Investment Management Agreement

You (“Client”) and Wahed Technologies Sdn Bhd (formerly known as Wahed Robo Advisor Sdn Bhd), a Malaysian private limited company and a licensed capital markets and services licence holder for portfolio management under digital investment management (“Wahed”) regulated by the Securities Commission (“SC”) under Capital Markets Services Act 2007, agree to enter into a fund management relationship which Wahed will manage your account with Pacific Trustees Berhad as your custodian or any other custodian which Wahed may further designate (“Custodian”).

This Agreement is effective as of the first day an account is opened with such Custodian and is ready to receive trading instructions from Wahed (the “Effective Date”) based upon the investment plan recommended by Wahed to Client (the “Plan”). In consideration of the mutual covenants herein, Client and Wahed agree as follows:

  1. Scope of Services. Client hereby appoints Wahed as fund manager for all assets that shall be designated by deposit or transfer into one or more account or accounts to be established in the name of Client at a designated Custodian (hereinafter “Accounts”). Client authorizes Wahed to perform the services indicated below in accordance with the financial circumstances, investment objectives, and risk tolerance of Client. Wahed accepts the appointment described herein below. Client hereby grants Wahed discretionary authority in connection with Accounts to be established in the name of Client and in such Accounts to purchase or sell securities or other investment products, to sell, manage, and reinvest the amount or type of assets or investments, whether employing margin or otherwise, to instruct the dealer, trustee, or custodian of assets to receive, accept and deliver securities or other assets, and to implement any investment decisions for the Accounts, all without prior consultation with Client. This discretionary authority includes the authority to hire or retain other fund manager to exercise any authority granted to Wahed under this Agreement, to remove, terminate or replace any such other fund manager, and to allocate assets belonging to Client and subject to this agreement between or among any other such advisers assets and Accounts that are subject to this agreement. This discretionary authority is subject to such other reasonable written limitations that Client may request upon written notice to Wahed and which are agreed to by Wahed. Client may revoke the authority granted hereby at any time by submitting a written notice to Wahed. Except as otherwise provided herein, Wahed shall have no authority under this Agreement to take or have possession of any assets in the Accounts nor to direct delivery of any securities or payment of funds to itself or direct disposition of such securities or funds to any person other than Client. This Agreement shall terminate only on termination of this Agreement or on receipt by Wahed of written notice of the death, incapacity or dissolution of Client. Client acknowledges and understands that the services to be provided by Wahed under this Agreement are limited to the management of the assets in Client’s Accounts.

  2. Investment Objective; Client Responsibilities. Wahed will obtain from Client, and Client agrees to provide, information to determine Client’s financial situation and investment objective. At or around the time of execution of this Agreement, Client will be requested to complete an online suitability profile. Unless otherwise directed in writing, Wahed will recommend investment strategies and investments based on profile information specified by Client (“Investment Profile”) on or our related mobile application (the “Site” or “App”) and consistent with Client’s financial circumstances and other information derived from analysis of the client suitability profile. Wahed will abide by any reasonable limitations, special instructions, or requests of Client and will advise clients if it deems any such requests unreasonable. Client may change any such limitations or instructions from time to time by notifying Wahed in Client’s Investment Profile. Client is responsible for informing Wahed of updates or changes to financial status or circumstances (including restrictions on Client’s accounts) so that Wahed can make any necessary changes to the management of or advice provided with respect to the Account(s). Client agrees to maintain a valid e-mail address on file under the Client Profile. If Client fails to maintain a valid e-mail address, Wahed may terminate this Agreement at Wahed’s discretion.

    Client recognizes that the value and usefulness of the investment advisory services of Wahed will depend upon the accuracy and completeness of the information that Client provides and upon the active participation by Client in the relationship with Wahed. Client therefore agrees to provide complete and accurate information and documents that Wahed requires, in Wahed’s sole judgment, in order to provide the services hereunder. Client’s circumstances or objectives may change in the future and can only be communicated to Wahed via changing the Investment Profile, which sends an automated message to Wahed.

  3. Custody. Wahed will not maintain physical custody of Client’s funds and securities held in Client’s Accounts. Client’s funds and securities shall be held for safekeeping by a custodian meeting the requirements of “custodian,” as defined as an institution within the meaning of section 121 of the Capital Markets Services Act 2007 (hereinafter, “Custodian”), which may be required to be a particular custodian selected by Wahed in its sole discretion. All checks for investment purposes shall be made payable to the Custodian and sent directly to Custodian via directions shown on the Site. Client will not transfer to Wahed, funds intended for investment in other means save as shown on the Site, wire or otherwise. Client’s funds may be held in an omnibus trust account where the Client’s funds will be pooled with funds received from other clients. Funds held under an omnibus trust account are exposed to risks and are not subjected to the same protection as funds held under a segregated account. Under an omnibus trust account, Clients’ investments will be registered collectively under Wahed and the Custodian’s name instead of the individual Clients’ name. Wahed shall not act as custodian for the assets in the Accounts and shall not be liable to Client for any act, conduct, or omission by Custodian. Wahed will not by virtue of this Agreement have the ability to transfer Client funds or assets, except to the extent that may be provided herein. If Wahed is granted authority to deduct fees it will be deemed to have limited custody for certain regulatory purposes.

  4. Custodian Relationship; Account Transactions. Wahed is authorized to give instructions to the Custodian with respect to all investment decisions regarding the assets held in Client’s Accounts and the Custodian is hereby authorized and directed to effect transactions, deliver securities, and otherwise take such actions as Wahed shall direct in connection with the performance of Wahed obligations in respect of such assets, including, without limitation, securities brokerage transaction. In recommending custodians, Wahed will generally take into account such factors as (a) price; (b) the dealer’s facilities, reliability and financial responsibility; (c) the ability of the dealer or custodian to effect transactions, particularly with regard to such aspects as timing, order size and execution of order, notwithstanding that the Accounts may not be the direct or exclusive beneficiary of such services; and (e) any other factors Wahed considers to be relevant.

  5. Expenses and Other Fees. Mutual funds and similar investment vehicles pay managers to manage the assets and the expenses of the fund, including said management fees, are deducted from all of the fund assets, are chargeable against the net asset value of fund shares owned by Client, and are therefore borne separately by Client and are in addition to any fees charged by Wahed. There may be other fees and expenses as applicable that the Client may pay outside of this Agreement, such as other transaction/ ancillary expenses and charges or additional fees related to inter portfolio fund transfers. A description of the types of fees and expenses actually charged by a particular investment are described in the Client contract, as applicable, of the particular investment.

    Foreign Currency Exchange Service Fee

    All deposits, withdrawals and transfer of funds between portfolios to foreign currency denominated funds within a Thematic Portfolio (as defined below) will be subjected to a one percent (1.0%) fee charge on the invested amount into the fund.

    “Thematic Portfolio” is a portfolio that invests in long-term trends that are expected to benefit from macroeconomic changes. The portfolio may invest in a single asset class and may not have diversification benefits.

  6. Confirmation of Trades. The executing dealer or other Wahed shall forward and deliver to Client a confirmation of transaction with respect to its participation in such transaction(s). Except to the extent Client directs otherwise, through sub-custodial agreements or as required by law, Wahed will not be otherwise responsible for forwarding confirmations of any transactions effected for Client.

  7. Confirmation and Account Statements. Client agrees to (i) carefully review upon receipt all confirmations, statements, and reports that are sent by the Custodian to Client, and (ii) to compare the Account confirmations, statements, and reports received from the Custodian to those received from Wahed. Client shall notify Wahed and/or the Custodian of any discrepancy or unauthorized activity. Wahed may consider all confirmations, statements, and reports to have been fully accepted by Client as correct and conclusive unless otherwise notified within seven (7) calendar days of receipt. Client understands and acknowledges that due to the volatile nature of the financial markets, Client is solely responsible for any loss that results from Client’s failure to notify Wahed of any discrepancy or unauthorized activity within the seven (7) calendar day time period stated in this paragraph.

  8. Third Party Fund Manager. Wahed may recommend that all or a portion of the assets in the Account(s) be managed by a third-party fund manager (“Third-Party Advisor”). Fees charged by any such Third Party Advisor will be fully disclosed to Client on a separate disclosure document or agreement between Client and the Third-Party Advisor. In some instances, the advisory fees to be paid to Wahed pursuant to the paragraph titled “Wahed’s Wrap Advisory Fee” below may be paid out of the total fee charged by the Third-Party Advisor, thus reducing the amount of the total fee retained by the Third-Party Advisor. If that is the case, it will be described in the separate disclosure document or agreement between Client and the Third-Party Advisor.

  9. Wahed’s Wrap Fee. All assets in the Accounts are managed through a “Wrap Fee Program” for which Wahed is the sole portfolio manager. Client agrees to pay a single fee (“Wrap Fee”), which varies from 0.39% to 0.79% per annum of the net value of Client’s Accounts or a minimum fee of RM 2.50 per month for Client with 2 or more portfolios that are active and funded, based on the Standard Investment Management Fee Schedule provided in this Agreement.

    All fees will be fully disclosed to Client. The Wrap Fee will be used in part to pay the following expenses: brokerage commissions, transaction charges and handling fees as provided in custodian’s pricing guide. The remaining portion of the Wrap Fee after payment of said expenses is payable to Wahed for management of the Accounts. Client acknowledges that it may be required to enter into a separate agreement with the custodian regarding the Wrap Fee arrangement, and any discrepancy between said separate agreement and this Agreement shall be resolved in favor of said separate agreement.

    Wrap Fees shall be calculated and due on each day the custodian is open for business and remitted to Wahed monthly in arrears. Wrap Fees shall be calculated by dividing the total number of Business Days in a calendar year, the product of the Current Portfolio Value (as defined below) and the Annual Rate (on a blended basis determined on Wahed’s Standard Investment Management Fee Schedule) that corresponds to the Asset Billing Range (as defined below) for the Account as shown on the chart below. The Asset Billing Range shall be the lesser of the Current Portfolio Value and the Net Deposit Value (as defined below) as of the date of calculation.

    “Business Days” means a day (other than a Saturday, Sunday or public holidays) on which financial institutions licensed under the Financial Services Act 2013 and Capital Markets Services Act 2007 are open for business in Kuala Lumpur, Malaysia.

    “Current Portfolio Value” means the value of the account as reflected on the record of the custodian as of the close of trading of the date calculation.

    “Net Deposit Value” means the value of all cash and securities deposited, transferred, or journaled into the Account, less the value of all cash and securities withdrawn, transferred or journaled out of the Account.

    Standard Investment Management Fee Schedule

    For a Client with 1 portfolio that is active & funded*:

    Assets Billing Range
    Annual Rate
    RM100 - RM499,999.99
    RM500,000 and above

    *No minimum monthly fee.

