Effective: 24th September, 2026

It is important you read and understand all of these Terms, Conditions and Clauses very carefully before making any investments.

This forms the basis of all our dealings with you. You have the responsibility to read and understand and should there be any questions, to please raise accordingly to ensure reasonable understanding.

SECTION 1: WAHED INVEST (PTY) LTD

This section sets out the basis on which Wahed provides financial advice and intermediary services in our suite of products and services as approved by the FSCA.

Who Regulates Us?

Wahed Invest (Pty) Ltd (“Wahed Invest”, “Wahed”) is an authorised Financial Services Provider (FSP), regulated by the Financial Sector Conduct Authority (FSCA) under FSP License Number 51684.

Nature of Services

Wahed aims and objectives are to provide ethical and diversified professional financial solutions to clients across South Africa.

Scope of Services

Wahed specialises in providing ethical financial advice and intermediary services. With the use of today’s advancements in technology, Wahed has created an efficient robo-advisory platform in the relentless pursuit to make ethical investment solutions accessible to all clients from merely a smartphone App. Should there be any questions, we are still able and willing to assist you.

Regulatory Laws

Please note that these laws may be amended periodically, and the documentation will be updated and aligned accordingly. Furthermore, the laws listed here are crucial laws but there are subordinated legislation that should be read in conjunction with one another.

Collective Investment Schemes Control Act

This Act regulates the establishment, management and administration of collective investment schemes, including unit trust portfolios. It provides a regulatory framework to protect investors and ensure that collective investment schemes are managed and operated in accordance with prescribed requirements.

Financial Intelligence Centre Act

This Act requires Wahed to establish and verify your identity and obtain certain information before accepting your investment application. These requirements form part of the measures implemented to prevent and detect money laundering, terrorist financing and other forms of financial crime.

Financial Advisory and Intermediary Services Act

This Act regulates persons and entities that provide financial advice or intermediary services in respect of certain financial products. It requires such persons to be appropriately authorised and licensed and to comply with prescribed standards of professional conduct and the applicable Codes of Conduct when providing services to investors.

Your Responsibilities

Please read and understand this document and all marketing material associated with Wahed before making your investment. You are responsible for your investment decisions and must carefully consider whether this investment is right for you. Should you have any doubts, questions or wish to discuss your choice, please reach out.

It is your responsibility to understand the consequences of investing from a financial, legal, tax, accounting and regulatory perspective; and ensure you understand the risk and returns. Should you have any questions please send us an email: zafsupport@wahed.com.

Every investment has some degree of risk and it is possible to lose some or all of the money invested.

Provide complete and accurate information: You must ensure that all of the information, including any supporting documentation, is accurate, clear and complete.

Comply with FICA and keep details and supporting documents updated: You must comply with all FICA requirements before Wahed processes your investment instructions. All supporting documents must be clear and readable, less than 3 (three) months old and copies must be correctly certified.

Wahed’s Responsibilities

Maintain the relevant FAIS license: Wahed must maintain this license on an ongoing basis and must immediately inform the Administrator should the license be suspended or revoked for any reason.

Client identification and screening: Wahed must be satisfied of your identity and of your status as a sanctioned or non-sanctioned person in terms of anti-money laundering legislation before entering into a business relationship with you, or before concluding any transaction. Wahed shall not be liable or responsible for any damages or loss as a result of any delay in the processing of your investment application as a result of non-compliance with the requirements in terms of FICA, other applicable regulations.

Partnerships

Wahed has partnered with Automated Outsourcing Services (AOS), to administer our client’s investments on our behalf. AOS is an independent third-party FSP that specialises in providing customised fund administration, business, and technology solutions.

AOS is Category III licensed and authorised by the FSCA to provide administrative services as a Linked Investment Service Provider (LISP) with FSP number 650. Additionally, AOS is ISO/IEC 27001:2022 certified, ensuring. world-class Information Security Management, and ISO 9001:2015 certified, guaranteeing the highest standards of Quality Management.

Suitability Assessment

Wahed conducts a suitability assessment to determine your risk profile and match you with an investment portfolio based on the information you provide through the App.

The assessment may consider your investment experience and knowledge, your investment objectives and time horizon, your risk tolerance and capacity to bear losses. You will be required to provide personal and financial information through the App to enable Wahed to conduct the suitability assessment and determine whether you may proceed with opening an account.

The assessment is limited to the information collected through the questionnaire and does not constitute a comprehensive assessment of your overall financial circumstances or investment needs. You should carefully consider whether the portfolio presented to you is appropriate for your individual circumstances, including any financial needs or objectives not considered in the assessment.

You must provide complete and accurate information to the best of your ability, as Wahed relies on your responses to conduct the suitability assessment and match you with an investment portfolio.

Nature and Use of Automated Systems

Wahed uses automated technology and algorithms to provide its automated advisory service. Based on the information collected through the suitability assessment, the automated system matches the client's assessed risk profile to one of six approved portfolio categories: Very Conservative, Conservative, Moderate, Moderately Aggressive, Aggressive, or Very Aggressive.

The client is then presented with the portfolio recommended by Wahed. While clients retain the discretion to select an alternative portfolio, the system notifies them when their selection deviates from the recommended portfolio and alerts them that such a deviation may involve additional risks.

The automated advice is generated electronically without direct human involvement in the individual recommendation. However, the systems, methodologies, and controls supporting the service remain subject to appropriate human governance, oversight, monitoring, and review by suitably qualified personnel.

KYC verification, AML/CFT customer-risk assessment, sanctions and screening controls, and other onboarding requirements are separate from the automated investment suitability assessment and remain subject to Wahed's applicable compliance and risk-management controls. Where Wahed's procedures require human review or approval, the relevant review must be completed before the client is permitted to conduct investment transactions through the App.

Upon successful completion of the applicable KYC verification and onboarding requirements, the client is permitted to conduct investment transactions through the App. The automated system then generates a Record of Advice, which is automatically sent to the client's registered email address.

Governance, Oversight, and Compliance

Wahed's Internal Model Governance Board Committee (IMGC) monitors, reviews, and tests the automated advisory system. The systems, methodologies, and controls supporting the service are subject to appropriate human governance, oversight, monitoring, and review by suitably qualified personnel.

The methodology used for the risk-profile assessment and portfolio-matching process is subject to controlled review, testing, validation, and change-management processes, supported by appropriate documentation, version control, and audit trails.

The methodology may be updated where necessary to address changes in law or regulation, relevant market or product developments, changes to the underlying methodology or assumptions, or any identified system error or deficiency. Where a material system issue is identified that could affect the quality or appropriateness of the automated advice, Wahed may suspend the automated advisory functionality while the issue is investigated and resolved.

Wahed's model portfolios and strategic asset allocations are developed, reviewed, and approved through its established investment governance processes.

The App provides disclosures regarding the automated advisory service, including its risks and limitations.

Record of Advice

Upon successful completion of the applicable KYC verification and onboarding requirements, Wahed will automatically generate and send a Record of Advice to your registered email address. Thereafter, a new Record of Advice will also be generated whenever you complete the suitability questionnaire for a new investment account and select a portfolio.

The Record of Advice documents the information you provided through the suitability questionnaire, your assessed risk profile, the financial products considered, the portfolio recommended by Wahed and the rationale for that recommendation, and the portfolio you ultimately selected. It also outlines the scope and limitations of the suitability assessment, including the risks associated with investing.

Important Information About Your Recommendation

The portfolio recommended by Wahed is based on the information you provided through the suitability questionnaire. As the assessment is limited in scope, the recommendation may not be appropriate for your individual financial circumstances, investment objectives, or particular needs.

You should carefully consider whether Wahed's recommendation is appropriate for you, particularly in light of any circumstances or needs that were not considered in the assessment.

If you select a portfolio different from the one recommended by Wahed, you should also carefully consider whether your chosen portfolio is appropriate for your individual circumstances, as deviating from the recommendation may involve additional risks.

If you have any questions or require assistance in understanding the recommendation or assessing your investment options, please contact us at zafsupport@wahed.com.

(a) Risk and Suitability Methodology

Wahed employs a structured, rule-based scoring methodology to determine clients' risk classifications. The methodology operates within Wahed's predefined investment framework, taking into account the characteristics and availability of Shariah-compliant financial instruments in the South African market.

(b) Portfolio Allocations

Each portfolio maps to a risk profile and expected volatility band, estimated from historical returns and volatility of the instruments used within each risk category. These bands serve as a portfolio design constraint.

(c) Assumptions, Limitations, and Risks of the Methodology

The following assumptions, limitations, and risks apply:

Assumptions

• The suitability algorithm assumes that all responses provided by the investor in the onboarding questionnaire are truthful, complete, and reflect current circumstances and risk preferences.
• The methodology assumes that investor attitudes toward risk, time horizon, and financial capacity do not change significantly over short periods unless explicitly updated.
• Portfolio allocations are designed based on expected standard deviation and return profiles derived from available historical observations. These may not hold during future periods of market stress.

Limitations

The assessment should be regarded as a point-in-time snapshot rather than a dynamic reflection of the client’s ongoing situation. Subsequent changes in circumstances are not automatically incorporated unless reported to Wahed, and even then are subject to the limitations of this Agreement. Accordingly, the scoring is indicative guidance only and not a guarantee of suitability or performance. Clients who select a portfolio outside the suggested bucket may assume exposures inconsistent with their assessed financial capacity. Even where the assessment is accurate, it cannot shield clients from losses arising from market volatility, systemic shocks, or other unforeseeable events.

Despite the structured and robust nature of the scoring logic, it cannot capture every nuance of investor psychology, individual financial or personal circumstances, or sudden behavioural shifts. Clients may provide supplementary information to Wahed (for example, via email), but such inputs may only be partially reflected. The methodology also does not employ machine learning, adaptive models, or statistical inference engines and therefore does not evolve or “learn” from investor behaviour or market outcomes.

Risks

• If an investor responds overly optimistically, they may be placed in a portfolio riskier than they can emotionally tolerate. Though certain safeguards may be in place, these cannot eliminate the risk entirely.
• Manual thresholds and fixed score bands, while transparent, may oversimplify real-world complexity and lead to suboptimal portfolio placement in edge cases.
• There is a risk of drift away from the intended risk profile during periods of high market volatility.

Wahed mitigates these risks through conservative portfolio design choices, human oversight of allocations, regular portfolio monitoring and ongoing compliance with FAIS Act requirements.

Investment Methodology

Wahed constructs portfolios using a disciplined allocation strategy designed to deliver reasonable risk-return characteristics within distinct volatility bands appropriate for the Shariah-compliant investment environment available in South Africa.

