a Bank that the Management Company
shall appoint for performing the Registrar Functions. The Management Company may itself
perform the Registrar Function.

11.70 “Transfer Form” means a standardized form prescribed by the Management Company to
be duly filed by the investor to transfer Units and will be stated in this Offering Document.

11.71 “Trust Deed” or “Deed” means the Trust Deed of the Fund executed between the
Management Company and the Trustee along with all the exhibits appended hereto.

11.72 “Trust” or “Unit Trust” or “Fund” or “Scheme” or “ALH DDF” means the Unit Trust
constituted by the Trust Deed for continuous offers for sale of Units of the Trust.

11.73 “Working Day” means a business day from Monday to Friday other than banking and
gazette holiday(s).

Words and expressions used but not defined herein shall have the meanings assigned to
them in the Rules and Regulations, words importing persons include corporations, words
importing the masculine gender include the feminine gender, words importing singular
include plural and words “written” or “in writing” include printing, engraving,
lithography, or other means of visible reproduction. The headings and table of contents are
for convenience only and shall not affect the construction of the Offering Document.

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Annexure A

REMUNERATION OF TRUSTEE7
The remuneration of Trustee shall be subject to mutual agreement between the Management
Company and Trustee
Current Level of Trustee Fee
The Trustee remuneration shall be 0.075% of net assets per annum plus reimbursement of actual
custodial expenses.

7
Amended through Second Supplemental dated July 25, 2019 as provided consent on by the trustee of
the fund, Central Depository Company of Pakistan Limited

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Offering Document – ALH DDF

Annexure B

Current Level of Front End Load and Back End Load:

8
Front End Load: 1.0%
Back End Load: Nil

Note : The Management Company may, at its own discretion, charge sales load where
transactions are done online or through a website. In such cases, the maximum percentage
of sales load shall be as stated above subject to the limitation for online investors as may be
imposed by SECP from time to time.

 Any change in the load and fee structure, provided it is within the maximum limit disclosed
in this document, shall be notified through addendum.

Current level of Management Fee9

Current level of management remuneration will be calculated as follows.

The Management Company shall charge a fee at the rate of up to 20% of the gross earnings of
the Scheme, calculated on a daily basis. Provided that fee is subject to a minimum of 0.25% of
the average daily net assets of the Scheme.
The actual rate of management fee on the basis of Net Assets shall be disclosed in the
FMR and in the Financial Statements.

Any adjustment regarding maximum and minimum restriction will be adjusted on next working
day .
Gross earnings of the Scheme would be calculated by adding up the following:
1) Realized and unrealized gains on Shariah Compliant Sukuks and other Shariah Compliant
government securities including amortization of discounts (excluding amortization of
premiums) on these securities;
2) Income from bank deposits; and
3) any other income earned by the Scheme

While calculating Gross earnings of the Scheme, no deduction would be made whatsoever on
account of management fee, tax, formation cost or any other expense chargeable to the Scheme.
Transaction Charges/ processing charges* As determined by the Management Company
from time to time and made available on
MCBAH website.

*The Management Company may at its discretion waive the transaction charges on case to
case

8
Amended through fifth supplemental offering document approved by SECP dated 30 July, 2020.

9
Amended through Second Supplemental dated July 25, 2019 as provided consent on by the trustee of
the fund, Central Depository Company of Pakistan Limited

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Offering Document – ALH DDF

Annexure C

 Cut off timing shall be observed at 11:59:59 pm for online investment/ redemption
and conversion.
Provided that Cut off timing will be observed at 4:30 pm for online conversion of
Backward pricing Fund(s).

 Cut off timing shall be observed at 4:30 pm for physical form investment/
redemption and conversion from Monday to Friday except banking holiday(s) and
gazette holiday(s).

 NAV Announcement of the Fund will be on next day till 9:00 am

10
Note: Any change in the above-mentioned Cut-Off Timings/Business Hours
including for the month of Ramadan shall be notified to the Unit-Holders
through website of the Management Company.

10
Trustee has given consent dated 30 march, 2020 regarding addition of note through Third Supplemental
Offering Document

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Offering Document – ALH DDF

Annexure D
MANAGEMENT COMPANY AND DISTRIBUTION COMPANY

Management Company
Management Company of the Fund is MCB Arif Habib Savings and Investments Limited. Forms
and other information of the Fund can be collected from the following address of the Management
Company or from the branches of the Distribution Company:

MCB Arif Habib Savings and Investments Limited

24th Floor, Centre Point,
Off Shaheed-e-Millat Expressway,
Near KPT Interchange, Karachi
For more information
Call: 111-162-224/ 111-468-378
Email: [email protected]
Website: www.mcbah.com