    For a Client with 2 or more portfolios that are active & funded^:

    Assets Billing Range
    Annual Rate
    RM100 - RM499,999.99
    RM500,000 and above


    A minimum monthly fee of RM 2.50 per month

    ^ For a Client who has 2 or more portfolios which are active and funded, the applicable Wrap Fees are 0.79% or 0.39% per annum of the net value of Client’s Accounts, or RM2.50 per month, whichever is higher. For the purpose of fee calculation, inactive portfolios will not be taken into account when determining if the Client will be charged the minimum fee.

    “Active & funded Portfolio” means a portfolio value of RM 100 or more.

    “Inactive Portfolio” means a portfolio value of RM 99.99 or less.

    Wahed will promptly notify Client of any increase or decrease in the Wrap Fee. An increase in the Wrap Fee will be effective for the Account starting in the next month that begins at least 30 days after Wahed sends or posts such notice. A reduction in the Wrap Fee will be effective for the Account starting in the next month following its reduction.

    1. If Client closes the Account, withdraws the entire balance of the Account, or otherwise terminates this Agreement on any date other than the last business day of the month (except under the circumstances covered by Section 9(b)), in each case in accordance with this section herein, Client shall pay any outstanding aggregate daily fees for the period from the day immediately following the last day of the last calendar month for which Client has paid, through the effective date of such withdrawal or termination, as of such effective date.

    2. If, for any reason, Wahed shall close and liquidate all the positions held in the Account, Client may receive the proceeds of the liquidated portion of the Account, and this Agreement shall terminate, subject to Section 19 herein.

    3. If for any reason there is insufficient cash available in the Account to cover Wahed’s fees at the time they are charged and deducted from the Account, Wahed, in its sole discretion, may cause securities in the Account to be liquidated to cover its fees.

    4. Wahed reserves the right, in its sole discretion, to reduce or waive the Wrap Fee for certain Client Accounts for any period of time determined by Wahed. In addition, Client agrees that Wahed may waive its fees for the Accounts of Clients other than Client, without notice to Client and without waiving its fees for Client.

    Wahed’s compensation is not based on shares of capital gain or capital appreciation of any portion of Client’s assets or funds.

    Client acknowledges that Client will be responsible for paying any expenses or fees of the types enumerated in paragraph 8 above, and that said expenses and fees are separate from the Wrap Fees charged under this Agreement.

  10. Valuation. The Clients’ portfolios in the Account(s) will be valued using the latest market information obtained from third-party data providers. The Clients’ account balance for any particular day is valued using the latest prevailing closing price of the underlying securities and/or funds and will be reported in Malaysian Ringgit rounded to the nearest two decimal places, where applicable, based on the latest prevailing closing market exchange rate, as applicable. Wahed does not assume responsibility for the accuracy, timeliness and completeness of the information as reported by the third-party data providers and Wahed shall not be liable for any losses arising from the Clients’ use of, or reliance on, such information in any form or manner.

  11. Methods of Payment. Client hereby acknowledges and agrees that fees assessed pursuant to this Agreement will, unless otherwise arranged, be deducted directly from Client’s Accounts by Custodian and automatically remitted to Wahed. Client hereby consents and agrees to pay Wrap Fees due hereunder by direct debit from the Accounts. Client and Wahed agree that in order to pay such fees, if cash is not available at time payment is due, Wahed may liquidate any Client assets held in Client’s Account as reasonably determined by Wahed. Client is responsible for verifying fees. Notification to Client will be through Client’s user account on the Site or by e-mail at the address (es) provided by Client to Wahed.

  12. Reports of Account. Wahed shall issue separate written reports on monthly basis regarding the Accounts to Client stating the client’s actual portfolio position; and fees and charges payable by the Client where applicable. These reports may include a list of current holdings, performance data, statement of gains and losses, or a financial markets summary as required under the Guidelines.

  13. Proxies, Legal Proceedings, and Class Action Lawsuits. Client understands and agrees that Client retains the right to vote all proxies that are solicited for securities held in the Accounts. Wahed will not be required to take any action or render any advice with respect to the voting of proxies solicited by or with respect to the issuers of securities in which assets of the Accounts may be invested from time to time. In addition, Wahed will not take any action or render any advice with respect to any securities held in any Accounts that are named in or subject to class action lawsuits, bankruptcies or other legal proceedings. Wahed will, however, forward to Client any information received by Wahed regarding class action legal matters involving any security held in the Accounts.

  14. Solicitation. Wahed may, from time to time, provide economic benefits, such as a reduction or waiver of Wahed investment management fees to clients for their referral of family and friends who become clients of Wahed. If Client engages in any referral activities and/or receives any economic benefits from Wahed for such referral activities, Client covenants, represents and warrants: (i) he or she is not subject to any criminal actions of any applicable state law, and (ii) it will abide by such reasonable instructions or directions that Wahed may provide from time to time. If Client were referred by a friend, family member or any other person engaging in referral activities for Wahed, Client hereby acknowledges that it has received a document detailing the disclosure required

  15. Communications. Client updates or changes to financial circumstances with respect to Accounts may be communicated to Wahed via the Site and, where deemed necessary, may be confirmed via Client Account Profile exclusively in writing as soon as practicable thereafter.

  16. Client Data. Except as provided herein or in Wahed’s Privacy Policy, as amended from time to time (which is hereby incorporated by reference), or otherwise agreed to in writing by Client or as required by law, Wahed will not share information regarding Client’s personal and financial affairs (“Client Data”) with any third party, and Wahed will use commercially reasonable measures designed to protect Client Data from unauthorized access or disclosure.

    Client authorizes and empowers Wahed to give a copy of this Agreement to any Custodian or other party to transactions for the Accounts as evidence of Wahed’s authority to issue instructions, request information about the Accounts from Custodian and to act for Client. Client also authorizes Wahed to disclose any personal or financial information to service providers including without limitation custodians or other dealers and their affiliates, third party managers and their affiliates, account display, performance, or aggregation service providers, and parties maintaining or servicing customer relationship management software or websites. Client acknowledges that it has received and reviewed Wahed’s Privacy Policy and consents to the collection, use and disclosure of Client Data as set forth herein and in the Privacy Policy.

  17. Tax Risks. Nothing in this Agreement or any other document received from Wahed shall be construed as providing any legal, accounting, estate, actuary, or tax advice. Client agrees to review publicly available information regarding the securities and the brokerage statements, transaction confirmations and tax reporting forms provided by Wahed for tax-related information. Each Client must rely upon its own representatives, including its own legal counsel and accountant, as to legal, tax and related matters concerning any assets in the Account or any Account transactions and for preparation of any legal, accounting or tax documents.

    The taxation of securities transactions is extremely complex and no attempt is made herein to fully describe the various tax rules that apply to such transactions or to explain in complete detail the rules which are mentioned. However, some general points may be noted. Each Client should confer with their personal tax advisor regarding the tax consequences of investing with Wahed based on their particular circumstances. Client and Client’s tax advisors are responsible for how the transactions in Client’s Account are reported to the Internal Revenue Board or any other taxing authority. Wahed assumes no responsibility to Client for the tax consequences of any transaction.

  18. Non-Exclusive Contract. Client acknowledges that Wahed provides advisory services to more than one client, and may give advice, and take action, with respect to any of its other clients which may differ from the advice given, or the timing or nature of action taken, with respect to Client’s Accounts, so long as it is Wahed’s policy, to the extent practicable, to allocate investment opportunities to Client’s Accounts over a period of time and on an equitable basis relative to other clients. Wahed has no obligation to disclose to Client the purchase or sale of any security which Wahed, its principals, affiliates, or employees may purchase or sell for its (their) own account or for the accounts of other clients. Client acknowledges that the Wrap Fee charged to Client may be higher or lower than that which Wahed charges other clients for the same or similar services, and that lower fees for similar services may be available from other sources.

  19. Term and Termination. This Agreement shall commence on the date of acceptance by Wahed as shown below and shall continue until terminated in accordance with the provisions of this Section or any other provision of this Agreement. This Agreement may be terminated by either party with or without cause by notice to the other party, which notice shall be provided by Client to Wahed through the Site and by Wahed to Client through the primary e-mail address in Client’s Account Application as Client shall update from time to time. Client’s withdrawal of all of the Accounts under this Agreement will terminate this Agreement. Upon receipt of termination request, Wrap Fees will be calculated to the date of termination and assessed in accordance with the agreed upon rate. Unearned portions of prepaid fees will be refunded and any earned, unpaid fees will be assessed prior to the final disbursement of refunds, if any. Refund disbursements or fee invoices will be mailed to Client within thirty (30) business days of receipt of termination notice. Client understands that Wahed will not provide services in the event uncollected accounts-receivable from Client exceeds thirty (30) days. In addition, all custodial termination and transfer fees, if any, assessed by Custodian will be the responsibility of Client. Termination of this Agreement will not affect (a) the validity of any action previously taken by Wahed under this Agreement; (b) liabilities or obligations of the parties from transactions initiated before termination of this Agreement; or (c) Client’s obligation to pay advisory fees (pro-rated through the date of termination). Upon termination of this Agreement, Wahed shall perform no functions whatsoever with respect to the managing of the Accounts, and further management of those accounts shall be the sole responsibility of Client.

  20. Mediation/Arbitration. This Agreement contains a mediation and arbitration clause. Excepting matters for injunctive relief, it is agreed that all controversies or disputes which may arise between Client and Wahed (and/or the Custodian, sub-advisors, or representatives), concerning any transaction or order, the construction, performance, or breach of Agreement or any other Agreement between Client and Wahed, whether entered into prior to, on, or subsequent to the date of this Agreement, including any controversy concerning whether an issue is an arbitration claim, shall be settled either by mediation instituted at the request of either party, or if not resolved by mediation, by arbitration, unless unenforceable under applicable state or federal law. Any mediation or arbitration will be held in Kuala Lumpur, Malaysia unless otherwise agreed to by both parties. Any arbitration shall be conducted in accordance with the applicable rules of Asian International Arbitration Centre (AIAC) Arbitration Rules and the laws of Malaysia. Judgment on any arbitration award may be entered in any court having jurisdiction over the subject matter of the controversy.

    Notwithstanding the foregoing, this binding arbitration clause in no way limits or affects Client’s rights under the Capital Markets Services Act or related securities laws. With respect to controversies or disputes which may arise between Client and Wahed concerning matters involving alleged violations of applicable securities laws, breach of common law or statutory duty, this mediation and arbitration process does not constitute a waiver of any legal rights provided under the aforementioned laws, including the right to choose a forum, whether by arbitration or adjudication, in which to seek the resolution of disputes.

  21. Risk Acknowledgement. Wahed will use its best judgment and good faith efforts in rendering services to Client. Wahed’s investment selections on behalf of Client shall not constitute legal or tax advice, analysis or opinion. Wahed does not guarantee future performance or any specific performance, success of any investment decision or strategy that Wahed may use, or success of Wahed’s overall management of the Accounts. Client understands that investment decisions by Wahed are subject to various markets, currency, economic, political, and business risks, and investment decisions will not always be profitable. Wahed will provide advice only with respect to the securities, cash, and other investments held in the Accounts and, in making recommendations for Accounts, Wahed will not consider any other securities, cash or other investments owned by Client.