Asset Classes

The asset classes represented within the portfolios consist of Shariah-compliant investments available in the South African market, which may include:

• Sukuk (Shariah-compliant investment certificates): Sukuk are Shariah-compliant investment certificates representing ownership in underlying assets or projects. Unlike conventional bonds, Sukuk do not pay interest but provide returns through profit-sharing, rental income, or asset-backed arrangements. Sukuk may invest in government sukuk, corporate sukuk, or other Islamic fixed-income structures. Sukuk provides relatively stable income, capital preservation objectives, and lower volatility compared to equities.
• Shariah Compliant Equities: Shariah Compliant Equities allow Muslim and ethical investors to participate in equity markets without engaging in prohibited activities. These equities are screened to exclude companies whose primary business involves interest-based financial services, alcohol, pork products, gambling, adult entertainment, tobacco, or other non-permissible activities. Shariah compliant equities offer potential for capital appreciation and dividend income after purification of any non-permissible income.
• Shariah Compliant Collective Investment Schemes: Unit Trusts or Collective Investment Schemes that invest exclusively in Shariah-compliant instruments, providing diversified exposure to Islamic fixed income, equities, or balanced portfolios. 
• Shariah Compliant Exchange Traded Funds (ETFs): Exchange-traded funds that track Shariah-compliant indices or invest in portfolios of Shariah-screened securities. ETFs offer liquidity, transparency, cost-effectiveness, and diversification.
• Other Shariah Compliant Investment Instruments: From time to time, other Shariah-compliant investment structures may become available in the South African market, including Islamic structured products, Shariah-compliant real estate investment trusts (REITs), or other innovative instruments certified as Shariah-compliant by actual Shariah governance/certification mechanism used by Wahed.
• The specific asset classes and instruments available within your portfolio will depend on your investment mandate, risk profile, and the availability of suitable Shariah-compliant investments in the South African market at the time of investment.

Risks and Limitations

Portfolio Design Limitations: Portfolios are constructed based on available Shariah-compliant investments in South Africa. This necessarily constrains diversification opportunities and may result in allocations that differ from more broadly defined conventional portfolios. The Shariah-compliant investment environment is more limited than conventional investment options, which may affect portfolio construction and performance. 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 equities) may also have the highest risk of losing money in the shorter term.

In addition to the limitations and risks outlined in this Agreement, the following significant risks should be considered:

Market Risk: The value of investments can go up or down due to various factors affecting financial markets, including economic conditions, political events, and changes in interest rates, inflation, and investor sentiment. Markets can experience significant volatility, and the value of your portfolio may fluctuate substantially over short periods.

Liquidity Risk: Some investments may be difficult to sell quickly at fair value, particularly during times of market stress. This may result in delays in executing your withdrawal requests or in receiving proceeds at prices lower than expected. Certain Shariah-compliant investments may have lower liquidity than comparable conventional investments due to the smaller market size.

Currency Risk: If your portfolio includes investments denominated in foreign currencies, changes in exchange rates may affect the value of those investments when converted to South African Rand.

Concentration Risk: Due to the limited availability of Shariah-compliant investments in South Africa, your portfolio may be more concentrated in certain sectors, asset classes, or individual securities than a more diversified conventional portfolio. This concentration may increase volatility and risk.

Regulatory and Tax Risk: Changes in laws, regulations, or tax treatment by the South African government or regulatory authorities may adversely affect the value of investments or the tax treatment of returns. Changes in Islamic finance regulations or Shariah interpretations may also affect investment eligibility.

Counterparty Risk: The possibility that a broker, custodian, issuer, or other counterparty may fail to meet its obligations, resulting in financial loss. While Wahed seeks to work with reputable, regulated counterparties, this risk cannot be eliminated entirely.

Political and Economic Risk: Political instability, policy changes, economic crises, or other events in South Africa or globally may adversely affect investment values and returns.

Inflation Risk: The risk that investment returns may not keep pace with inflation, resulting in a decrease in real purchasing power over time.

Interest Rate Risk: Changes in interest rates may affect the value of fixed-income investments, including sukuk. Generally, when interest rates rise, the value of fixed-income securities falls, and vice versa.

Specific Risks of Sukuk:‍

The price of sukuk can fluctuate based on changes in interest rates, credit quality of the issuer, and market conditions.

• Returns from sukuk may not keep pace with inflation, particularly in a rising inflation environment
• There may be difficulty selling sukuk in the secondary market, particularly for less liquid issues
• Credit risk that the issuer may default or fail to make payments as expected
• Early redemption provisions may affect returns

Certain Sukuk may be sensitive to changes in prevailing market yields, interest rates or other benchmark rates, depending on their structure.

Specific Risks of Equity Investments:

• Share prices can be highly volatile and may go down as well as up, particularly for smaller companies
• Dividend payments are not guaranteed, and companies are not obliged to pay dividends
• Companies may become insolvent, rendering shares worthless
• Equity markets may decline in value due to economic, political, or market-specific factors
• Shariah screening may limit the environment of available equities, potentially affecting diversification

Specific Risks of Collective Investment Schemes and ETFs:

• The value of units in collective investment schemes and ETFs will fluctuate based on the underlying investments
• Management or advisory fees and other expenses will reduce net returns
• Past performance is not indicative of future results
• ETFs may trade at a premium or discount to their net asset value
• Tracking error may cause ETF performance to deviate from the underlying index or benchmark

Advisory and Discretionary Management Risk: There is no guarantee that Wahed's judgment, models, or investment decisions will produce the intended or expected results. Investment decisions may prove incorrect, and you might not achieve your investment objectives. Wahed may also make changes to its investment algorithms, methodologies, and services from time to time.

Technology Risk: The reliance on technology platforms, including the App and automated systems, introduces risks including system failures, cyber-attacks, data breaches, software errors, internet disruptions, or other technology-related issues. While Wahed implements security measures and business continuity procedures, these risks cannot be entirely eliminated.

The foregoing list of risks does not purport to be a complete enumeration or explanation of all risks involved in investing. As Wahed's investment strategies develop and change over time, you 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. Past performance is not indicative of future results.

Provision of Regulated Financial Services

Wahed provides financial advisory, intermediary and robo-advisory services through its digital platform in accordance with the FAIS Act and all applicable FSCA regulations and conduct standards.

This advice and intermediary service is focused on investment recommendations based on the information you provide regarding your objectives, risk tolerance, and financial circumstances.

We do not provide tax advice, legal advice, estate planning, or other specialized financial services. If you require advice on your broader financial circumstances, tax position, estate planning, or other specialized matters, you should consult a suitably qualified independent adviser.

Representation of Historical Performance

We may display historical performance information on our Website or Mobile App for informational and illustrative purposes only. Past performance is not a reliable indicator of future results and should not be the sole basis for making investment decisions. All such information is provided "as is" and does not constitute investment advice or a guarantee of future performance.

Investment values can fall as well as rise, and you may not get back the full amount you invested. Performance information shown is typically based on model portfolios and may not reflect the actual performance of your individual account, which will depend on the timing of your investments, cash flows, fees, and other individual circumstances.

Exit from Service

If Wahed determines that investing with us is not suitable for you based on your responses to our suitability assessment, or if your circumstances change such that our services are no longer appropriate, Wahed reserves the right to decline to provide services or to terminate the relationship.

You may re-apply for services should your circumstances change in a manner that makes our services suitable.

Conflict of Interest

Wahed will always endeavour to act in your best interests as our client in accordance with our duties under the FAIS Act. However, circumstances can arise where Wahed or one of our other clients may have some form of interest in business being transacted for you, creating an actual or potential conflict of interest. If this happens or we become aware that our interests or those of one of our other clients conflict with your interests, we will manage the conflict in accordance with our Conflict of Interest Policy (available on wahed.com/zaf/legal) and the requirements of the FAIS Act.

Wahed has a compliance function which is responsible for ensuring that our control structures and procedures are adequate to ensure compliance with all relevant laws, regulations, and codes relating to our business activities. This includes identifying, monitoring, and managing actual and potential conflicts of interest.

We are committed to operating in the best interests of our clients and preventing or managing conflicts of interest fairly, including ensuring that services are carried out appropriately and in compliance with Shariah principles. Where there is a conflict of interest, we will not knowingly proceed with a transaction unless we have taken reasonable steps to ensure fair treatment for our clients, such as establishing and maintaining effective information barriers to restrict the communication of relevant information.

Where the arrangements made by Wahed to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to your interests will be prevented, we will clearly disclose the general nature and sources of conflicts of interest to you before undertaking business for you.

To the extent Wahed is unable to prevent or manage a conflict or potential conflict of interest, we will decline to act for you in such circumstances of conflict.

Wahed's Liability

Wahed is committed to providing you with financial advisory and intermediary services with reasonable skill, care and diligence under these Terms and in accordance with our obligations under the FAIS Act and other applicable laws. As long as we do this, we are not liable for losses that may arise from the normal risks of investment.

Please note we do not provide, nor do we accept responsibility for, legal, tax or accounting advice.

We also do not accept liability for actions, or failures to act, by the broker, custodian, or other third-party service providers, except to the extent that we have failed to exercise reasonable care in selecting or monitoring such service providers.

Nothing in these Terms limits or excludes any liability which cannot lawfully be limited or excluded, including liability arising from Wahed’s failure to comply with applicable law or its own obligations under these Terms.

Cancellation Rights (Cooling-Off Period)

Wahed will always honor your statutory rights under the applicable statutory cancellation or cooling-off rights. After agreeing to invest with Wahed, you are entitled to cancel your investment.

Cancellations must be made by sending us written notice of the cancellation to zafsupport@wahed.com.

If you cancel your investment, Wahed will liquidate your investments and return the proceeds to you, less any applicable charges, fees, or losses incurred. We will process the sale of your investments within a reasonable timeframe, subject to market conditions and circumstances beyond our control.

Please be aware that if the value of your investment(s) has fallen during the cancellation process, you will not get back the full amount you invested. You will also be liable for any transaction costs, fees, or charges incurred on your behalf in order to establish and liquidate the investments.

Termination

You or Wahed may terminate the financial advice and intermediary services at any time, for any reason, upon written notice. If you wish to terminate the Services, you must notify us in writing by email to zafsupport@wahed.com.

As per the Financial Intelligence Center regulatory guidelines, Wahed will terminate an existing business relationship when unable to conduct ongoing due diligence.

Termination will take effect from the date agreed between the parties, within a reasonable notice, subject to regulatory obligations, treatment of client assets and continuity of essential services where applicable.