Distribution Companies

1. MCB Bank. MCB House, 15-D, Main Gulberg, Lahore

2. Standard Chartered Bank. P.O. Box. No. 5556, I.I. Chundrigar Road, Karachi 74000

Updated list of distribution companies is available at our website: www.mcbah.com

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Offering Document – ALH DDF

Annexure E
Profile of the Shariah Advisors

Dr. Mufti Muhammad Taqi Usmani son of the late Maulana Mufti Muhammad Shafi,
the former Grand Mufti of Pakistan. He obtained his Takhassus degree (an advanced
degree equivalent to Ph.D.) in Islamic education from Darul Uloom Karachi, the largest
and most renowned Islamic educational institution in Pakistan. He also obtained a
Master’s degree in Arabic literature from Punjab University, and a law degree (LLB)
from Karachi University.
He is regarded as an expert in the fields of Hadith (sacred traditions of the Holy Prophet,
may Allah’s peace and blessings be upon him), Fiqh (Islamic jurisprudence), Economics,
and Tasawwuf (Islamic spirituality). He has been teaching these and other branches of
Islamic education since 1959.
He served as Judge of the Shariat Appellate Bench of the Supreme Court of Pakistan from
1982 to May 2002. He is also a permanent member of the International Islamic Fiqh
Academy, an organ of OIC based in Jeddah, Saudi Arabia. He has served as the Vice
Chairman of the Academy for nine years. He is also the Vice President of Darul Uloom
Karachi. He is also chairman of AAOFI Bahrain and several Islamic Financial institutions

He has held many positions in the higher echelons of the education sector of Pakistan and
has participated in numerous commissions set up by the government of Pakistan in the
field of education and economics. Since 1967, he’s been the Chief Editor of the monthly
Urdu-language magazine “Albalagh”, and since 1990, he’s been Chief Editor of the
monthly English-language magazine “Albalagh International.” He has also contributed
articles to leading Pakistani newspapers on a range of issues. He has authored more than
60 books in Arabic, English, and Urdu.

Dr. Mufti Muhammad Zubair Usmani son of Mufti Muhammad Rafi Usmani (grand
Mufti of Pakistan and President Jamia Dar ul Uloom Karachi) is a qualified Fazil Dars-e-
Nizami from Jamia Dar ul Uloom, Karachi (Wifaq ul Madaris Arabia), Takhassus Filfiqh
(Mufti) from Jamia Dar ul Uloom, Karachi and Doctor of Philosophy holder in Islamic
Finance from University of Karachi. He also holds Bachelor of Arts degree in Economics
from University of Karachi and Masters in Arts in International Relations from University
of Karachi. He has done many courses in Islamic Finance from Centre for Islamic
Economics (Dar ul Uloom, Karachi), from International Islamic University Islamabad and
specialized course in International Humanitarian laws from Beirut Lebanon. Mr. Usmani
is teaching Tafseer-e-Qura’an, Hadith and Fiqh at Jamia Dar ul Uloom, Karachi and
Islamic Finance at Jamia Dar ul Uloom, Karachi, Bahria University, Sheikh Zayed
Islamic Centre of University of Karachi and other institutions.

Mr. Usmani is the author of the books including but not limited to Accounting &
Auditing for Islamic Financial system, comparative study between Islam and Christianity
and Ijarah (Islamic Leasing). Mr. Usmani has got published his research papers in various
international journals and has delivered research based lectures/presentations at different
national & international seminars, forums, conferences and seminars. Mr. Usmani is a
member Shari’ah Board State Bank of Pakistan besides being Shari’ah advisor, MCB
Islamic Banking Group and supervising various candidates for their Doctor of Philosophy
studies.

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Dr. Ejaz Ahmed Samadani is a faculty member of Centre for Islamic Economics (CIE),
a division of Jamia darul Uloom Karachi, Chaired by Justice (R) Muhammad Taqi
Usmani. He is also a visiting faculty member of Professional Institute of Excellence
(PIE), a training institute which arranges Islamic banking and Takaful courses. He is a
Doctor of Philosophy degree holder from University of Karachi. He also holds LLB
degree from Sindh Muslim Government College. He has also done courses in Islamic
Banking & Finance, Astronomy (Falkiat), Mufti-al-Meeras from Centre of Islamic
Economics (Dar ul Uloom, Karachi) and Silver Shadow-Training the Trainaers from
GEM International

Dr. Ejaz Ahmed Samadani is the author of many books, some of his written book are
Islamic Banking- A Realistic and Balanced Analysis, Islamic Banking and Gharar
(Uncertainty ), Islamic Banking and Murabaha Leasing Process in Islamic Banking
System and Differences between Islamic & Convention Banking

Dr. Ejaz Ahmed Samadani has got published his research papers in various well
renowned newspapers and magazines and has delivered research based
lectures/presentations at different national & international seminars, forums, conferences
and seminars.

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ANNEXURE ‘F’
PLEDGE FORM

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