  22. Liability of Wahed. Except as otherwise provided by applicable law, Wahed will not be liable to Client for (a) any loss that Client may suffer by reason of any investment decisions made or other action taken or omitted in good faith by Wahed with a degree of care, skill, prudence, and diligence under the circumstances that a prudent person acting in a fiduciary capacity would use; (b) any loss arising from Wahed’s adherence to Client’s written or oral instructions or restrictions; (c) any act or failure to act by Custodian to which Wahed directs transactions for Accounts, or by any other third party;(d) the loss or failure or delay in performance of any obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond Wahed’s reasonable control, including, without limitation, acts of God, earthquakes, fires, floods, wars, terrorism, civil or military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of utility, telecommunications, computer software or hardware, transportation or communication service, accidents, labor disputes, acts of civil or military authority, governmental, regulatory authority or securities exchanges actions, the inability to obtain labor, material, equipment, or transportation and a custodian refusing to act on Wahed’s instructions; or (e) any indirect, special, incidental, or consequential damages. Client shall indemnify and defend Wahed and Wahed’s directors, officers, shareholders, employees and affiliates and hold them harmless from and against any and all claims, losses, damages, liabilities and expenses, as they are incurred, by reason of any act or omission of Client or dealer or any custodian, dealer, agent or other third party selected by Wahed in a commercially reasonable manner or selected by Client. Under certain circumstances, federal and state securities statutes impose liabilities on persons who act in good faith, and therefore, nothing in this Agreement will waive or limit any rights that Client may have under those statutes.

  23. Legal Proceedings. Client agrees that Wahed will not advise or act for Client in any legal proceedings, including bankruptcies or class actions, involving securities held or previously held by Client in the Accounts or by issuers of securities.

  24. Wahed’s Registration Status. Wahed is a licensed as Capital Markets Services Licence with the Securities Commission and may also, from time to time, become registered in other jurisdictions as required by law. Registration does not imply a certain level of skill or training.

  25. Independent Contractor. Wahed is and will hereafter act as an independent contractor and not as an employee of Client, and nothing in this Agreement may be interpreted or construed to create any employment, partnership, joint venture or other relationship between Wahed and Client.

  26. Client Representations and Warranties.

    1. Client represents and warrants to Wahed and agrees with Wahed as follows:

      1. Client has the requisite legal capacity, authority and power to execute, deliver and perform his or her obligations under this Agreement. This Agreement has been duly authorized, executed and delivered by Client and is the legal, valid and binding agreement of Client, enforceable against Client in accordance with its terms. Client’s execution of this Agreement and the performance of his or her obligations hereunder do not conflict with or violate any obligations by which Client is bound, whether arising by contract, operation of law or otherwise.

      2. Client is the owner or co-owner of all cash and securities in the Account, and there are no restrictions on the pledge, hypothecation, transfer, sale or public distribution of such cash or securities.

      3. Client acknowledges that a Plan may include only a single ETF for each asset class within the Plan, with each ETF playing a necessary role in the overall investment strategy and, therefore, Client understands and acknowledges that there can be no exclusions or restrictions of ETFs recommended as part of the Plan.

      4. Client will provide Wahed with complete and accurate information about Client’s identity, background, net worth, investing timeframe, other risk considerations, any securities from which Client may be or become legally restricted from buying or selling, as requested, and other investment accounts, as requested, in the Investment Profile and will promptly update that information as Client’s circumstances change.

      5. Client agrees to use Wahed solely for Client’s personal, non-commercial use, and not in connection with any competitive analysis (as determined by Wahed).

    2. Client will deliver to Wahed evidence of Client’s authority on Wahed’s request and will promptly notify Wahed of any change in such authority, including but not limited to an amendment to Client’s organizational, delegation or formation documents that changes the information Client provides to Wahed on opening the Account. Clients shall inform Wahed of any event that might affect this authority or the propriety of this Agreement. Wahed shall not be responsible for any claims or damages resulting from such reliance or from any change in the status of the relationship between Clients who have entered into this Agreement.

    3. Client covenants that it will abide by all present and future applicable anti-money laundering and anti-terrorist financing laws, regulations and related securities commissions or regulators’ rules and governmental guidance (the “AML Rules”). Client further covenants that it will, upon request, provide to Wahed any documents and information that Wahed may require to comply with the requirements of the AML Rules.

  27. Death or Disability. This Agreement shall terminate only as expressly provided herein or on receipt by Wahed of written notice of the death, incapacity or dissolution of Client.

  28. Assignment. This Agreement is binding and for the benefit of the parties to Agreement, their successors, and permitted assigns, except that this Agreement may not be assigned by either party without the consent of the other party. Client shall be deemed to have provided prior written consent to an assignment of this Agreement if Client does not object to the assignment in writing within thirty (30) days of receiving notice of such assignment.

  29. Amendment. This Agreement may not be amended by either Client or Wahed without the prior written consent of the other party. Client shall be deemed to have provided prior written consent to an amendment of this Agreement (including the Schedules hereto) if Client does not object to the amendment in writing within thirty (30) days of receiving notice of such amendment. In the event that Client does not consent to any amendment to this Agreement proposed by Wahed in accordance with this Section 29, Wahed shall have the right, but not the obligation, to terminate this Agreement immediately in accordance with Section 19 of this Agreement.

  30. Captions. The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

  31. Governing Law. This Agreement is governed by and construed in accordance with the laws of Malaysia.

  32. Notices; Electronic Consent.

    1. Client hereby agrees and consents to have Wahed deliver or make available electronically all current and future account statements, notices (including privacy notices), letters to Client, regulatory communications and other information, documents, data and records related to the Account (collectively, “Account Communications”). Client acknowledges and agrees that electronic communication from Wahed will include, among other things, email delivery, and/or the electronic communication of Account Communications pertaining to Client via Wahed’s website and Client acknowledges and agrees that such email delivery and electronic provision shall be deemed delivery. Client acknowledges and agrees that is Client’s affirmative obligation to notify Wahed in writing of any changes to Client’s email address. With respect to e-mail delivery of Account Communication, Client understands that e-mail messages may sometimes fail to transmit properly, including being delivered to SPAM folders. Client further understand that it is responsible for ensuring that any emails from Wahed are not marked as SPAM and that Wahed is responsible only to the extent that it sends e-mail messages to Client’s e-mail address of record. Regardless of whether or not Client receives an e-mail notification, Client agrees to check Wahed’s website on a regular basis for current information and to avoid missing any information that is time- sensitive.

    2. Wahed shall not be liable for any interception by any third party of Account Communications. Client acknowledges and agrees that, although Wahed will not charge additional amounts for electronic delivery, Client may incur charges from its internet service provider or other third parties in connection with the delivery and receipt of Account Communications delivered electronically. In addition, Client understands that there are risks associated with electronic delivery of Account Communications, including the risk of system outages or interruptions, which risks may, among other things, inhibit or delay Client’s receipt of Account Communications.

    3. Through Wahed’s website, Client will have access to an archive of all documents received via electronic delivery for a period of three (3) years.

    4. Subject to the terms of this Agreement, Client may revoke or restrict consent to electronic delivery of Account Communication at any time by notifying Wahed in writing of Client’s intention to do so. Client understands that it has the right to request paper delivery of any Account Communication that the law requires Wahed to provide to Client in paper form. Client understands that if it revokes or restricts consent to electronic delivery of Account Communications or requests paper delivery of the same, Wahed, in its sole discretion, may: (i) charge Client a reasonable service fee for the delivery of any Account Communications that would otherwise be delivered to Client electronically, and/or (ii) restrict or close the Account. Client understands that neither the revocation or restriction of consent, request for paper delivery, nor Wahed’s delivery of paper copies of Account Communications will affect the legal effectiveness or validity of any electronic communication provided while Client’s consent is in effect.

    5. Client’s consent to receive electronic delivery of Account Communications will be effective immediately and will remain in effect unless and until either Client or Wahed revokes consent per Section 33(d) above. Client understands that it may take up to three (3) business days to process a revocation of consent to electronic delivery. Client acknowledges that it may receive electronic notifications until such consent is processed.

    6. Client understands and confirms that in order to access, view, and retain Account Communications from Wahed, Client must have: (i) access to an up-to- date internet browser in order to access the Account, or if accessing through a mobile application, one of the following mobile operating systems: Apple iOS 6.0 or later or Android OS 2.3 or later; (ii) local, electronic storage capacity to retain Account Communications and/or a printer to print them; (iii) a valid e-mail account and software to access it; (iv) an up-to-date device or devices including but not limited to a computer, tablet, or smartphone suitable for connecting to the internet and downloading or accessing websites; and (v) software that enables Client to view files in the Portable Document Format (“PDF”).

  33. Miscellaneous. If any provision of this Agreement is or should become inconsistent with any law or rule of any governmental or regulatory body having jurisdiction over the subject matter, the provision will be deemed to be rescinded or modified in accordance with any such law or rule. In all other aspects, Agreement will continue and remain in full force and effect. No term or provision of Agreement may be waived or changed except in writing signed by the party against whom such waiver or change is sought to be enforced. Wahed’s failure to insist at any time on strict compliance with this Agreement or with any terms of this Agreement or any continued course of such conduct on its part will not constitute or be considered a waiver by Wahed of any of its rights or privileges.

    This Agreement contains the entire understanding between Client and Wahed concerning the subject matter of this Agreement.

  34. Electronic Signature. Client consents and agrees that his or her use of a key pad, mouse, or other device to select an item, button, icon, or similar act/action while accessing or making any transactions regarding any agreement, acknowledgment, consent, terms, disclosures, or conditions constitutes Client’s electronic signature, acceptance, and agreement under the Digital Signature Act 1997 including other applicable regulations and guidelines from time to time and that such electronic signature will meet the requirements of an original signature as if actually signed by Client in writing. Further, Client agrees that no certification authority or other third-party verification is necessary to the enforceability of his or her signature or any resulting contract between Client and Wahed. At the request of Wahed, any electronically signed document must be promptly re-executed in original form by Client who executed the electronically signed document. No party hereto may raise the use of an electronic signature as a defense to the enforcement of this Agreement or any amendment or other document executed in compliance with this section.

BY: Wahed Technologies Sdn Bhd (formerly known as Wahed Robo Advisor Sdn Bhd)

End-User License Agreement ("Agreement")

Please read this End-User License Agreement and any associated Terms and Conditions ("Agreement") carefully before clicking the "I Agree" button, downloading or using Wahed Invest application ("Application").

By clicking the "I Agree" button, downloading or using the Application, you are agreeing to be bound by the terms and conditions of this Agreement.

If you do not agree to the terms of this Agreement, do not click on the "I Agree" button and do not download or use the Application.


Wahed Technologies Sdn Bhd. grants you a revocable, non-exclusive, non-transferable, limited license to download, install and use the Application solely for your personal, non-commercial purposes strictly in accordance with the terms of this Agreement.