Upon termination:

• Unless you instruct otherwise in writing, we will liquidate your investments and return the proceeds to your designated bank account as confirmed by you on the App and/or upon receiving verification of your bank account
• You will remain liable for all fees, charges, and costs incurred up to the effective date of termination
• Any outstanding obligations or liabilities will survive termination

Subject to circumstances beyond our control, we will process the sale of your investments and return of funds within a reasonable timeframe, taking into account market conditions, settlement cycles, and liquidity considerations.

If the value of your investment(s) has fallen at the time of termination, you acknowledge that you will not get back the full amount you had initially invested. Transaction costs, fees, and charges will be deducted from the proceeds before payment to you.

Termination will take effect from the date agreed between the parties, within a reasonable notice, subject to regulatory obligations, treatment of client assets and continuity of essential services where applicable.

How do you keep track of investments and performance?

A statement showing the composition and initial value of your portfolio is provided in the portfolio section on the App which is determined in accordance with your investment mandate. When you instruct Wahed to start providing Wahed’s Service, Wahed will acknowledge the instructions received by you in writing, usually through the App or by email. Wahed will provide you with periodic statements on a monthly basis with valuations of your investments, so that you can see how they are performing.

Disclaimer on Pricing and Valuations

Prices and valuations displayed on our website or mobile application are provided for informational or illustrative purposes only and do not constitute investment advice or an offer to buy or sell any security. While we make reasonable efforts to ensure that information is accurate and current, data may occasionally be delayed, incomplete, or contain inaccuracies due to reliance on third-party sources, including fund managers, data providers, and market data vendors.

Actual transaction values shall be those confirmed by the relevant counterparties, exchanges, or fund managers at the time of execution. We do not warrant the accuracy, timeliness, or completeness of any displayed prices and accept no liability for any loss arising from reliance on such information.

You should not make investment decisions based solely on prices displayed on the App or website. Always refer to official transaction confirmations and statements for accurate information.

SECTION 2: BROKER AND CUSTODIAN ARRANGEMENTS

Who Handles Your Money and Assets?

Custody of Client Assets

Wahed does not hold client funds or securities in its own name. All client funds and securities ("Client Assets") are held by our appointed broker and custodian, AOS (Automated Outsourced Solutions | FSP: 650) in accordance with the requirements of the FAIS Act and applicable client asset protection rules.

Client Assets are held in segregated accounts clearly identified as client accounts, separate from AOS’s own assets. Segregation is intended to protect Client Assets from being treated as assets in the event of insolvency, subject to applicable law and the circumstances of the insolvency.

Wahed may from time to time change the appointed broker or custodian, and will notify you of any such change.

While Client Assets are held by the broker and custodian, Wahed retains responsibility for the safeguarding of your assets and for ensuring that the broker and custodian comply with their obligations. Wahed shall be liable to you for any loss of Client Assets caused by the default, negligence, or fraud of the broker or custodian, except to the extent that such loss is caused by circumstances beyond Wahed's reasonable control.

Client Bank Accounts

A designated client bank account is maintained by AOS for the receipt and disbursement of client funds. The client bank account is held with a reputable South African bank registered with the South African Reserve Bank.

Client funds are deposited into this account and are held on trust for clients in accordance with the client money requirements of the FAIS Act. Funds are held in the account only for the period necessary to facilitate investment transactions or withdrawals.

An email confirmation will be issued to you upon receipt and processing of your deposit.

By using our Services, you agree that Wahed may realize Client Assets held on your behalf, and may close out or liquidate any contracts or positions, in order to:

• Pay any fees and charges to Wahed as provided for under these Terms.
• Satisfy any amount owed by you to Wahed as a result of a default by you.
• Satisfy any sum otherwise due to Wahed by you.
• Comply with any court order, regulatory requirement, or legal obligation.

Wahed maintains detailed records of all Client Assets, clearly identifying your individual ownership of assets held in pooled accounts.

Such records include:

• The name and account reference of each client.
• The value and composition of Client Assets held for each client.
• Details of transactions and instructions.
• Dates of deposits, transactions, and withdrawals.

Records are maintained for a period of at least five (5) years from the date of the relevant transaction or account closure, in accordance with FAIS Act record-keeping requirements.

Wahed provides clients with regular statements of accounts, accessible via the App. Wahed undertakes to maintain systems to ensure that accurate reconciliations of Client Assets are carried out when applicable.

SECTION 3: GENERAL OBLIGATIONS

What Are Your Obligations?

To enable us to provide you with our Services in accordance with the FAIS Act and other applicable laws, you are required to:

• Agree to and comply with Sections 1 to 3 of this Agreement.
• Confirm that all information supplied in your suitability questionnaire and application (whether through the App or otherwise) is complete, accurate, and not misleading.
• Notify us promptly in writing of any material changes to the information you have provided, including changes to your personal circumstances, financial situation, investment objectives, or risk tolerance.
• Provide all information, documentation, or copies of documentation required for us to complete our account-opening procedures, FICA verification, and ongoing compliance requirements.
• Supply any further information that we may reasonably require in order to fulfil our legal, regulatory, or contractual obligations.
• Confirm that the investments and cash within your account portfolio are under your sole ownership and are free from any liens, charges, pledges, or encumbrances, unless disclosed to us in writing.
• Not deal, nor permit or authorize any other person to deal, in the investments in your account except through us or with our prior written consent.
• Execute and provide, within the timeframe we specify, any documents we reasonably require to carry out our duties on your behalf.
• Maintain the confidentiality and security of your account credentials, including usernames, passwords, authentication codes, data, and any other information used to access the App or your Account.
• Comply with all applicable laws and regulations in connection with your use of our Services.
• Inform us immediately if you become aware of any unauthorized access to your Account or any security breach.

We do not offer advice on your tax circumstances; therefore, we strongly recommend that you consult an independent tax advisor if you are unsure about any tax implications of your investments.

Fee Disclosure

Wahed charges an Advisory Fee. Our fee structure is transparent and disclosed to you before you enter into this Agreement.

Wahed’s Advisory Fee:

• 1.50% per annum, accrued daily and debited monthly for each of your portfolios.

Electronic Funds Transfer (EFT) Contributions

Wahed accepts contributions via Electronic Funds Transfer (EFT). When making an EFT contribution, you must include your unique Wahed client account/reference number in the payment reference field to ensure that your funds are correctly allocated to your account.

Please retain a copy of your proof of payment for future reference.

If your unique reference number is missing or incorrect, Wahed may be unable to allocate the funds to your account. In such cases, your funds will remain unallocated until you provide valid proof of payment, such as a bank statement or EFT payment confirmation, clearly reflecting the transaction and enabling Wahed to verify and allocate the funds to your account.

Wahed would not be liable should you stipulate an incorrect client account/reference number and/or omit to insert your Wahed client account/reference number. This does not limit Wahed's responsibility for any error or omission attributable to Wahed’s or its service providers.

Wahed is also not liable for delays in fund allocation, investment execution, or remittance that are caused by public holidays, market closures, settlement cycles, or delays by third-party service providers beyond our control.

Wahed’s Treatment of Dividends

Dividends are automatically reinvested into your Wahed account, with the transactions reflected in your account statements.

This means that Wahed treats dividends as accumulating rather than as a separate income stream: they are used to buy additional units in the underlying funds of your investment portfolio.

Withdrawals

You may request withdrawals from your Account at any time, subject to the conditions set out below and any applicable regulatory, compliance, or operational constraints.

Withdrawals can be requested through the App or by written instruction to zafsupport@wahed.com.

Wahed reserves the right to reject any withdrawal request if your Account name does not match the name on your nominated bank account, if the bank information provided is inaccurate or incomplete, or if the withdrawal request raises money laundering or compliance concerns.

Partial Withdrawals: A partial withdrawal refers to the withdrawal of a portion of the total value of your portfolio. Partial withdrawals may be subject to minimum withdrawal amounts as specified in the App. Wahed reserves the right to prescribe minimum partial withdrawal amounts from time to time. Partial withdrawals may not exceed 95% of the total portfolio value, with the remaining balance retained as a buffer to facilitate settlement, fees, market movements, and transaction processing. A full withdrawal remains available, subject to applicable requirements stipulated below.

Full Withdrawals: You may request a full withdrawal of your entire portfolio value. Clients who wish to withdraw their entire investment may submit a request for full liquidation of their portfolio. Full withdrawals are not subject to minimum withdrawal amounts or remaining balance requirements but are subject to settlement timelines, prevailing market conditions, and any outstanding obligations on the Account.

Processing of Withdrawals: Upon receipt of a valid withdrawal request, Wahed will liquidate the relevant investments and transfer the funds to your designated bank account as soon as reasonably practicable.

Processing times will depend on:

• Settlement cycles of the relevant securities. 
• Market liquidity and conditions.
• Banking processing times.
• Anti-money laundering verification requirements.

We will endeavour to process withdrawals as soon as possible upon receiving a valid request, but this timeframe is not guaranteed and may be longer during periods of market stress, low liquidity, or other circumstances beyond our control.

Withdrawals are subject to the deduction of any outstanding fees, charges, or amounts owed to Wahed or third-party service providers.

We also reserve the right to delay or refuse a withdrawal request if:

• Your Wahed account name does not match the name on your nominated bank account, 
• If the bank information provided is inaccurate or incomplete,
• The withdrawal would breach any regulatory requirement or legal obligation, such as High Court order.
• The request is suspected to be related to money laundering, terrorist financing, or other financial crimes.
• Your Account is subject to a court order, regulatory restriction, or other legal constraint.
• Outstanding verification or compliance requirements have not been satisfied.

We will notify you as soon as reasonably practicable if a withdrawal request is delayed or rejected, and provide reasons to the extent permitted or required by applicable law.

Anti-Money Laundering and FICA Compliance

The Financial Intelligence Centre Act (FICA) and anti-money laundering regulations require us to verify your identity, gather information as to the purpose and nature of the business relationship, conduct ongoing due diligence, and ensure that the information we hold is current and accurate.

We use electronic and manual identity verification systems at account opening and throughout our relationship with you.

This means your personal information may be shared with our authorized third party service providers, including but not limited to:

• Identity verification agencies
• Sanctions screening databases
• Politically Exposed Persons (PEP) databases
• Other verification and compliance service providers

In addition, we will verify the validity of your bank account information and source of funds, which may involve sharing your personal and financial information with third-party verification providers.

We are required to conduct ongoing monitoring of the business relationship and transactions, and to keep your information current. You agree to provide updated information when requested and to notify us of any material changes to your circumstances.

We are obligated to report suspicious and unusual transactions to the Financial Intelligence Centre in terms of FICA.