You agree not to, and you will not permit others to license, sell, rent, lease, assign, distribute, transmit, host, outsource, disclose or otherwise commercially exploit the Application or make the Application available to any third party. Further you agree not to (i) remove any product identification, copyright, or other notices; or (ii) except as specified herein or in the applicable user documentation provided by Wahed Technologies Sdn Bhd. or with the prior express, written consent of Wahed Technologies Sdn Bhd., modify, incorporate into other software, or create a derivative work of any part of the Application.


As between the parties, Wahed Technologies Sdn Bhd. retains all title to and, except as expressly and unambiguously licensed herein, all intellectual property rights and moral rights in and to the Application. The Agreement nor the license constitute a sale of the Application or any portion or copy of it.

Third-Party Services

The Application may display, include or make available third-party content (including data, information, applications and other products services) or provide links to third-party websites or services ("Third-Party Services”).You acknowledge and agree that Wahed Technologies Sdn Bhd. shall not be responsible for any Third-Party Services, including their accuracy, completeness, timeliness, validity, copyright compliance, legality, decency, quality or any other aspect thereof. Wahed Technologies Sdn Bhd. does not assume and shall not have any liability or responsibility to you or any other person or entity for any Third-Party Services.Third-Party Services and links thereto are provided solely as a convenience to you and you access and use them entirely at your own risk and subject to such third parties' terms and conditions.

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Wahed Technologies Sdn Bhd. reserves the right to modify, suspend or discontinue, temporarily or permanently, the Application or any service to which it connects, with or without notice and without liability to you.

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This Agreement shall remain in effect for as long as you use the Application or until terminated by Wahed Technologies Sdn Bhd.

Wahed Technologies Sdn Bhd. may, in its sole discretion, at any time and for any or no reason, suspend or terminate this Agreement with or without prior notice.

This Agreement will terminate immediately, without prior notice from Wahed Technologies Sdn Bhd., in the event that you fail to comply with any provision of this Agreement. You may also terminate this Agreement by deleting the Application and all copies thereof from your mobile device or from your desktop.

Upon termination of this Agreement, you shall cease all use of the Application and delete all copies of the Application from your mobile device or from your desktop.

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Wahed Technologies Sdn Bhd. warrants for a period of ninety (90) days from the date of acceptance of the Application that: (i) such Application, as so delivered, shall substantially conform to the specifications for such Application; (ii) the Application shall be and has been developed using good workmanship in accordance with high professional standards; (iii) there is no claim, litigation, or proceeding pending or threatened with respect to the Application or any component thereof; (iv) to our actual knowledge, with no duty to investigate, neither the Application nor the proper exercise of the rights granted under this Agreement shall infringe upon the intellectual property rights, or require any further license, of any other person or entity except third-party software or hardware; and (v) the Application as delivered by Company will not introduce any known viruses into your network. The foregoing warranties shall not apply to the extent that any breach thereof arises out of any modifications to the Software made by Licensee or its employees, agents, or contractors or any third party without the written consent of Company.

Limitation of Liability



You agree to indemnify and hold Wahed Technologies Sdn Bhd. and its parents, subsidiaries, affiliates, officers, employees, agents, partners and licensors (if any) harmless from any claim or demand, including reasonable attorneys' fees, due to or arising out of your: (a) use of the Application; (b) violation of this Agreement or any law or regulation; or (c) violation of any right of a third party.


If any provision of this Agreement is held to be unenforceable or invalid, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law and the remaining provisions will continue in full force and effect.

Amendments to this Agreement

Wahed Technologies Sdn Bhd. reserves the right, at its sole discretion, to modify or replace this Agreement at any time. If a revision is material we will provide at least 15 days' notice prior to any new terms taking effect. What constitutes a material change will be determined at our sole discretion.

Contact Information

If you have any questions about this Agreement, please contact us.

Last updated: 31 January 2019

Product Disclosure Statement


Wahed Technologies Sdn. Bhd. (formerly known as Wahed Robo Advisors Sdn. Bhd.) (“Wahed” or the “Firm”) is a subsidiary of Wahed Inc., the first automated Shariah compliant wealth adviser in the world. It aims to provide low-cost, ethical, and diversified portfolio solutions to Muslim and ethical investors across the globe. Wahed’s proprietary technology has been designed and developed for ease of use, accessibility, and global scalability. Wahed has identified great market potential of its platform; given that its investors are increasingly seeking transparency and ethical investment opportunities. Wahed operates in the Financial Technology (FinTech) space, where operations are highly dependent on technology infrastructure and algorithms to assign proper portfolio allocation weight and drive profit.


The Firm offers an automated investment management service, providing maximum net-of-fee, investment returns against client’s individual risk tolerance profile. The Firm will target investors that require Shariah compliant instruments in which to invest. The Firm will begin offering its services in Malaysia at a minimum investment of RM 100. We will be offering a range of portfolios with varying target returns. Each portfolio invests across multi-asset classes to maximize diversification benefits. All securities used in the portfolio selection process are periodically reviewed by the firm’s investment committee, investment professionals and periodically monitored by its Shariah review board.The Firm will leverage its technological and operational capabilities to offer its clients lower fees and a wide scope of investment benefits. Its investment philosophy has allowed the firm to target a wide range of investors, in addition to high net worth individuals and corporates. The firm’s Shariah review board will be responsible for ensuring that all securities that are being considered are compliant with Islamic principles.


The Firm carries out its fund management activities in accordance with the Shariah Principle of Wakalah. The Firm (wakil) shall be appointed as the agent of the Client (Muwakkil) to carry out investment related activities on behalf of the Client.


a) Digital business model

The Firm brings to the market a digital investment solution that allows the average Malaysian to invest confidently in Shariah compliant securities at a more affordable cost and with a lot more convenience.

Without any upfront sales charge, a low fee starting from 0.79% and the convenience of signing up, investments monitoring, free deposits and withdrawals all done online, we save investors hours of their precious time and, most importantly, reduce the costs that they would normally have to pay in other investment alternatives. We also do not have any lock-in periods — deposits and withdrawals can be done at any time.

b) Digital business model

The user is at the core of our service. Our web application is specifically designed with our users in mind. Also, we do extensive user tests internally where select team members will use the app on a daily basis, collate feedback and improve the applications accordingly. We spend 1-3 months in testing within closed groups before launching any application. The Firm also values transparency. We offer full disclosures on our website and all relevant client related documents are made publicly available on our home page. The In addition, we see the need to continue to educate the public on Islamic finance and Islamic investing. Hence, we have started creating content in collaboration with world-renowned scholars. We will continue doing this and eventually consolidating these contents on our own ‘Knowledge Hub’ which will be made publicly available on our website. The Firm will also be engaging Malaysian scholars to co-create content in Bahasa Malay to educate the public on the benefits of Islamic finance.

(c) Automated investment proposition

On the Firm’s digital platform, the investor begins by responding to several risk-related questions. The initial queries focus on investment goals, liquidity needs, and time horizon and risk comfort levels. Using modern portfolio theory, the Firm’s approach optimizes the investor’s portfolio with Shariah-compliant investments offering the greatest returns for the minimum amount of risk. The broad investment categories include global equity, emerging markets equity, Malaysian equity, REITs, commodities and fixed income. Using investments from these categories, the investors' percentages in specific asset classes are determined according to their risk category. The risk categories are:

Very conservative



Moderately aggressive


Very aggressive

For example, a very conservative portfolio would own 15% equity, 72.5% fixed income, 5% gold, 5% REIT and 2.5% cash. As a digital investment management company or robo-advisor, the Firm will also rebalance its clients’ portfolios. The frequency of rebalancing is determined by several factors. If the investor’s goals or risk profile changes, the portfolio will be rebalanced. The assets will be rebalanced when funds are added to or withdrawn from the account. A major change in market volatility might spur rebalancing. The portfolio may also be rebalanced if there’s a great deviation from the consumers expected return.


The Firm employs modern portfolio theory (MPT) to identify the optimal portfolio for each client. Harry Markowitz and William Sharpe introduced MPT, for which they won the Nobel Prize in 1990. At present, MPT is the most widely accepted framework for managing diversified investment portfolios. However, the theory is not free of limitations, especially in the area of extremely low probability significant downside scenarios.

It has been observed that returns can be maximized across risk levels by combining different asset classes instead of individual securities. The Firm first identifies a broad set of diversified asset classes to serve as a portfolio’s building blocks.

Each asset class is evaluated on long-term historical behavior in different economic scenarios, risk-return profiles conceptualized in asset pricing theories, and their expected behavior on the basis of long-term secular trends and the macroeconomic environment. It is further evaluated on the following:

Capital growth and income generation potential


Correlation with other asset classes (diversification)

Inflation protection

Cost to implement via ETF

The investment management team of the Firm has designed a service to provide each client a unique portfolio that is diversified across relatively uncorrelated asset classes and customized for individual risk tolerance. The firm invests with an equity orientation to maximize long-term returns. The Firm regularly monitors and periodically rebalances portfolios to increase long-term investment returns.

For additional information on securities selection, please refer to the “Investment Methodology White Paper” In Appendix A.


Each asset class is represented by a low-cost Shariah compliant Exchange Traded Fund (ETF) or group of select securities. On the unavailability of such an ETF, a security, a fund, or an instrument is selected to mimic the profile of the asset class in question. The following table shows the list of asset classes and their corresponding securities that have been selected for investment purposes.

Asset Class Description

Global Equity

The global exposure covers the U.S. market and the global ex-U.S. markets. The U.S. market exposure measures the performance of all large and mid- cap stocks that comply with Islamic principles. This asset class helps investors participate in the long-term growth of the U.S. market. The global ex-U.S. markets exposure provides investors with access to the growth of top Shariah- compliant companies from developed and emerging markets except for the U.S. In addition, these companies are also screened to ensure they meet the highest ESG (Environmental, Social and Governance) standards.

Emerging Market Equity

This provides exposure to the Emerging Markets and China A-Shares.

The Emerging Markets exposure provides investors direct investment in companies from various emerging markets such as Taiwan, India, South Korea, Saudi Arabia, and Brazil among others. Notable sector exposure from these markets are IT, energy and materials. The China A-Shares exposure allows investors to participate in the China economy, the second largest in the world, to tap into the continued growth that is expected to be driven by consumption and services industries.


The essence of Sukuk is to provide ethical compliant instruments for investments which do not involve interest and excess uncertainty. It is a primacy of equity financing. The Sukuk holder has an ownership on the underlying asset which is entitled for revenues generated from the Sukuk asset unlike the bondholder who is eligible to receive interest payments by the bond issuer. It must be asset backed or asset based and interest free.

Local REITs

This asset class provides exposure to the Malaysian Shariah-compliant Real Estate Investment Trusts (i-REITs). Investing in i-REITs provides the opportunity to generate returns and distribution from rental income as well as capital appreciation.


Commodities as an asset class have had historically low correlation with stocks and bonds. Currently we have only included gold to represent this asset class. Gold provides the potential for long-term capital appreciation as well as acting as an inflation hedge.

Money Market

Exposure in the money market asset class aims to provide short-term liquidity and income, while maintaining capital stability by investing in a diversified portfolio of Islamic money market instruments.


All investments carry risk. The likely investment return and the risk of losing money is different for each asset class as different strategies carry different levels of risk depending on the underlying mix of assets. Those assets with potentially the highest long-term return (such as shares) may also have the highest risk of losing money in the shorter term.

The significant risks are as follows:

Political Risks.

Most investments have a global component, even domestic stocks. Political events anywhere in the world may have unforeseen consequences to markets around the world.

Foreign Investing and Emerging Markets Risk.

Foreign investing involves risks not typically associated with Malaysian investments, and the risks may be exacerbated further in emerging market countries. These risks may include, among others, adverse fluctuations in foreign currency values, as well as adverse political, social and economic developments affecting one or more foreign countries. In addition, foreign investing may involve less publicly available information and more volatile or less liquid securities markets, particularly in markets that trade a small number of securities, have unstable governments, or involve limited industry. Investments in foreign countries could be affected by factors not present in Malaysia, such as restrictions on receiving the investment proceeds from a foreign country, foreign tax laws or tax withholding requirements, unique trade clearance or settlement procedures, and potential difficulties in enforcing contractual obligations or other legal rules that jeopardize shareholder protection. Foreign accounting may be less transparent than Malaysian accounting practices and foreign regulation may be inadequate or irregular.

General Market Risks.

Markets can, as a whole, go up or down on various news releases or for no understandable reason at all. This sometimes means that the price of specific securities could go up or down without real reason, and may take some time to recover any lost value. Adding additional securities does not help to minimize this risk since all securities may be affected by market fluctuations.

Currency Risk.

Overseas investments are subject to fluctuations in the value of the dollar against the currency of the investment’s originating country. This is also referred to as exchange rate risk.

Regulatory Risk.

Changes in laws and regulations from any government can change the value of a given company and its accompanying securities. Certain industries are more susceptible to government regulation. Changes in zoning, tax structure or laws impact the return on these investments.

Tax Risks Related to Short Term Trading.

Clients should note that Wahed may engage in short-term trading transactions. These transactions may result in short term gains or losses for tax purposes, which may be taxed at a higher rate than long term strategies. Wahed endeavors to invest client assets in a tax efficient manner, but all clients are advised to consult with their tax professionals regarding the transactions in client accounts.

Risks Related to Investment Term.

If you require us to liquidate your portfolio during a period in which the price of the security is low, you will not realize as much value as you would have had the investment had the opportunity to regain its value, as investments frequently do, or had we been able to reinvest in another security.

Purchasing Power Risk.

Purchasing power risk is the risk that your investment’s value will decline as the price of goods rises (inflation). The investment’s value itself does not decline, but its relative value does, which is the same thing. Inflation can happen for a variety of complex reasons, including a growing economy and a rising money supply.

Business Risk.

These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric company, which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like.

Liquidity Risk:

Liquidity is the ability to readily convert an investment into cash. For example, Treasury Bills are highly liquid, while real estate properties are not. Some securities are highly liquid while others are highly illiquid. Illiquid investments carry more risk because it can be difficult to sell them.

Financial Risk.

Excessive borrowing to finance a business’ operations decreases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value.

Default Risk.

This risk pertains to the ability of a company to service their debt. Ratings provided by several rating services help to identify those companies with more risk. Obligations of the Malaysia government are said to be free of default risk.

Advisory Risk.

There is no guarantee that Wahed’s judgment, models, or investment decisions about particular securities or asset classes will necessarily produce the intended or expected results. Wahed’s judgment may prove to be incorrect, and a client might not achieve the client’s investment objectives. Wahed may also make future changes to the investing algorithms and services that it provides. In addition, it is possible that clients or Wahed itself may experience computer equipment failure, loss of internet access, viruses, or other events that may impair access to Wahed’s software-based or web-based service. Wahed and its representatives are not responsible to any client for losses unless caused by Wahed breaching a duty or breaching a contract.

Fund Risks, including Net Asset Valuations and Tracking Error.

Wahed expects to primarily recommend and make available through its Wrap Fee program exchange-listed securities, including ETFs and other funds. ETF performance may not exactly match the performance of the index or market benchmark that the ETF is designed to track because (i) the ETF will incur expenses and transaction costs not incurred by any applicable index or market benchmark; (ii) certain securities comprising the index or market benchmark tracked by the ETF may, from time to time, temporarily be unavailable; and (iii) supply and demand in the market for either the ETF and/or for the securities held by the ETF may cause the ETF shares to trade at a premium or discount to the actual net asset value of the securities owned by the ETF. Certain ETF or other fund strategies may from time to time include the purchase of fixed income, commodities, foreign securities, American Depositary Receipts, or other securities for which expenses and commission rates could be higher than normally charged for exchange-traded equity securities, and for which market quotations or valuation may be limited or inaccurate. Clients should be aware that to the extent they invest in ETF or other fund securities they will pay multiple levels of compensation – fees charged by Wahed plus any management fees charged by the issuer of the ETF or other fund. This scenario may cause a higher advisory cost (and potentially lower investment returns) than if a client purchased the ETF or other fund directly. An ETF or other fund typically includes embedded expenses that may reduce the fund's net asset value, and therefore directly affect the fund's performance and indirectly affect a client’s portfolio performance or an index benchmark comparison. Expenses of the fund may include management fees, custodian fees, brokerage commissions, early redemption charges and legal and accounting fees. ETF and other fund expenses may change from time to time at the sole discretion of the issuer. ETF tracking error and expenses may vary.

Large Investment Risks.

Clients may collectively account for a large portion of the assets in certain investments. If many Accounts buy or sell some or all of a particular investment where clients hold a significant portion of that investment may negatively impact the value of that investment.The foregoing list of risks does not purport to be a complete enumeration or explanation of the risks involved in investing in Investments. As Wahed’s investment strategies develop and change over time, clients may be subject to additional and different risk factors. No assurance can be made that profits will be achieved or that substantial losses will not be incurred.


The Firm focuses on providing customers access to Shariah compliant investments at affordable costs to ensure Muslim investors do not have any unnecessary financial burden.

The Firm’s customers are billed on the basis of the Wrap Fee structure concept. A Wrap Fee is a comprehensive charge levied by the Firm on customers against a bundle of services, including investment advice and research, and brokerage services. As a straightforward fee is charged, the payment process for both advisers and investors is simple.

Our Wrap Fee is charged on the basis of the level of assets under management (AUM) of each Client which varies from 0.39% to 0.79% per annum of the net value of investor’s accounts, or a minimum fee of RM 2.50 per month for Client with 2 or more portfolios that are active and funded within an account. Please find below the wrap fee structure:

If you only have 1 portfolio that is active & funded*:

Fee AUMs

0.79% p.a. RM 100 – RM 499,999.99

0.39% p.a. RM 500,000 and above

*No minimum monthly fee.

If you have 2 or more portfolios that are active & funded^:

Fee AUMs

0.79% p.a. RM 100 – RM 499,999.99

0.39% p.a. RM 500,000 and above


A minimum monthly fee of RM 2.50 per month

^ For a Client who has 2 or more portfolios which are active and funded, the applicable Wrap Fees are 0.79% or 0.39% per annum based on the net value of investor’s accounts OR RM 2.50 per month, whichever is higher. For the purpose of fee calculation, inactive portfolios will not be taken into account when determining if the client will be charged the minimum fee.

“Active & funded Portfolio” means a portfolio value of RM100 or more.

“Inactive Portfolio” means a portfolio value of RM 99.99 or less.

The following table shows the revenue source and the respective charge:

Revenue Source Method of Revenue Generation


Wrap Fee Charged monthly based on client AUM

0.39 – 0.79% p.a.ORA minimum fee of RM2.50 per month

The Firm is a “fee only” investment adviser. The firm will not receive or accept any other direct or indirect compensation. This ensures complete transparency for clients.

Foreign Currency Exchange Service Fee

All deposits, withdrawals and transfer of funds between portfolios to foreign currency denominated funds within a Thematic Portfolio (as defined below) will be subjected to a one percent (1.0%) fee charge on the invested amount into the fund.

“Thematic Portfolio” is a portfolio that invests in long-term trends that are expected to benefit from macroeconomic changes. The portfolio may invest in a single asset class and may not have diversification benefits.


The U.S Equity Asset Class is represented by Wahed FTSE USA Shariah ETF (HLAL), a Nasdaq listed ETF managed by our affiliate company, Wahed Invest LLC (“Wahed Invest”) using a “passive management” (or indexing) approach to seek to track the total return performance, before fees and expenses. Due diligence was conducted by Wahed Invest to ensure that the structure, investment and operations of HLAL meets the requirements of Nasdaq. Please note that there are no direct transactions between the Firm and Wahed Invest involved in the acquisition of HLAL and all transactions are conducted on arm's length basis where the Firm will buy and sell HLAL’s shares through third-party brokers at market prices. HLAL offers clients diversification into Shariah compliant US stocks. However, diversification does not assure profit nor protect against loss in a declining market. Past performance is not a guarantee of future results and as with all investments, HLAL includes some risk, including the possibility of loss of principal. Investors are advised to read and understand HLAL’s Prospectus, Supplementary Prospectus and Factsheet to carefully consider the investment objectives, risks, charges, and expenses in relation to HLAL. All the aforementioned documents may be found at HLAL’s website,

APPENDIX A: Investment Methodology White Paper Our investment methodology employs five steps:

1. Identify an ideal set of asset classes for the current investment environment 2. Select low cost ETFs and/or securities to represent each asset class 3. Determine your risk tolerance to create the appropriate portfolio for you 4. Apply Modern Portfolio Theory to allocate among the chosen asset classes for your risk tolerance 5. Monitor and periodically rebalance your portfolio

Finding Asset Classes

The first step in our methodology is to identify a broad set of diversified asset classes to serve as the building blocks for our portfolios. We consider each asset class’s long-term historical behaviour in different economic scenarios, risk- return relationship conceptualized in asset pricing theories, and expected behaviour going forward based on long-term secular trends and the macroeconomic environment. We also evaluate each asset class on its potential for capital growth and income generation, volatility, correlation with the other asset classes (diversification), inflation protection, and cost to implement via ETF and tax efficiency.

Asset classes fall under three broad categories: stocks, bonds (Sukuk) and inflation assets. Stocks, despite their high volatility, give investors exposure to economic growth and offer the opportunity for long-term capital gains. Stocks provide effective long-run inflation protection and are relatively tax efficient due to the favourable tax treatment on long-term capital gains and stock dividends (relative to the way ordinary income is taxed).

Bonds (Sukuk) and bond- like securities are the most important income-producing asset classes for income- seeking investors. Although bonds have lower return expectations, they provide a cushion for stock-heavy portfolios during economic turbulence due to their low volatility and low correlation with stocks. Assets that protect investors from inflation in both moderate and high inflation environments include Real Estate and Commodities. Their prices tend to be highly correlated with inflation.

Based on a thorough analysis, our investment team currently works with the asset classes listed in the table below.