Please note that we cannot provide our Services to you until you have satisfactorily completed our FICA verification and anti-money laundering checks. We may suspend or terminate services if you fail to provide required information, if verification cannot be completed, or if we determine that the relationship presents an unacceptable money laundering or terrorist financing risk.

Our obligations under FICA and AML regulations are ongoing throughout the relationship, and we may request updated information and documentation from time to time.

Communication

We will communicate with you in English by email, through the App, or by other electronic means. You may communicate with us and provide instructions in English through the App or by email to zafsupport@wahed.com

You accept that we are deemed to have received any email, App communication, or electronic instruction during our normal business hours at the time it is successfully delivered to our designated systems. Normal business hours are 08:00 to 17:00 South African Standard Time (SAST) on business days (Monday to Friday, excluding South African public holidays).

Communications received outside of normal business hours will be deemed to have been received at the opening of the next business day.

You accept that there may be a delay in responding to correspondence received via email or App, and that response times are not guaranteed. 

You acknowledge and accept the risks inherent in electronic communication, particularly the risk of unauthorized interception and the risk of communications not reaching the intended recipient.

Although we take reasonable care to ensure all electronic communications and attachments we send to you are free from any known virus, malware, or other harmful code, we will not be responsible for any loss or damage resulting from any cyber-attack, computer virus, or any other malicious or technologically harmful material that may infect your computer equipment, mobile device, programs, data or other material due to your use of our Services or receipt of our communications.

We will communicate with you at the email address and contact details you notify us in writing through the App or by email. It is your responsibility to keep your contact details current and to notify us immediately of any changes.

As long as we act reasonably, you authorize us to rely on instructions transmitted by whatever electronic means which appropriate authentication, verification and fraud-detection safeguards, and clarify that reliance does not exclude responsibility for failures in the Wahed's own security controls and to be sent by you or from your registered email address or authenticated account.

We may record and monitor electronic communications, and App usage for regulatory, compliance, quality assurance, training, and security purposes. We will retain records of communications and instructions for the period required by applicable law for at least the minimum period required by applicable law and regulation, and longer where required or reasonably necessary for regulatory, legal or dispute-resolution purposes.

When May We Not Act on Your Instructions?

We reserve the right not to act on your instructions if:

• To do so would involve us or you in a breach of any legal or regulatory requirement.
• We believe on reasonable grounds that to do so would be impracticable, impossible, or against your interests.
• To do so would run the risk of us suffering financial loss or regulatory sanction.
• The instruction is unclear, ambiguous, or internally inconsistent.
• We have reason to believe the instruction is not genuine or has been made under duress or undue influence.
• Your Account does not have sufficient funds or assets to carry out the instruction.
• The instruction would cause your portfolio to deviate materially from your agreed investment mandate without appropriate authorization.
• We are required by law or regulation to freeze your Account or restrict transactions.

We will endeavour to advise you in writing promptly if such circumstances arise, except where we are prohibited by law from doing so.

Complaints

We are committed to providing you with a high-quality service. If you have any complaint about any aspect of our Services, please contact us immediately by sending an email stating your full name, cellphone number, email address of your registered account, and the details of your complaint to: zafsupport@wahed.com. All complaints submitted via email shall be received by the Key Individual or Complaints Officer.

Wahed shall send written acknowledgement to the complainant via email within two (2) working days of receipt and the acknowledgement shall reference a unique Complaint Reference Number.

The following details will be recorded:

• Complaint Reference Number
• Date complaint received
• Complainant name and contact details
• Nature of complaint
• Root cause of the complaint
• Full details of complaint
• Date assigned to responsible department
• Action taken
• Resolution status and resolution date

We will investigate your complaint thoroughly and fairly, and will provide you with a written response of the complaint. If we need more time, we will inform you of the reasons for the delay and provide an estimated timeframe for resolution.

Our fully-detailed complaints process and procedures are available on our website and if you have any complaint about any aspect of our services, you are encouraged to kindly view our Complaints Management Policy.

If we are unable to resolve your complaint to your satisfaction, or if you are not satisfied with our response, you have the right to escalate your complaint to:

• FAIS Ombud
  PO Box 74571
  Lynnwood Ridge
  0040
  Phone: 012 470 9080 / 012 762 5000
  Email: info@faisombud.co.za
  Website: www.faisombud.co.za

You may also lodge a complaint with the Financial Sector Conduct Authority (FSCA):

• Financial Sector Conduct Authority
  PO Box 35655
  Menlo Park
  0102
  Phone: 0800 110 443 / 012 428 8000
  Email: info@fsca.co.za
  Website: www.fsca.co.za

Dispute Resolution

All disputes arising from the use of our Services shall be managed in accordance with our Complaints Policy and the provisions of the FAIS Act.

If a dispute cannot be resolved through our internal complaints process, you have the right to refer the matter to the FAIS Ombud or to institute legal proceedings in the competent courts of South Africa.

These Terms shall be governed by and construed in accordance with the laws of the Republic of South Africa. The parties consent to the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg, for any legal proceedings arising from or in connection with these Terms, without prejudice to the right to approach any other court of competent jurisdiction.

Product-Specific Risks

It is very important to us that you understand the risks involved when making an investment. In addition to the general risks described in Section 1 of these Terms, the following product-specific risks apply to the different types of assets we may select for your portfolio:

General Investment Risks: 

The value of your investments can fall as well as rise and you may not get back the full amount you invested. The price and value of investments may depend on fluctuations in financial markets or other economic factors, which are outside our control. Past performance is not a reliable indicator of future performance.

Sukuk Investments Have the Following Specific Risks:

• The price of sukuk can fluctuate based on changes in interest rates, credit quality, and market conditions. Generally, when interest rates rise, the value of fixed income securities falls.
• Returns from sukuk may not keep pace with inflation, particularly in a rising inflation environment.
• There may be difficulty selling sukuk in the secondary market, particularly for less liquid or smaller issues (liquidity risk).
• Credit risk that the issuer may default, become insolvent, or fail to make payments as expected.
• Early redemption or call provisions may affect returns and investment duration.
• Sukuk structures can be complex, and understanding the underlying assets and payment mechanisms may be difficult.

Equity Investments Have the Following Specific Risks:

• Share prices can be highly volatile and may go down as well as up. This is particularly true for smaller companies, which may experience greater price volatility
• Dividend payments are not guaranteed, and companies are not obliged to pay dividends to shareholders.
• Companies may become insolvent, go into business rescue, or be liquidated, rendering shares worthless or significantly impairing their value.
• The equity market as a whole may decline in value due to economic downturns, political instability, or other factors.
• Company earnings and financial performance can be volatile and unpredictable.
• For smaller or less liquid companies, shares may not obtain their full value on sale if there is difficulty finding a buyer (liquidity risk).
• Shariah screening reduces the environment of available equities, which may limit diversification and sector exposure.

Collective Investment Schemes (Unit Trusts) and Exchange Traded Funds (ETFs) Have the Following Specific Risks:

• The value of units will fluctuate based on the underlying investments held by the fund.
• Management fees, administration costs, and other expenses will reduce net returns to investors.
• Past performance of the fund is not indicative of future results.
• ETFs may trade at a premium or discount to their net asset value depending on supply and demand.
• Tracking error may cause ETF performance to deviate from the underlying index or benchmark it seeks to replicate.
• Fund managers may make poor investment decisions or may change investment strategies.
• Concentration risk if the fund invests heavily in particular sectors, regions, or securities.
• Liquidity risk, particularly for funds investing in less liquid underlying assets.

If any of the risks outlined in this Agreement are unclear or if you would like to discuss the risks you face in further detail, please contact us at zafsupport@wahed.com

We recommend that you seek independent financial advice if you are uncertain about the suitability of any investment or if you need assistance understanding the risks.

Data Protection and Privacy

All of your personal information and financial information will be collected, processed, stored, and transferred in accordance with the Protection of Personal Information Act, 2013 (POPIA) and any other applicable data protection legislation.

We are committed to protecting your personal information and your right to privacy. 

Wahed is the responsible party for purposes of POPIA and is registered with the Information Regulator.

You can access our full Privacy Policy through our Website or App, or by requesting a copy from zafsupport@wahed.com.

By entering into this Agreement, you consent to the processing of your personal information as described in our Privacy Policy and as necessary for us to provide the Services to you and comply with our legal and regulatory obligations.

Amending These Terms

Wahed may, at any time and in its discretion, make changes to these Terms for reasons including but not limited to:

• Changes to relevant law, regulation, or regulatory requirements, or a decision of the FSCA or other regulatory authority.
• Changes to Wahed's tax obligations or the tax treatment of your investments or our Services.
• Changes required by any regulatory or tax authority, court order, or industry guidance or codes of practice.
• Changes in the way investment markets operate, including changes in securities dealing, settlement, custody, or administration which may affect your Account.
• Changes necessitated by circumstances beyond our reasonable control which make it impossible or impractical to carry out any of these Terms as currently drafted.
• Changes to reflect improvements or modifications to our Services or the manner in which we provide them to you.
• Changes to the level of charges, fees, or costs applicable to your Account.
• Changes to the range of investments we make available to you from time to time.
• Changes to reflect technological, service, operational, or compliance improvements.
• Changes to correct errors, ambiguities, or inconsistencies in these Terms.
• Changes to these Terms which are due to reasons outside our reasonable control (e.g., changes in legislation or regulatory requirements) or which do not adversely affect you (e.g., improvements to the Services or clarifications) may take effect immediately, and we will notify you at the earliest opportunity thereafter.

For changes that may adversely affect you or impose new obligations on you, we will provide you with written notice before the change becomes effective, unless:

• The change is to your benefit (e.g., a reduction in fees), in which case it may be implemented immediately.
• Circumstances beyond our reasonable control make it impracticable to provide notice.

Notice of changes will be provided to you by email to your registered email address, through a notification on the App, or by other means reasonably likely to bring the change to your attention.

If you object to any amendment to these Terms, you have the right to terminate this Agreement without penalty by providing written notice to us, in accordance with the Termination clause specified in this Agreement. If you do not terminate the Agreement, you will be deemed to have accepted the changes.

Force Majeure

We will not be liable to you for any failure or delay in performing our obligations under these Terms if such failure or delay is due to any cause outside our reasonable control.

Events outside our reasonable control include, but are not limited to:

• Acts of God, including fire, flood, earthquake, storm, hurricane, pandemic, epidemic, or other natural disaster.
• War, invasion, act of foreign enemy, hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, or civil unrest.
• Nuclear, chemical, or biological contamination.
• Explosion, collapse of structures, fire, or accident.
• Strikes, lockouts, or other industrial action (whether involving our workforce or that of third parties).
• Confiscation, nationalization, requisition, or destruction of assets by or under the order of any government or public or local authority.
• Any law, regulation, order, or instruction of any government, regulatory body, or court.
• Collapse or failure of financial markets or market infrastructure.
• Failure of public or private telecommunications networks, internet service providers, power supply, or other essential infrastructure.
• Cyber-attacks, hacking, denial of service attacks, viruses, or other malicious interference.
• Any act or omission of third-party service providers, including brokers, custodians, banks, market operators, or payment systems, which is beyond our reasonable control.
• Any other event, circumstance, or cause beyond our reasonable control.

Where a force majeure event occurs, we will:

• Notify you as soon as reasonably practicable.
• Take reasonable steps to mitigate the effects of the force majeure event.
• Resume performance of our obligations as soon as reasonably practicable after the force majeure event has ceased.

If a force majeure event continues for more than 60 (sixty) days, with reasonable notice, regulatory obligations, treatment of client assets and continuity of essential services where applicable.

Transfers and Payments 

Fund Transfers, Payments and Investment Transactions

• Delays in the allocation of funds to your Account may occur if the information provided during the transfer does not correspond with the data we have on record, or if additional verification is required for FICA or AML purposes.
• Wahed is not liable for delays in fund allocation, investment execution, or remittance that are caused by public holidays, market closures, settlement cycles, or delays by third-party service providers beyond our control.
• Wahed reserves the right to reject any withdrawal request if your Account name does not match the name on your nominated bank account, if the bank information provided is inaccurate or incomplete, or if the withdrawal request raises money laundering or compliance concerns.
• Deposits are subject to verification in terms of FICA and anti-money laundering regulations. Wahed reserves the right to reject any deposit request if verification cannot be completed satisfactorily, if the source of funds cannot be established, or if the deposit raises suspicion of money laundering or other financial crime.
• Investment of deposited funds may be delayed pending completion of verification, settlement of the deposit, or other compliance requirements.

Death of Client

In the event of the death of a client, we will suspend taking instructions in relation to the deceased's portion of the Account upon being notified of the death.

We will continue to manage the Account in accordance with the investment mandate and these Terms, but will only take further instructions once we have been presented with:

• An original or certified copy of the death certificate.
• Letters of executorship, letters of administration, or letters of authority issued by the Master of the High Court.
• Any other documentation we reasonably require to verify the authority of the executor or administrator.

Wahed shall not act on requests from a nominated beneficiary, Next of Kin, or any other person after the client's death unless such requests are supported by the appropriate legal documentation proving their authority to act.

The assets in the deceased's Account will be administered in accordance with the deceased's will or, where no will exists, in accordance with the laws of intestate succession in South Africa.

Account Access and Security

Access to the Wahed app via your mobile device allows you to submit trade instructions and initiate withdrawals to an account held in your name, using your login credentials. Transaction instructions received by the system will be processed accordingly. You are required to safeguard your mobile device, login credentials (username and password), biometric authentication data, and any other authentication factors at all times. Permitting third parties to access your device constitutes a security risk. We rely on you to report any compromised access to your mobile phone, login credentials, or registered email, to us without delay. You may do this by emailing us at zafsupport@wahed.com.

You must:

• Keep your password and authentication credentials confidential and secure.
• Not share your login credentials with any other person.
• Use strong, unique passwords and change them regularly.
• Enable multi-factor authentication if available.
• Log out of the App when not in use, particularly on shared or public devices.
• Keep your device's operating system and security software up to date.
• Be vigilant against phishing attempts and fraudulent communications.

We will not be liable for any losses arising from unauthorized access to your Account if such access was facilitated by your failure to keep your credentials secure or to report a security incident promptly.

Unavailability of Services

We reserve the right to suspend, restrict, or terminate access to our website or mobile app at any time and for any reason, with or without prior notice.

You acknowledge and accept that access to the website or mobile app may be unavailable from time to time due to circumstances including but not limited to:

• Scheduled or emergency maintenance of our systems.
• Technical failures of our systems or infrastructure.
• Failures of third-party systems on which our services rely, including internet service providers, cloud hosting providers, telecommunications networks, or payment systems.
• Cyber-attacks, security incidents, or suspected security breaches.
• Interruptions in telecommunications or electricity supply.
• Compliance with court orders, regulatory requirements, or law enforcement requests.
• Force majeure events or other circumstances beyond our control.

We will endeavour to provide advance notice of scheduled maintenance where reasonably practicable, but may suspend access immediately without notice where necessary for security, legal, or operational reasons.

We shall not be liable for any loss or damage arising from unavailability of the website, App, or Services, except to the extent caused by our gross negligence or willful misconduct.

Warranties and Representations

We do not warrant that our website or mobile app will be error-free, uninterrupted, or that it will meet any particular standard of accuracy, completeness, reliability, performance, or quality. All services and information are provided on an “as is” and “as available” basis. We expressly disclaim all implied warranties, including, without limitation, warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security, and accuracy.

Your Warranties and Representations

By entering into this Agreement, you warrant and represent to us that:

• You have the legal capacity to enter into and be bound by this Agreement.
• All information you have provided to us is true, accurate, complete, and not misleading.
• You are not insolvent, bankrupt, or subject to any administration, business rescue, or liquidation proceedings.
• You are not prohibited by any law, regulation, court order, or agreement from entering into this Agreement or investing.
• The funds you invest are not the proceeds of any unlawful activity.
• You are tax compliant and have disclosed all relevant tax information to us.
• You understand the risks of investing and have carefully read and understood these Terms.
• You acknowledge that you had an opportunity to seek independent advice, where necessary.

Entire Agreement

This Agreement, together with:

• Your Investment Statement.
• Our Privacy Policy.
• Our Conflicts of Interest Policy.
• Any other documents incorporated by reference.

This constitutes the entire agreement between you and Wahed in relation to the Services and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written.

You acknowledge that you have not relied on any statement, representation, warranty, or understanding not expressly set out in this Agreement. Nothing in this clause excludes reliance on any representation or disclosure which Wahed is required to make under the applicable law or regulation.

Severability

If any provision of this Agreement is found by any court or regulatory authority to be invalid, unlawful, or unenforceable, that provision shall be deemed severed from the Agreement and the remaining provisions shall continue in full force and effect.

If any invalid, unlawful, or unenforceable provision would be valid, lawful, or enforceable if some part of it were deleted, the provision shall apply with such modifications as may be necessary to make it valid, lawful, and enforceable.

Waiver

No failure or delay by either party in exercising any right or remedy under this Agreement shall constitute a waiver of that right or remedy, nor shall it prevent or restrict the further exercise of that right or remedy.

No single or partial exercise of any right or remedy shall prevent or restrict the further exercise of that right or remedy.

A waiver of any right or remedy must be in writing and signed by the party giving the waiver to be effective.

Notices

Any notice or other communication required or permitted to be given under this Agreement shall be:

• In writing in the English language.
• Delivered by email to the registered email address, through the App messaging function, or by registered mail to the registered address.

Notices to Wahed should be sent via email to: zafsupport@wahed.com

Notices to you will be sent to your registered email address or physical address as provided in your account details.

A notice shall be deemed to have been received:

• If sent by email: at the time of successful delivery to the recipient's email server during business hours, or at 09:00 (SAST) on the next business day if delivered outside business hours.
• If delivered through the App: immediately upon display to the user.

It is your responsibility to ensure that your email address and other contact details are current and accurate.

Language

This Agreement is drafted in English. If this Agreement is translated into any other language, the English version shall prevail in the event of any conflict or inconsistency.

All communications between the parties shall be conducted in English unless otherwise agreed in writing.

Headings

The headings in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

Closing prohibited Comment

These Terms apply to all investments you make with us and provide information about the way in which we provide our Services to you. 

If you have any questions or something doesn’t make sense, please let us know by emailing us at: zafsupport@wahed.com

Unless we agree otherwise in writing, these Terms apply to all Services we provide to you and any associated work.

Consent and Acceptance

It is important to us that you understand and are satisfied with these Terms. If you have any questions or if anything is unclear, please contact us at zafsupport@wahed.com before accepting these Terms. We need your consent before we can provide you with our services.

By using our Services, you acknowledge that you accept the Terms set in this Agreement, and you agree and accept the following:

• You acknowledge receipt of these Terms and that these Terms apply to all investments you make with us.
• You acknowledge that you have read these Terms carefully and understand your rights and obligations.
• You select not to receive information on every transaction we execute on your behalf, but rather to receive our reports monthly through our app (unless we have agreed otherwise).
• You agree that the information you have provided in the Risk and Suitability questionnaire is accurate and complete, and that your Investment Policy Statement is a fair summary of your responses and portfolio choice.
• You authorize the transfer of information, on a confidential basis, as required under these Terms, between Wahed and authorized third parties including brokers, custodians, regulators, and verification service providers.
• You confirm that you have read, understood and accepted our Terms and Conditions Policy, Conflicts of Interest Policy and Privacy Policy.
• You have fully understood the risks inherent in the Wahed investment management and have been given the opportunity to ask any questions regarding this Service.
• You specifically consent to being provided information regarding our Service through our website/App.
• You have fully understood the risks inherent in investment and have been given the opportunity to seek independent advice.
• You expressly consent to the collection, use, processing, and storage of your personal information by Wahed in accordance with POPIA and our Privacy Policy for the purposes of:

• Verifying your identity for FICA, know-your-customer (KYC), anti-money laundering (AML), and other regulatory compliance checks.
• Assessing your risk profile and investment suitability.
• Providing financial advisory and intermediary services.
• Communicating with you regarding your Account, Services, investment insights, and regulatory matters.
• Complying with legal and regulatory obligations.
• Any other purposes disclosed in our Privacy Policy.

• You acknowledge and agree to the processing of your personal information in accordance with POPIA, our Privacy Policy and the applicable lawful basis for each processing activity.
• You warrant that you have the required legal capacity to enter into and be bound by this Agreement.

• You confirm that the funds you are investing are legally obtained and not the proceeds of crime.
• You understand that investments can fall as well as rise in value and that you may not get back the full amount invested.
• You understand that past performance is not indicative of future results.

Contact Information

If you have any questions or concerns about these Terms, our Services, or any other matter, please contact us by emailing zafsupport@wahed.com

Wahed (Pty) Ltd

FSP Number: 51684
Company Registration Number: 2020/726348/07
Physical Address: Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, Gauteng, 2196

Email: zafsupport@wahed.com
Website: www.wahed.com/zaf

INTRODUCTION

About this Privacy Notice

Wahed Invest (Pty) Ltd (“Wahed Invest”, “Wahed”, “we”, “us” or “our”), Registration No. 2020/726348/07, Financial Services Provider (FSP) Number 51684, is committed to safeguarding the confidentiality, integrity, and lawful processing of personal information in accordance with the Protection of Personal Information Act, 4 of 2013 (POPIA) and all other applicable South African laws governing financial services providers.