Asset Benefits

Global Equity

Capital growth, long-run inflation protection, tax efficiency

Emerging Market Equity

Capital growth, long-run inflation protection, tax efficiency

Sukuk Income, low historical volatility, diversification

Local REITs Income, capital growth, diversification

Gold Diversification, inflation protection

Money Market Income, inflation protection

Allocating Assets Mean-Variance Optimization

The Firm determines the optimal mix of our chosen asset classes by solving the “Efficient Frontier” using Mean-Variance Optimization (MVO) (Markowitz, 1952), the foundation of Modern Portfolio Theory. The Efficient Frontier represents the portfolios that generate the maximum return for every level of risk. Each portfolio is created by choosing a particular mix of asset classes that maximizes the expected return for a specific level of risk, or equivalently, one that minimizes the risk for a specific expected return. MVO calculates the best risk-return trade-off when combining the asset classes in portfolios. In addition to portfolio construction, we also use MVO as an important quantitative tool to evaluate how many asset classes we should use in a portfolio. If adding an asset class to the mix raises the efficient frontier, then it improves the risk-return trade-off of the portfolios, (i.e. it offers a higher return for the same risk level or lower risk for the same return level). MVO provides a powerful mathematical framework for evaluating portfolio risk-return trade-offs. As you will see later in this paper, we also apply other quantitative approaches and qualitative assessment when choosing portfolios to manage.

Capital Market Assumptions

MVO requires, as inputs, estimates for each asset class’s standard deviation, correlation and expected return. To estimate each asset class’s standard deviation (volatility), we consider its long-term historical standard deviation, its short-term standard deviation, and the expected volatility implied by its pricing in the options markets. Long-term historical estimates benefit from a larger sample size, short-term estimates capture market evolution and the option markets imply forward-looking volatility. To estimate correlation, we consider long-term historical correlation and short-term correlation.

To estimate each asset class expected return, we start with the Capital Asset Pricing Model (CAPM) (Sharpe, 1964) as the baseline estimate. CAPM derives expected returns in market equilibrium under certain assumptions, and states that the expected return of an asset class is dictated by its systematic risk as measured by beta. Riskier asset classes command higher expected returns. Both MVO and CAPM are important constituents of Modern Portfolio Theory (MPT). We also form views on long-term return expectations for each asset class based on interest rates, credit spreads, dividend yields, GDP growth and other macroeconomic variables. We use the Black-Litterman model (Black & Litterman, 1992) and the Gordon growth model (Gordon, 1959) to adjust the CAPM returns with our views. We subtract ETF expenses from the gross return of each asset class to estimate its net-of-fee expected return.

We update our estimates annually which likely results in small changes to our recommended asset allocations. Existing clients’ portfolios are rebalanced to account for the new estimates if the changes in estimates lead a particular asset class percentage to fall outside the thresholds described in the rebalancing section below.

Portfolio Constraints

In addition to estimating parameters carefully for MVO, we enforce minimum and maximum allocation constraints for each asset class. This method is widely used to ensure proper portfolio diversification, mitigate parameter estimation errors and express investor preferences.

Investment Types

The Firm uses cost-effective, index-based Exchange Traded Funds (ETFs) to represent each asset class. In contrast, many financial advisors have historically recommended actively managed mutual funds. Mutual funds were convenient because they could be chosen easily using a well-known rating system offered by Morningstar. In 2010, Morningstar admitted its rating system did not successfully identify mutual funds that could outperform the market in the future (Kinnel, 2010). Not surprisingly, a significant amount of research has been published that shows the majority of mutual funds (65-75%) underperform the market (Bogle, 2009; Malkiel, 2012) and those that outperform in one period are unlikely to outperform in subsequent periods. A widely cited paper on the subject showed mutual funds underperformed the Vanguard S&P 500® index fund by an average of 2.1% per year pre-tax over a 20-year period due to high fees and poor stock selection (Arnott, Berkin, & Ye, 2000).

The Firm periodically reviews the entire population of Shariah compliant ETFs to identify the most appropriate ones to represent each of its four recommended asset classes. We look for ETFs that minimize cost and tracking error, offer ample market liquidity, and adhere to Islamic standards.

If such an ETF is not available, a security, fund, or instrument is chosen to mimic the profile of the asset class in question.

Determining Your Risk

Rather than asking the typical 25 questions asked by financial advisors to identify an individual’s risk tolerance, the Firm combed behavioral economics research to simplify our risk identification process to only a few questions. For example, we are able to project an individual’s income growth and saving rate based on individual’s age and current income. We ask prospective clients questions to evaluate both their objective capacity to take risk and subjective willingness to take risk. Our view is that sophisticated algorithms can do a better job of evaluating risk than the average traditional advisor.

We ask subjective risk questions to determine both the level of risk an individual is willing to take and the consistency among individual’s answers. The less consistent the answers, the exponentially less risk tolerant the investor is likely to be. For example, if an individual is willing to take a lot of risk in one case and very little in another, then the individual is inconsistent and is therefore assigned a lower risk tolerance score than the simple weighted average of individual’s answers.

We ask objective risk questions to estimate with as few questions as possible whether the individual is likely to have enough money saved at retirement to afford individual’s likely spending needs. The greater the excess income, the more risk the customer is able to take. Conversely if individual’s expected retirement income is less than individual’s likely retirement spending needs, then she cannot afford to take much risk with individual’s investments.

We email our clients quarterly to determine if anything in their financial profile has changed that may affect their risk tolerance. For example, getting married, having kids, or being promoted to a significantly higher paying job can have a major impact on the risk score we apply and therefore one’s ideal investment mix. In addition we gradually adjust clients’ investment mixes as they age to make sure they have less volatility as their retirement approaches.

We allow clients to adjust their assigned risk score once every 30 days, in the event they want a more or less conservative allocation based on their individual circumstances. We warn them in advance that it might not be appropriate for their ultimate goals. We restrict the risk score to be changed only once every 30 days as we don’t believe it should be used as a market timing tool. We also may limit the number of times a client can change individual’s risk score in order to further discourage attempts to time the market. The Firm discourages market timing because we believe attempting to time the market is one of the most serious mistakes an individual investor can make.

Rebalancing and On-going Monitoring

A portfolio created using MPT-based techniques will not stay optimized over time. The composition of any investment portfolio will naturally drift as capital markets move and certain holdings outperform others. This typically results in two adverse outcomes: (1) portfolio risk increases as the equity portion of the portfolio grows beyond its original allocation, and (2) allocations become sub-optimally mixed. To maintain the intended risk level and asset allocations, a portfolio must be periodically rebalanced back to its original targets.

We consider the volatility associated with each of our chosen asset classes when deciding when and how to rebalance. We do not consider the tax implications.

We continually monitor client portfolios as our platform is engineered to alert our investment management team when any portfolio steps outside its assigned standard deviation and/or assigned optimal asset allocation mix.


The Firm combines the judgment of its world-class optimization team with state-of-the-art optimization tools to identify efficient portfolios. We strive to deliver the maximum net-of-fee, after-tax, real investment return for each client’s particular tolerance for risk. This means we will continue to look for meaningful ways to improve our investment methodology in the future while continuously monitoring and periodically rebalancing our clients’ portfolios to maximize returns while maintaining their calculated risk tolerance. We believe following this process will lead to outstanding long-term financial outcomes for our clients.

Terms and Conditions

This website, whose home page is located at (the “Website”), is an online information service provided by us, subject to your compliance with these terms and conditions (“Terms and Conditions”). These Terms and Conditions apply to the entire content of the Website and to any correspondence by email between you and us. You should read these Terms and Conditions carefully before using the Website. By using the Website you indicate that you accept these Terms and Conditions. If you do not wish to be bound by these Terms and Conditions, do not access or use the Website.

1. Introduction

These Terms and Conditions are issued by Wahed Technologies Sdn Bhd. whose registered office is at B-5-8 Plaza Mont Kiara, Mont Kiara 50480, Kuala Lumpur, Malaysia. When we use "we", "us" or "our" in these Terms and Conditions we are referring to Wahed Technologies Sdn Bhd. and any of our affiliates. When we use “you” or your”, we are referring to you, the user accessing this Website. You will be bound by those Terms and Conditions where you are an individual accessing a page of the Website, whether via the homepage or not. Where you are accessing the Website in the course of employment you act as your employer’s agent; your acceptance of these Terms and Conditions is deemed acceptance by your employer of these Terms and Conditions and any reference to “you” shall be deemed to include your employer. We may modify these Terms and Conditions from time to time, and such modifications shall be effective immediately upon posting on the Website. You should check these Terms and Conditions periodically so that you are aware of such modifications, as your continued access or use of the Website will demonstrate your acceptance of the Terms and Conditions as modified. If you do not accept any modifications then do not access or use the Website. You will be able to access material on most areas of the Website without going through a registration process.

2. Statutory Rights

Nothing in these Terms and Conditions will affect your statutory rights.

3. Copyright and Intellectual Property Rights

The Website is owned and operated by Wahed Technologies Sdn Bhd. All of the content featured or displayed on the Website including, but not limited to, text, graphics, photographs, images, moving images, sound, illustrations and software ("Content") is owned by Wahed Technologies Sdn Bhd. All elements of Wahed’s website including, but not limited to, the general design and the Content, are protected by copyright, moral rights, trademark and other laws relating to intellectual property rights. This Website, its Content and all related rights shall remain the exclusive property of Wahed Technologies Sdn Bhd. or its licensors unless otherwise expressly agreed. All material contained in this Website, provided by Wahed Technologies Sdn Bhd. is only intended for the lawful use by its customers, employees and members of the general public. The material may not be copied, republished, incorporated into another website or reproduced (whether by linking, framing or any other method), transmitted, distributed, uploaded, posted, used to create a derivative work or exploited in any other way without the written consent of Wahed Technologies Sdn Bhd.

4. Access to the Website

We endeavour to make the Website available uninterrupted and fault free. However, we will not be liable if for any reason the Website is unavailable at any time or for any period. Access to the Website may be suspended temporarily and without notice in the case of system failure, maintenance or repair or for any other reason.