This Privacy Notice explains how we collect, receive, store, use, share, retain, and protect personal information when you use our website, mobile application, digital platforms, or any of our financial products and services. It applies to all personal information processed by Wahed, whether it is provided directly by you or obtained from third parties, and whether it is collected online, in writing, by telephone, or in person.

Who we are

Wahed is an authorised Financial Services Provider regulated by the Financial Sector Conduct Authority (FSCA) and accountable to the Financial Intelligence Centre (FIC). We are the responsible party for the purposes of POPIA, which means we decide how and why your personal information is processed.

If you have any questions about this Privacy Notice or the way your personal information is handled, you may contact us through our official customer or compliance channels.

Our commitment to your privacy

This Privacy Notice is part of our commitment to providing financial services with integrity, transparency, and respect for your right to privacy. We are committed to:

1. processing personal information lawfully, fairly, and in a transparent way;
2. protecting your constitutional right to privacy;
3. using appropriate technical and organisational safeguards to prevent loss, misuse, or unauthorised access;
4. complying with all regulatory and reporting obligations imposed by the FSCA, the FIC, and other authorities; and
5. enabling you to exercise your rights under POPIA, including the rights to access, correct, object to, or request deletion of your personal information.

Your consent

Please read this Privacy Notice carefully before providing any personal information to us. By using our website, mobile application, or services, or by submitting information to us, you acknowledge that you have read and understood this Privacy Notice and consent to the collection, use, disclosure, retention, and processing of your personal information as described here, unless you exercise any rights available to you under POPIA.

Changes to this Privacy Notice

We may update this Privacy Notice from time to time to reflect changes in law, technology, or our business practices. Any updates will be published on our website or app. We will not make changes that reduce your rights unless we are legally required to do so. Your continued use of our services after any update means you accept the revised Privacy Notice.

Third-party websites

Our website or app may contain links to third-party websites. These websites have their own privacy policies, and Wahed is not responsible for their content or data-handling practices.

1. DEFINITION OF PERSONAL INFORMATION

1.1 Definitions as prescribed in terms of POPIA:

Biometrics:

Means a technique of personal identification that is based on physical, physiological or behavioural characterisation including blood typing, fingerprinting, DNA analysis, retinal scanning and voice recognition.

Complainant:

Means any person who lodges a complaint with the Information Regulator

Consent:

Means any voluntary, specific and informed expression of will in terms of which permission is given for the processing of personal information.

Data Subject:

Means the natural or juristic person to whom personal information relates, such as an individual client, customer or a company that supplies Wahed with products or other goods.

De-Identify:

Means to delete any information that identifies a data subject or which can be used by a reasonably foreseeable method to identify, or when linked to other information, identifies the data subject.

Direct Marketing:

Means to approach a data subject, either in person or by mail or electronic communication, for the direct or indirect purpose of:

• Promoting or offering to supply, in the ordinary course of business, any goods or services to the data subject; or
• Requesting the data subject to make a donation of any kind for any reason.

Electronic communication:

Means any text, voice, sound or image message sent over an electronic communications network which is stored in the network or in the recipient's terminal equipment until it is collected by the recipient. 

Information Officer:

Means the person who is responsible for ensuring Wahed’s compliance with POPIA. The Information Officer is the head of Wahed, and will be responsible for performing the Information Officer’s duties.

Information Regulator:

Is an independent juristic entity established under section 39 of the Protection of Personal Information Act (POPIA) to monitor, enforce, and promote compliance with POPIA and PAIA.

Non-electronic communication:

Means direct marketing communications that are not sent over an electronic communications network and therefore fall outside the definition of “electronic communication”. 

Operator:

Means a person who processes personal information for a responsible party in terms of a contract or mandate, without coming under the direct authority of that party. For example, a third-party service provider that has contracted with Wahed to shred documents containing personal information. When dealing with an operator, it is considered good practice for a responsible party to include an indemnity clause.

Personal Information:

Means any information that can be used to reveal a person’s identity. Personal information relates to an identifiable, living, natural person, and where applicable, an identifiable, existing juristic person (such as a company), including, but not limited to information concerning:

• race, gender, sex, pregnancy, marital status, national or ethnic origin, colour, sexual orientation, age, physical or mental health, disability, religion, conscience, belief, culture, language and birth of a person;
• information relating to the education or the medical, financial, criminal or employment history of the person;
• any identifying number, symbol, email address, physical address, telephone number, location information, online identifier or other particular assignment to the person;
• the biometric information of the person;
• the personal opinions, views or preferences of the person;
• correspondence sent by the person that is implicitly or explicitly of a private or confidential nature or further correspondence that would reveal the contents of the original correspondence;
• the views or opinions of another individual about the person;
• the name of the person if it appears with other personal information relating to the person or if the disclosure of the name itself would reveal information about the person.

Processing

Means any activity or any set of operations, whether or not by automatic means, concerning personal information and includes:

• the collection, receipt, recording, organisation, collation, storage, updating or modification, retrieval, alteration, consultation or use;
• dissemination by means of transmission, distribution or making available in any other form; or
• merging, linking, as well as any restriction, degradation, erasure or destruction of information.

Record:

Means any recorded information, regardless of form or medium, including:

• Writing on any material;
• Information produced, recorded or stored by means of any tape-recorder, computer equipment, whether hardware or software or both, or other device, and any material subsequently derived from information so produced, recorded or stored;
• Label, marking or other writing that identifies or describes anything of which it forms part, or to which it is attached by any means;
• Book, map, plan, graph or drawing;
• Photograph, film, negative, tape or other device in which one or more visual images are embodied so as to be capable, with or without the aid of some other equipment, of being reproduced. 

Re-Identify:

In relation to personal information of a data subject, means to resurrect any information that has been de-identified that identifies the data subject, or can be used or manipulated by a reasonably foreseeable method to identify the data subject.

Responsible Party:

Means the entity that needs the personal information for a particular reason and determines the purpose of and means for processing the personal information. In this case, Wahed is the responsible party.

Once appointed, the Information Officer must be registered with the South African Information Regulator established under POPIA prior to performing their duties. Deputy Information Officers can also be appointed to assist the Information Officer. 

Solicited electronic or non-electronic communication: 

Means an electronic or non-electronic communication sent to a data subject who has requested, consented to, or reasonably expects the communication.

Unique Identifier:

Means any identifier that is assigned to a data subject and is used by a responsible party for the purposes of the operations of that responsible party and that uniquely identifies that data subject in relation to that responsible party.

Unsolicited electronic or non-electronic communication:

Means an electronic or non-electronic communication sent to a data subject without prior request, consent, or an existing relationship that creates a reasonable expectation of receiving such communication.

1.2 Statutory Meaning:

For the purposes of the Protection of Personal Information Act, 4 of 2013 (“POPIA”), personal information means any information relating to an identifiable, living natural person and, where applicable, an identifiable, existing juristic person.

1.3 Policy Purpose

This purpose of this policy is to protect Wahed from the compliance risks associated with the protection of personal information which includes:

• Breaches of confidentiality. For instance, Wahed could suffer loss in revenue where it is found that the personal information of data subjects has been shared or disclosed inappropriately.
• Failing to offer choice. For instance, all data subjects should be free to choose how and for what purpose Wahed uses information relating to them.
• Reputational damage. For instance, Wahed could suffer a decline in shareholder value following an adverse event such as a computer hacker deleting the personal information held by Wahed Invest.

This policy demonstrates Wahed’s commitment to protecting the privacy rights of data subjects in the following manner:

• Through stating desired behaviour and directing compliance with the provisions of POPIA and best practice.
• By cultivating a culture that recognises privacy as a valuable human right.
• By developing and implementing internal controls for the purpose of managing the compliance risk associated with the protection of personal information.
• By creating business practices that will provide reasonable assurance that the rights of data subjects are protected and balanced with the legitimate business needs of Wahed.
• By assigning specific duties and responsibilities to control owners, including the appointment of an Information Officer in order to protect the interests of Wahed and data subjects.
• By raising awareness through training and providing guidance to individuals who process personal information so that they can act confidently and consistently.

1.4 Policy Scope and Application

This policy and its guiding principles applies to:

• The Wahed’s governing body;
• All employees, independent contractors and interns;
• All contractors, suppliers and other persons acting on behalf of Wahed.

The policy’s guiding principles find application in all situations and must be read in conjunction with POPIA as well as the organisation’s PAIA Policy as required by the Promotion of Access to Information Act (Act No 2 of 2000).

The legal duty to comply with POPIA’s provisions is activated in any situation where there is:

• A processing of personal information entered into a record by or for a responsible person who is domiciled in South Africa.

POPIA does not apply in situations where the processing of personal information:

• is concluded in the course of purely personal or household activities, or
• where the personal information has been de-identified.

1.5 Categories of Personal Information Processed

Wahed processes personal information for the purpose of providing financial products and services, complying with legal and regulatory obligations, and operating its digital platforms. The personal information processed includes identification information such as a client’s full legal name, identity number or equivalent official identifier, date of birth, and copies of identity documents used for verification. It also includes contact information such as residential or postal address, email address, telephone number, and a client’s stated communication preferences.

Wahed further processes financial and regulatory information, including information relating to a client’s source of income, source of funds, and source of wealth, details of investment portfolios and transactions, banking and payment account information, and tax reference or identification numbers. In order to provide suitable and compliant investment advice, Wahed also processes information relating to a client’s financial objectives, financial needs, risk appetite, and investment preferences.

In addition, Wahed processes technical and transactional information generated through a client’s use of its platforms and services. This includes device identifiers, IP addresses, website usage data, cookies and similar technologies, records of communications between the client and Wahed, transaction histories, and other data reflecting how clients interact with Wahed’s systems. Wahed Invest also processes marketing and preference information, including marketing and communication preferences, product and service interests, communications history, survey responses, and feedback.

1.6 Processing of Special Personal Information

Where any personal information processed by Wahed constitutes special personal information as defined in POPIA, such information will only be processed where one or more lawful grounds for processing applies, including where:

1. you have provided explicit and informed consent;
2. the processing is necessary to establish, exercise, or defend a legal right or obligation;
3. the processing is required or authorised by law;
4. the processing is necessary to comply with financial services, anti-money laundering, counter-terrorist financing, or sanctions-screening obligations;
5. the processing is conducted for historical, statistical, or research purposes in accordance with POPIA and subject to appropriate safeguards; and/or
6. the processing is otherwise permitted under POPIA.

2. PURPOSE AND LAWFUL BASIS FOR PROCESSING

2.1 Purposes for Processing Your Personal Information

Wahed processes personal information for clearly defined and lawful purposes connected to the provision of financial services, regulatory compliance, and the operation of its business. 

2.1.1. Service delivery and product administration

Wahed processes personal information in order to assess clients’ financial circumstances, financial needs, and investment objectives; to process applications for financial products and services; and to establish, administer, and maintain ongoing client relationships. This includes fulfilling contractual obligations, communicating with clients regarding their accounts and services, providing customer support, and responding to client enquiries in a timely and effective manner.

2.1.2 Risk management, financial crime prevention, and compliance

Personal information is processed for the purposes of managing risk and ensuring compliance with applicable laws and regulatory requirements. This includes conducting Know-Your-Customer (KYC) verification and Customer Due Diligence (CDD) in accordance with the Financial Intelligence Centre Act and applicable anti-money-laundering and counter-terrorist-financing requirements; screening clients against sanctions lists and politically exposed person databases; assessing and mitigating fraud, identity theft, and financial crime risks; conducting internal risk assessments; and ensuring compliance with requirements imposed by the FSCA and other competent authorities, including client suitability and appropriateness assessments.

2.1.3 Regulatory reporting and legal disclosures

Wahed processes personal information to comply with its statutory reporting and disclosure obligations. This includes reporting to the FSCA and the FIC as required by law, responding to lawful requests, subpoenas, and regulatory investigations, and maintaining audit trails and regulatory records in accordance with applicable legislation.

2.1.4 Marketing and business development

Subject to applicable law and a client’s stated marketing preferences, Wahed may process personal information for marketing and business development purposes. This includes communicating information about products and services that may be relevant to clients, conducting market research and client satisfaction surveys, analysing market trends and business performance, developing and improving products and services based on client feedback and market analysis, and conducting targeted campaigns and promotions in compliance with applicable marketing and communications requirements.

2.1.5 Financial analysis, profiling, and service optimisation

Wahed processes personal information for financial analysis and service optimization purposes. This includes conducting client risk profiling, analysing portfolio performance, developing investment recommendations tailored to a client’s profile, and optimising service delivery. Where permitted by law, and where required with the client’s consent, Wahed Invest may use automated tools, including artificial intelligence and machine-learning systems, to enhance product suitability, efficiency, and consistency of service delivery.

2.1.6 Record-keeping, historical, and continuity purposes

Personal information is further processed for record-keeping and accountability purposes, including the maintenance of records required under financial services and other applicable legislation, the preservation of audit and compliance trails, the archiving of information for business continuity and disaster-recovery planning, and the use of data for lawful historical, statistical, or research purposes subject to appropriate safeguards.

2.2 Lawful Basis for Processing

Wahed processes personal information only where a lawful basis exists in accordance with section 11 of the Protection of Personal Information Act, 4 of 2013 (POPIA). We rely on one or more of the following lawful bases, depending on the circumstances:

1. Consent – Where you have explicitly consented to the processing of your personal information
2. Contractual Performance – Where processing is necessary for entering into, executing, or performing a contract with you
3. Legal Obligation – Where processing is required by South African law, including the FAIS Act, Financial Advisory and Intermediary Services Act, banking regulations, tax legislation, or anti-money laundering regulations including any other subordinated legislation as the case may be.
4. Public Interest – Where processing is necessary for the protection of public interest
5. Legitimate Interest – Where we have a legitimate interest in processing your information (such as fraud prevention, security, or business improvement), provided this does not materially damage your rights or interests

2.3 Withdrawal of Consent

Where processing is based on consent, a data subject may withdraw such consent at any time by providing written notice to Wahed. Withdrawal of consent does not affect the lawfulness of any processing carried out prior to the withdrawal. Where consent is withdrawn, Wahed may be unable to continue providing certain products or services that depend on that consent. Wahed Invest may, however, continue to process personal information where another lawful basis for processing applies, including compliance with legal or regulatory obligations or the pursuit of a legitimate interest.

3. SOURCES OF PERSONAL INFORMATION

Wahed collects personal information through several channels, depending on how you interact with us the services you use:

3.1 Information Collected Directly From You

We collect personal information directly from you when you apply for or use our products and services, when you communicate with us, and when you interact with our digital platforms. This includes:

1. Personal financial information – When you apply for our services or products;
2. Online interactions – Information you provide when using our website, online portals, and digital platforms;
3. Communications – Information shared when you contact us by email, through our website, online portals, and digital platforms;
4. Account transactions – Information generated through your account activity and transactions;
5. Customer enquiries and feedback – Information provided when you submit enquiries, complaints, or feedback;
6. Survey responses – Responses you give when you participate in surveys or research

We will only collect the necessary and relevant information that would be required for the purpose of our services and products, and/or where specific legislation requires the same.

3.2 Information Collected Automatically

When you visit or use our website and digital platforms, some information is collected automatically through technology. This includes:

1. Automated collection technologies – Through cookies and similar technologies that help us understand how our website is used.
2. Log data – Automatic collection of IP addresses, browser information, and access times.
3. Behavioral data – Information about how you move through and use our website.

3.3 Information from Third Parties

Where allowed by law and where appropriate, we may obtain personal information about you from trusted third parties. These may include:

1. Fraud prevention agencies – To verify, identity and prevent fraud.
2. Other financial institutions and service providers – To facilitate services or verify information
3. Regulatory authorities – Not limited to the following, but definitely including the FIC, SARS, SAPS and/or any other relevant body.
4. Public databases and official registers – For identity verification and sanctions screening

We only collect personal information from third parties where we have a lawful basis to do so. This will be where the third party is lawfully permitted to disclose the information and where you have given consent, or where it is reasonable and lawful for us to obtain the information in this way.

4. RECIPIENTS OF PERSONAL INFORMATION

Wahed only shares your personal information where this is necessary to provide services to you, to meet legal and regulatory requirements, or to operate our business in a safe and compliant way.

4.1 Sharing within Wahed

Your personal information may be shared internally within Wahed with people who need it to perform their duties. This includes:

1. Senior management and Key Individual – For governance and compliance oversight
2. Compliance and Risk Management teams – For regulatory, compliance and risk assessment.
3. Customer Service and Support teams – For service delivery
4. Financial and Administrative staff – For account administration and reporting
5. IT and Security teams – For system management and security
6. Internal auditors – For audit and governance purposes

4.2 Sharing with Third Parties

We may share your personal information with carefully selected third parties where this is required to provide services to you, to meet legal or regulatory obligations, or to protect against fraud and financial crime. 

These third parties may include, but are not limited to:

A. Professional - Financial Services and Operations Providers

1. Product providers and fund managers
2. Investment platforms and custodians
3. Fund administrators and asset managers
4. Custodians of other services providers who support the operation of our investment services.
5. Payment processors

B. Regulators and Authorities (not limited to below)

1. Financial Sector Conduct Authority (FSCA) – For regulatory reporting and supervision
2. Financial Intelligence Centre (FIC) – For anti-money laundering and counter-terrorism financing compliance
3. South African Revenue Service (SARS) – For tax compliance and reporting

C. Fraud, identity, and compliance services

1. Fraud prevention and financial-crime monitoring services
2. Know Your Customer (KYC) services and identity-verification providers

We only share personal information with third parties who are required to protect it, use it only for the purpose for which it was shared, and comply with applicable data-protection and confidentiality laws.

4.3 Sale of Personal Information

We will never sell your personal information to third parties for marketing or commercial purposes. Any sharing of personal information takes place only for lawful business, regulatory, or service-delivery purposes.

5. DATA RETENTION AND DISPOSAL

Wahed keeps personal information only for as long as it is needed to provide services, meet legal and regulatory obligations, and protect our legal and business interests. Once information is no longer required, it is securely deleted or destroyed.

5.1 How Long We Keep Your Information

The length of time we keep personal information depends on the type of data and the reason we collected it. In general, the following periods apply:

A. Regulatory and Compliance Records

Please note that these periods are subject to change depending on legislation changes:

1. Client identification and KYC records: kept for minimum five (5) years from the end of the business relationship (in accordance with FIC requirements)
2. Transaction records and related communications: kept for minimum five (5) years (in accordance with FIC requirements)
3. Account records: kept for the duration of the business relationship and at least five (5) years thereafter
4. Tax-related documents: kept for the period required by SARS, usually between five (5) and seven (7) years
5. Sanctions screening records: kept for at least five (5) years after termination of our products and/or services.

B. Contractual and Business Records

1. Product documentation and agreements: kept for the duration of the relationship and typically for a further five (5) to seven (7) years
2. Investment records and transaction history: kept for the duration of the relationship and at least five (5) years thereafter
3. Communications records: for the duration of the business relationship and for up to five (5) years afterwards

C. Marketing and Operational Data

1. Marketing preferences and communications: are kept until you unsubscribe or your relationship ends with us
2. Cookies and web analytics: are kept for up to two (2) to three (3) years  or as per our cookie policy
3. Feedback, complaints and survey responses: are usually kept for three (3) to five (5) years for analysis and service-improvement purposes

D. Historical, Statistical, and Research Data

We may keep certain information for historical, statistical, or research purposes for longer periods, including indefinitely, where this is allowed by law and where appropriate safeguards are in place to protect your privacy and prevent misuse.

5.2 How We Delete And Destroy Information

When your personal information is no longer needed, or when your relationship with Wahed ends, we take steps to ensure it is removed in a secure way. This includes securely deleting or overwriting electronic records and shredding or otherwise destroying physical records so that they cannot be reconstructed. We use appropriate technical and organisational measures to make sure that deleted information cannot be recovered. Where reasonably practicable, we will also ask third parties who received your information on our behalf to delete or destroy their copies.

6. SECURITY MEASURES AND PROTECTION

Wahed takes the security of your personal information seriously and has put in place appropriate technical, physical, and organisational measures to protect it against unauthorised access, loss, misuse, alteration, or destruction.

6.1 Our Security Framework

We use a layered security approach to protect personal information.

A. Physical Security

1. Restricted access: Access to our offices and facilities is restricted and controlled through identification and access controls.