5. Your obligations

You must not violate any applicable national or international law in accessing or using the Website. You must not manipulate or otherwise display the Website by using framing or similar navigational technology. You may not link to the Website without our prior written consent. You are responsible for obtaining and maintaining all telephone, computer hardware, software and other equipment needed for access to and use of the Website and for meeting all costs associated with that equipment. You are prohibited from uploading, posting or transmitting to or from the Website any material: a) that is threatening, defamatory, obscene, indecent, seditious, offensive, pornographic, abusive, liable to incite racial hatred, discriminatory, menacing, scandalous, inflammatory, blasphemous, in breach of confidence, in breach of privacy or which may cause annoyance or inconvenience; b) for which you have not obtained all necessary licences and/or approvals; c) which constitutes or encourages conduct that would be considered a criminal offence, give rise to civil liability, or otherwise be contrary to the law; d) that infringes our or any other third parties patent, trademark, trade secret, copyright or other proprietary rights, in Malaysia or any other country in the world; or e) which is technically harmful (including, without limitation, computer viruses, logic bombs, Trojan horses, worms, corrupted data or other malicious software or harmful data or code). You may not misuse the Website (including, without limitation, by hacking). Please note that we shall aim to co-operate fully with any law enforcement authorities or court orders requesting or directing us to disclose the identity or locate anyone posting any material in breach of this section. You shall indemnify us, our affiliates, suppliers and employees from and against all losses, expenses, damages and costs (including legal fees) arising as a result of your breach of these Terms and Conditions, your negligence or otherwise as a result of your use of the Website. Whether we collect certain types of information and how we process it depends on how you use and access the Website. Some information is collected automatically through use of cookies and similar data collection tools. We collect information about you in the following ways:

6. Disclaimers

You assume responsibility and risk for your use of the Website and the Internet generally. It is solely your responsibility to evaluate the accuracy, completeness and usefulness of all opinions, advice, services, merchandise, advertising and other information provided on the Website, via a link or on the Internet generally. You acknowledge that nothing on the Website has been tailored for your particular requirements. We recommend that you always consult an appropriate professional advisor before relying on personal, legal or financial advice provided on the Website. Nothing on the Website constitutes the offering of investment advice. While we have taken all reasonable steps to ensure the accuracy and completeness of the content of the Website, we exclude any warranties, undertakings or representations (either express or implied) to the full extent permitted under applicable law, that the Website or (including without limitation) all or any part of the content or materials, accuracy, availability or completeness of the content of the Website or any part of the content or materials, are appropriate or available for use either in the United Kingdom or in other jurisdictions. If you use this Website from other jurisdictions, you are responsible for compliance with applicable local laws. We may make changes to the material on the Website, or to the products and services described in it, at any time without notice. The material on the Website may be out of date, and we make no commitment to update such material. Any opinions, advice, statements, offers, advertising, products or other information expressed or made available by third parties on the Website, or via a link, are those of the third party concerned. We neither endorse nor are responsible for the accuracy or reliability of any third party material. Some of the information on the Website may contain projections or other forward-looking statements regarding future events or our future financial performance. You acknowledge that these statements are only predictions and that the actual events or results may differ materially. We do not guarantee or warrant that files available for downloading through the Website will be free of infection or viruses, worms, Trojan horses or other code that manifest contaminating or destructive properties. You are responsible for implementing sufficient procedures and checkpoints to satisfy your particular requirements for accuracy of data input and output, and for maintaining a means external to the Website for the reconstruction of any lost data. We accept full liability to you for: a) death or personal injury caused by our negligence; or b) any fraud we commit; or c) any other liability which cannot be excluded or limited under applicable law. Nothing in these Terms and Conditions will exclude or limit that liability. Other than any liability to you under these Terms and Conditions, we accept no liability however caused (to the maximum extent permitted by applicable law) arising out of the use of or access to the Website (which includes without limitation) any errors or omissions contained in the Website or if the Website is unavailable and we shall not be liable, direct or indirect, for: a) any business loss including loss of revenue, profits or anticipated savings (whether those losses are the direct or indirect result of our default); b) loss of goodwill or reputation; or c) economic losses (including without limitation loss of revenues, data, profits, contracts, use, opportunity, business or anticipated savings); d) any loss which was not reasonably foreseeable to us when you accessed or used the Website (even if it results from our failure to comply with these Terms and Conditions or our negligence); e) any other loss or damage whatsoever which you suffer (even if it results from our failure to comply with these Terms and Conditions or our negligence and even if it was foreseeable to you and us when you accessed or used the Website); arising in connection with your use or inability to use the Website; or any information, or transactions provided on the Website, via a link, or downloaded from the Website or any delay in the provision of such information or service.

7. Links

You may use the Website to link to third party websites. If you use any link, you leave the Website. Your use of any third party website will be subject to that third party’s terms and conditions. We do not monitor the content of third party web sites and any links provided are for your convenience only.

8. Information you provide

We respect and are committed to protecting your privacy. Our Privacy Policy informs you how your personal information is processed and used. We will use our reasonable endeavours to take steps to use your personal information only in ways that are compatible with the Privacy Policy. Other than your personal information, which is covered by the Privacy Policy, any material you transmit or post to the Website shall be considered non-confidential and non-proprietary. We shall have no obligations with respect to such material. We and our designers shall be free to copy, disclose, distribute, incorporate and otherwise use such material and all data, images, sounds, text and other things for any and all commercial or non-commercial purposes.

9 Governing law

These Terms and Conditions shall be governed by, and construed in accordance with, the laws of Malaysia. Any court proceedings must be brought in the Malaysia courts or pursuant to the terms of your client agreement.

10. Assignment

These Terms and Conditions are personal to you. You shall not assign or transfer to anyone any of your rights or obligations under these Terms and Conditions without our prior written consent. Nothing in these Terms and Conditions shall be deemed to grant any rights or benefits to any person other than you or us.

11. Waiver

Any waiver by either you or us of any right under these Terms and Conditions will be confined to the circumstance in which it is given. It shall not affect the subsequent enforcement of the same right or the enforcement of any other right.

12. Severability

If any part of these Terms and Conditions is for any reason found by a court or any other authority of competent jurisdiction to be void or otherwise unenforceable, that part shall be deemed omitted from these Terms and Conditions. The remainder of these Terms and Conditions shall remain in full force and effect to the maximum extent permitted by law.

13. Entire agreement

These Terms and Conditions contain all our commitments and constitute the entire agreement between you and us in relation to your use of the Website. No other statement we make, including statements in any brochure or promotional literature published by us, may be incorporated into this agreement or have any legal effect.

14. Registration Information

In order to avail our services, you will be required to create an account and select a user name and password. You may be asked to provide some personal information as well. You agree at all times that all the information you provided to us is accurate and complete, and you will obliged to regularly update this information as and when required. You agree to not impersonate any other individual or entity, misrepresent affiliation with any person/entity, or hide any required information from Wahed Technologies Sdn Bhd. for any purpose. We agree to protect the information you provide to us, in accordance with our Privacy Policy. Failure to do so will constitute a breach of our terms and may lead to the termination of your account. For security reasons, we ask you to not share any of your registration details (User name, Password, screen name, etc.) with any individual. You agree to notify us immediately of any unauthorized use of your account. If you still share such information with anyone, we may be forced to assume that you have authorized all his or her activities.

15. Service Communications and alerts

When you create an account with Wahed Technologies Sdn Bhd., you automatically subscribe for various types of alerts. You can customize or deactivate such alerts by changing your account settings.

16. Termination/Access restriction

You and/or we may terminate these Terms and Conditions at any time, without prior notice, for any reason. All provisions of these Terms and Conditions which grant continuing rights or impose continuing obligations shall survive termination of these Terms and Conditions. We may, in our sole discretion, terminate your access to the Website, at any time, without notice.

17. Internet Communications

In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Wahed Technologies Sdn Bhd. reserves the right to monitor all internet communications, including web and email traffic, into and out of its domain. Monitoring includes (without limitation) checks for viruses and other malignant code, criminal activity, and use or content that is unauthorised or unlawful or material that may cause offence in any way.

18. Telephone calls

Calls may be recorded for training and security purposes.
We welcome any queries, comments or requests you may have regarding these Terms and Conditions. Please do not hesitate to contact us at Wahed Technologies Sdn Bhd., B-5-8 Plaza Mont Kiara, Mont Kiara 50480, Kuala Lumpur, or

Version: 29 April 2019



Wahed Technologies Sdn Bhd (“Wahed”) is licensed by the Securities Commission of Malaysia as a Digital Investment Management (DIM) company. Wahed is authorised to carry on the business of fund management incorporating innovative technologies into automated discretionary portfolio management services offered to clients under a license issued pursuant to Schedule 2 of the Capital Markets Services Act 2007.

All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Historical returns, expected returns, and probability projections are provided for informational and illustrative purposes, and may not reflect actual future performance. Wahed assumes no responsibility for liability for your trading and investment results.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Past results of any trading system published by Wahed, through the Website or otherwise, are not indicative of future returns by that system, and are not indicative of future returns which will be realized by you.

The website and the content presented, including, without limitation, the indicators, strategies, columns, articles, publications and guides is to be used for informational purposes only. Wahed cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any third-party information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. You are responsible for conducting your own investment research and decisions, and should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Wahed in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned on the Website or any linked site.

The names, products, services and branding cited within the Website and the Content may be trademark or registered trademarks of their respective owners and the owners retain all legal rights. The use of trademarks or service marks by another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by, Wahed.





Thematic Portfolio Disclaimer

All deposits, withdrawals and transfer of funds between portfolios to foreign currency denominated funds within a Thematic Portfolio will be subjected to a 1.0% fee charge on the invested amount into the fund.

Risks associated with Thematic Portfolios may be different from risks associated with recommended portfolios under Regular Account. By selecting a Thematic Portfolio, you acknowledge that it may invest in a single asset class with no diversification benefit and accept any other risks or fees associated with Thematic Portfolios.

If you have chosen any of the following Wahed's Thematic Portfolios that consists of only ONE asset class and has no diversification benefit, kindly read the full applicable risk disclosure at the respective links below:


US Stocks

China Stocks

Emerging Market Stocks

Local REIT

Money Market Fund

Privacy Policy


1. Privacy Policy

This Privacy Policy (“Privacy Policy”) applies to Wahed Technologies Sdn. Bhd (“Wahed”) website at (the “Website”). This Privacy Policy covers the collection, processing and other use and disclosure of personal data under the Personal Data Protection Act 2010 (“PDPA”) and the General Data Protection Regulation (“GDPR”). For the purpose of the PDPA and GDPR we are the data controller/user and any enquiry regarding the collection or processing of your data should be sent to our email: For the purpose of this Privacy Policy, the terms “we”, “us” and “our” refer to Wahed. “You” refers to you as the user of the Website. This Privacy Policy has been developed as an extension of our commitment to combine the highest-quality services with the highest level of integrity in dealing with all users of the Website. It is designed to assist you in understanding how we collect, use and safeguard personal information you provide to us and to assist you to make informed decisions. We will treat personal data that you provide through the Website according to this Privacy Policy, the PDPA and the GDPR. This statement will be continuously assessed and updated against new technologies, business practices and our customers’ needs. PLEASE REVIEW THIS PRIVACY POLICY CAREFULLY. By visiting and/or submitting information to or through this Website, you agree to be bound by the terms and consent to the collection, use, disclosure, retention and processing of your information as described in this Privacy Policy, the PDPA and the GDPR.

2. Exclusion

You might find links to third party websites on our website. These websites should have their own privacy policies, which you should check. We do not accept any responsibility or liability for their policies whatsoever as we have no control over them.

3. Amendments to the Privacy Policy

This Privacy Policy will come into effect on 29th April 2019 (the “Effective Date”). Although most changes are likely to be minor, we may change our Privacy Policy from time to time, to reflect changes to the Website, customer feedback and applicable law and in our sole discretion. If we decide to change our Privacy Policy, we will post those changes on this page so that you are always aware of what information we collect, how we use it, and under what circumstances we disclose it.  We encourage you to frequently check this page for any changes to the Privacy Policy. We will not make retroactive changes that reduce your privacy rights unless we are legally required to do so. Your continued use of the Website after any change in this Privacy Policy will constitute your acceptance of the amended Privacy Policy.


4. Types of Information

We collect various kinds of information that you provide to us as well as information we obtain from your use of the Website. Some of the types of information that we collect include:

Personal Data

Information associated with or used to identify or contact a specific person. Personal Data includes: (1) contact data (such as name, address, postal address, e-mail address, telephone number and employer); (2) financial information (such as credit card number); (3) demographic data (such as gender, date of birth and zip code); and (4) certain Usage Data (defined below), such as IP address.

Certain personal information, such as information about personal health or racial or ethnic origins, is characterized as sensitive (“Sensitive Personal Data”) and subject to stricter regulation than other personal information. Before providing it to use, we urge you to carefully consider whether to disclose your Sensitive Personal Data to us. If you do provide Sensitive Personal Data to us, you consent to its use and disclosure for the purposes and in the manner described in this Privacy Policy.

Usage Data

Information about an individual's online activity that, by itself, does not identify the individual, such as:

technical information, including your browser type, service provider, IP address, operating system and webpages visited;

information about what you've searched for and looked at while using the Website; or

metadata, which means information related to items you made available through the Website, such as the date, time or location that a shared photograph or video was taken or posted.

Generally, we do not consider Usage Data as Personal Data because Usage Data by itself usually does not identify an individual. Personal Data and Usage Data may be linked together. Different types of information also may be linked together and, once linked, may identify an individual person. Some Usage Data may be Personal Data under applicable law.

Location Data

A category of Personal Data collected about the location of a mobile device or computer, including:

the location of the mobile device or computer used to access the Website derived from GPS or WiFi use;

the IP address of the mobile device or computer or internet service used to access the Website; and; and

other information made available by a user or others that indicates the current or prior location of the user.

5. How We Collect Information

Whether we collect certain types of information and how we process it depends on how you use and access the Website. Some information is collected automatically through use of cookies and similar data collection tools. We collect information about you in the following ways:

From You We collect information from you when you:

Use our services. We collect Personal Data from you when you create an account to use one of our services, contact us for help or information or otherwise voluntarily provide your Personal Data.

Connect with social media though the Website. The Website may offer you the ability to use Facebook Connect or other social media services (collectively, “Social Media”) in conjunction with certain services. When you access the Website through your Facebook or other Social Media account, the Website may, depending on your privacy settings, have access to information that you have provided to the Social Media platform. We may use this information for the purposes described in section 6.

From Our Business Partners and Service Providers

Third parties that assist us with our business operations also collect information (including Personal Data and Usage Data) about you through the Website and share it with us. We may combine the information we collect from you with information from other sources and use the combined information as described in this Privacy Policy.

Usage Data

We also automatically collect Usage Data when you interact with the Website.

From cookies and other data collection tools

Our Website uses cookies. We use cookies to gather information about your computer for our services and to provide statistical information regarding the use of our Website. Such information will not identify you personally - it is statistical data about our visitors and their use of our Website. This statistical data does not identify any personal details whatsoever. We may also gather information about your general internet use by using a cookie file. Where used, these cookies are downloaded to your computer automatically. This cookie file is stored on the hard drive of your computer, as cookies contain information that is transferred to your computer's hard drive. They help us to improve our Website and the service that we provide to you by tracking users' navigation habits and storing users' password, customizing users' experience with the Website; enabling us to analyze technical and navigational information; and helping to detect and prevent fraud.

We also use other cookies and other data collection tools (such as web beacons and server logs), which we collectively refer to as “data collection tools,” to help improve your experience with the Website. For example, data collection tools help us remember users and make the services more relevant to them.

The Website also may use data collection tools to collect information from the device used to access the Website, such as operating system type, browser type, domain and other system settings, as well as the operating system used and the country and time zone in which the computer or device is located.

Web browsers allow some control of most cookies through the browser settings. To find out more about cookies, including how to manage and delete cookies, visit Some web browsers (including some mobile web browsers) provide settings that allow a user to reject cookies or to alert a user when a cookie is placed on the user's computer, tablet or mobile device. Most mobile devices also offer settings to reject mobile device identifiers.

All computers have the ability to decline cookies. This can be done by activating the setting on your browser which enables you to decline the cookies. Please note that should you choose to decline cookies, you may be unable to access particular parts of our Website.

6. How We Use Your Information

We may process the information we collect/you provide to us in accordance with the PDPA and GDPR. This information is primarily used to enable us to provide our services to you. In addition, we may use the information for the following purposes:

to operate, improve and personalize the products and services we offer, and to give each user a more consistent and personalized experience when interacting with us;

for customer service, security, to detect fraud or illegal activities, or for archival and backup purposes in connection with the provision of services;

to communicate with users and to notify them about any changes to our Website, such as improvements or service/product changes, that may affect our services;

to better understand how users access and use the Website, for the purposes of trying to improve our services and to respond to user preferences, including language and location customization, personalized help and instructions, or other responses to users' usage of the Website;

to help us develop our new products and services and improve our existing products and services;

to provide users with advertising and direct marketing that is more relevant to you;

to enforce any other applicable policies; and

to assess the effectiveness of and improve advertising and other marketing and promotional activities on or in connection with the Website.

In order to provide you with a better experience and to improve the services, information collected through the Website may be used in an aggregated or individualized manner.

For example, personal information collected during use of one of the services may be used to suggest particular content that can be made available to the user on another service or be used to try to present more relevant advertising in another service.

7. How We Share and Disclose Your Information

We may share and disclose information as described at the time information is collected or as follows:

When you consent

We may share Personal Data with third parties if you have given us your consent to do so or:

in the event that we sell or buy any business or assets, in which case we may disclose your Personal Data to the prospective seller or buyer of such business or assets;

if we or substantially all of our assets are acquired by a third party, in which case personal data held by us about our customers will be one of the transferred assets;

if we are under a duty to disclose or share your Personal Data in order to comply with any legal obligation or in order to enforce or apply our Website Terms and other agreements, but we will endeavor to minimise such disclosure to only that reasonably necessary and, where possible, to provide you with notice of such disclosure; and/or

to protect the rights, property, or safety of Wahed, the Website, our users and any third party we interact with to provide the Website.

If you do not want us to use your data, you will have the opportunity to withhold your consent to this when you provide your details to us on the form on which we collect your data, or you can do so by writing to

In the same manner, if you have given us consent to use your data for a particular purpose you can revoke or vary that consent at any time.

To perform services

We may disclose Personal Data to any member of our group, which means our subsidiaries, our ultimate holding company and its subsidiaries in order to perform services requested or functions initiated by users. In addition, we may disclose Personal Data in order to identify a user in connection with communications sent through the Website. With third party service providers performing services on our behalf We share information, including Personal Data, with our service providers to perform the functions for which we engage them (such as hosting and data analyses). We may share information as needed to operate other related services.

For legal purposes

For legal purposes We also may share information that we collect from users, as needed, to enforce our rights, protect our property or protect the rights, property or safety of others, or as needed to support external auditing, compliance and corporate governance functions. We will disclose Personal Data as we deem necessary to respond to a subpoena, regulation, binding order of a data protection agency, legal process, governmental request or other legal or regulatory process. We may also share Personal Data as required to pursue available remedies or limit damages we may sustain.

In aggregated form

We may share Personal Data about you in an aggregated form that is, in a statistical or summary form that does not include any personal identifiers, with third parties in order to discover and reveal trends about how users like you interact with our services.

During corporate changes

We may transfer information, including your Personal Data, in connection with a merger, sale, acquisition or other change of ownership or control by or of us or any affiliated company (in each case whether in whole or in part). When one of these events occurs, we will use reasonable efforts to notify users before your information is transferred or becomes subject to a different Privacy Policy.

8. Information Storage and Security

We retain information for a period of seven (7) years. We also retain Personal Data from closed accounts to comply with applicable law, prevent fraud, resolve disputes, troubleshoot problems, assist with any investigation and other actions permitted by law. After this period, we dispose of it according to our data retention and deletion policies.

The security of your Personal Data is important to us. We shall take all appropriate security and organizational measures to prevent unauthorized access to, alteration of, disclosure of, accidental loss, and destruction of personal information under our control. When you register on Wahed website, we use a secure server. The secure server software (SSL) encrypts all information you input before it is sent to us. Furthermore, all of the sensitive data we collect is protected by several layers of encryption and several layers of security to prevent unauthorized access.

However, the security of information transmitted through the internet can never be guaranteed. We are not responsible for any interception or interruption of any communications through the internet or for changes to or losses of data. Users of the Website are responsible for maintaining the security of any password, user ID or other form of authentication involved in obtaining access to password protected or secure areas of any of our digital services. In order to protect you and your data, we may suspend your use of any of the services, without notice, pending an investigation, if any breach of security is suspected. Access to and use of password protected and/or secure areas of any of the services are restricted to authorized users only. Unauthorized access to such areas is prohibited and may lead to criminal prosecution.

9. Your Rights

The PDPA and GDPR give you the right and it is also important to us that you are able to access, review and request copy of the Personal information held about you by us. You are also entitled to have incorrect Personal Data about you corrected and you may in some cases ask us to restrict our processing in certain circumstances or delete your Personal Data. Please write to us or contact us by email if you wish to request confirmation of what personal information we hold relating to you. You can write to us by email to There is no charge for requesting that we provide you with details of the personal data that we hold. We will provide this information within 30 days of your requesting the data.

You also have the right to change the permissions that you have given us in relation to how we may use your data. You also have the right to request that we cease using your data or that we delete all personal data records that we hold relating to you. You can exercise these rights at any time by writing to us at the addresses detailed above.

The GDPR and PDPA also give you right to lodge a complaint with a supervisory authority, in particular in the state where you work, normally live or where any alleged infringement of data protection laws occurred if you consider that the processing of your Personal Data infringes these regulations.

10. Links to Third Party Websites and Services

The Services may contain links to third-party websites and services with which we have no affiliation. A link to any other website does not mean that we guarantee, approve or endorse the information or products available or the quality or accuracy of information presented on it.

We do not operate or control and have no responsibility for the information, products and/or services found on any external websites, unless expressly stated on such external website. Nor do such links represent or endorse the accuracy or reliability of any information, products and/or services provided on or through any external websites, including, without limitation, warranties of any kind, either express or implied, warranties of title or non-infringement or implied warranties of merchantability or fitness for a particular purpose. You assume complete responsibility and risk in your use of any external sites.

If you decide to visit a third party website, you are subject to its Privacy Policy and practices and not this Privacy Policy. We encourage you to carefully review the legal and privacy notices of all other digital services that you visit.

We welcome any queries, comments or requests you may have regarding this Privacy Policy. Please do not hesitate to contact us at

Version: May 3, 2019

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