B. Electronic and Technical Security

1. Encryption: Data is encrypted in transit (TLS/SSL) and at rest (AES-256)
2. Firewalls and intrusion detection: Multi-layered network security systems
3. Antivirus and malware protection: Continuous monitoring and updates
4. Access controls: Role-based access with unique user IDs and passwords
5. Multi-factor authentication: Where applicable, for sensitive systems
6. Regular security assessments: Penetration testing and vulnerability assessments
7. Secure deletion: Data securely wiped using industry-standard tools
8. Backup and disaster recovery: Systems in place for business continuity
9. Secure communication channels: Encrypted email and secure portals

C. Administrative and Operational Security

1. Confidentiality agreements: All staff and service providers bound by confidentiality
2. Compliance monitoring: Ongoing monitoring of POPIA compliance
3. Vendor management: Third-party service providers screened and monitored

6.2 Data Breach Notification

In the event of a data breach or unauthorized disclosure of your personal information:

1. We will notify you and the Information Regulator without unreasonable delay if there is a reasonable belief that the breach materially harms the protection of your personal information
2. Notification will include details of the breach, affected information, measures taken, and your rights
3. We will cooperate fully with regulatory investigations

6.3 Limitation of Liability

While we take comprehensive measures to protect your information, no security system is entirely impregnable. We cannot guarantee absolute security. We disclaim liability for:

1. Information disclosed due to factors beyond our reasonable control
2. Breaches resulting from your failure to maintain password security
3. Unauthorized access to information through your accounts or devices
4. Information disclosed with your consent or authorization

7. COOKIES AND ONLINE TRACKING

7.1 Cookie Usage

Our Services use cookies and other similar tools to enable secure functionality, improve performance, and analyze usage.

A. Categories of Cookies:

1. Essential Cookies: Necessary for login, navigation, and core security. These cannot be disabled.
2. Analytics Cookies: Help us understand how users interact with our Services by collecting anonymous usage data.
3. Marketing Cookies: Track browsing behaviour to deliver tailored content and advertising. You may opt out of these.

B. User Consent and Management:
By using our Services, you consent to the use of cookies as described. You may:

1. Accept All Cookies (enable all categories).
2. Reject Non-Essential Cookies (allow only essential cookies).

Note: Disabling cookies may affect your ability to access certain website features or services.

C. Other Data Collection Tools:
In addition to cookies, we may use tools such as web beacons and server logs to help improve your experience. These tools may capture details about the device used to access the Services, including operating system type, browser type, domain, country, and time zone.

Such information does not ordinarily identify you personally and is primarily used for statistical analysis, fraud detection, security monitoring, and performance improvement.

7.2 Cookies in Emails

In addition to the cookies we use on this website, we also use cookies in some emails and push notifications. These help us to understand whether you have opened the email and how you have interacted with it.

8. YOUR RIGHTS AS A DATA SUBJECT

Under the Protection of Personal Information Act, 4 of 2013 (POPIA), you have a number of rights in relation to the personal information we hold about you. These rights are designed to give you control over how your information is used and to ensure that it is handled fairly and lawfully.

8.1 Right of Access

You have the right to ask whether Wahed holds personal information about you and, if so, to request access to that information. This includes the right to request:

• confirmation of whether we hold personal information about you;
• a copy of the personal information we hold about you;
• information about how and why your information is processed;
• details of the parties with whom your information is shared; and
• information about how long we keep your information;

8.1.1 How to Make an Access Request

To make an access request, you must submit a written request to our Information Officer. Requests should be reasonably specific so that we can identify the information you are asking for. We will normally respond within 15 business days, although this period may be extended to up to 30 business days where allowed by law. For security reasons, we may ask you to confirm your identity before we provide any information.

8.2 Right to Correction and Deletion

You have the right to ask us to correct or delete your personal information where appropriate. This includes the right to request correction if your information is inaccurate, incomplete, misleading, or outdated, and the right to request deletion if the information is no longer needed for the purpose for which it was collected. If you wish to submit a data correction or deletion request, please email us to notify us of the request at zafsupport@wahed.com

Where we correct or delete information, we will, where reasonably practicable, notify any third parties with whom the information was shared.

Requests must include sufficient detail to identify the information to be corrected or deleted. We will consider your request and respond within fifteen (15) business days. We may refuse a request where we are required by law to keep the information, where the information must be kept for a lawful business purpose, where deletion would prejudice your legal rights, or where another valid exception under POPIA applies.

8.3 Right to Object to Processing

You have the right to object to the processing of your personal information in certain circumstances. This includes where the processing is for a purpose other than the one for which the information was collected, where the processing is for direct marketing, or where we are relying on a legitimate interest and that interest does not outweigh your rights.

If we receive a valid objection, we will stop processing your information unless we have another lawful basis or a compelling legal reason to continue.

8.4 Right to Withdraw Consent

Where we process your personal information based on your consent, you may withdraw that consent at any time. Withdrawal of consent does not affect the lawfulness of any processing carried out before the withdrawal, our right to continue processing where another lawful basis applies, or our obligation to comply with legal and regulatory requirements.

8.5 Right to Restrict Processing

You may ask us to restrict the processing of your personal information in certain situations, including where you dispute the accuracy of the information, where we no longer need it but you require it for legal purposes, or where you have objected to processing and we are assessing whether our legitimate interests override your rights. While processing is restricted, we will only store the information and will not otherwise use it unless you consent or the law requires us to do so.

8.6 Right to Data Portability

You have the right to ask us to provide personal information that you have given to us in a structured, commonly used, and machine-readable format. This right applies only to information you provided to us and does not include information that we have created, derived, or inferred.

8.7 Right to be Informed

You have the right to be notified that your personal information is being collected by Wahed. You also have the right to be notified in any situation where we have reasonable grounds to believe that your personal information has been accessed or acquired by an unauthorized person.

8.8 Right to Lodge a Complaint

If you believe that your rights under POPIA have been violated, you may raise a complaint with Wahed by contacting our Information Officer. If you are not satisfied with our response, you may also lodge a complaint with the Information Regulator or bring a civil claim for damages arising from the unlawful processing of your personal information.

9. HOW TO EXERCISE YOUR RIGHTS

9.1 Making a Request

To exercise any of the rights described in this Privacy Notice, you may submit a written request to our Information Officer:

Name: Moaaz Ismail

Position: Key Individual and Information Officer

Company: Wahed Invest (Pty) Ltd

Email: zafsupport@wahed.com

Physical Address: Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, Gauteng, 2196

9.2 What to include in your request

To help us process your request, please include:

• your full name and contact details;
• proof of your identity, such as a copy of your identity document;
• a clear description of the request you are making; and
• enough detail for us to locate the personal information you are asking about.

9.3 Response Timeframes

We will acknowledge receipt of your request within five (5) business days. We will normally provide a full response within fifteen (15) business days, although this may be extended to up to thirty (30) business days where allowed by law and where the request is complex or requires additional verification. If more time is needed, we will let you know.

Urgent requests may be handled more quickly where this is reasonably possible.

9.4 Fees

We do not charge a fee for access to your personal information unless a fee is allowed or required by the Information Regulator or where reasonable administrative costs apply.

10. MARKETING COMMUNICATIONS

10.1 Direct Marketing

Wahed may send you marketing communications about products and services that are relevant to you. We will only do this in line with your marketing preferences and, where required by law, with your consent. All marketing messages are sent in a fair, transparent, and non-misleading way.

10.2 How we may contact you

We may send marketing communications through the following channels:

• email;
• social-media platforms;
• online advertising; and
• other electronic communication methods.

10.3 How to opt out

You can stop receiving marketing communications from us at any time. You can do this by clicking the “unsubscribe” link in any marketing email or by contacting us through our support channels.

Once we receive your opt-out request, we will stop sending you marketing messages within a reasonable time. You may choose to opt back in at any time.

10.4 Messages you will still receive

Even if you opt out of marketing, we may still contact you about:

1. transactions and activity on your account;
2. important service-related updates;
3. regulatory or compliance matters;
4. responses to enquiries or requests you have made; and
5. communications that we are legally required to send.

These messages are not marketing and are necessary for us to provide and manage our services.

11. CONTACT DETAILS

11.1 Information Officer

Name: Moaaz Ismail

Position: Key Individual & Information Officer

Email: zaf.key@wahed.com

Physical Address: Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, Gauteng, 2196

11.2 Information Regulator

If you are dissatisfied with our response to a complaint or data subject request, you may lodge a complaint with:

The Information Regulator (South Africa)

Email: popia@inforegulator.org.za

Website: www.inforegulator.org.za

Postal Address: JD House, 27 Stiemens Street, Braamfontein, Johannesburg, 2001

Telephone: +27 10 023 5200

12. COMPANY INFORMATION

Company Name: Wahed Invest (Pty) Ltd

Registration Number: 2020/726348/07

FSP Number: 51684

Business Address: Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, Gauteng, 2196

Website: www.wahed.com

13. THIRD-PARTY SERVICE PROVIDERS

Categories of service providers with whom we may share personal information:

1. Financial Services Partners: Fund managers, custodians, administrators
2. Regulatory Authorities: FSCA, FIC, SARS
3. IT and Hosting Services: Cloud service providers, website hosting, cybersecurity firms
4. Fraud Services: Fraud prevention agencies, sanctions screening providers
5. Administrative Services:  Document storage providers
6. Other Service Providers: As necessary for service delivery and business operations

All service providers are subject to written service agreements requiring POPIA compliance and confidentiality obligations.

This Privacy Notice has been prepared in accordance with the Protection of Personal Information Act, 4 of 2013 (POPIA), and other applicable South African financial services laws and regulations.

Compiled by:

Moaaz Ismail – Key Individual & Information Officer

Wahed Invest (Pty) Ltd | FSP Number: 51684

Date: March 2026

Disclaimer: This Privacy Notice is provided for informational purposes. While compiled in accordance with current legal requirements, regulatory requirements may change. Wahed Invest reserves the right to update this notice as required by law or business necessity. Should there be any other information you are uncertain of, we will gladly assist and also provide relevant channels such as: https://inforegulator.org.za/popia-forms/

Prepared in terms of section 51 of the Promotion of Access to Information Act 2 of 2000 (as amended)‍

‍DATE OF COMPILATION: MARCH 2026

‍

1. LIST OF ACRONYMS AND ABBREVIATIONS

1. “IO“ Information Officer;

2. “PAIA” Promotion of Access to Information Act No. 2 of 2000

3. “POPIA” Protection of Personal Information Act No.4 of 2013;

4. “Regulator” Information Regulator; and

5. “Republic” Republic of South Africa

2. PURPOSE OF PAIA MANUAL

This PAIA Manual is useful for the public to:

1. check the categories of records held by a body which are available without a person having to submit a formal PAIA request;

2. have a sufficient understanding of how to make a request for access to a record of the body, by providing a description of the subjects on which the body holds records and the categories of records held on each subject;

3. know the description of the records of the body which are available in accordance with any other legislation;

4. access all the relevant contact details of the Information Officer who will assist the public with the records they intend to access;

5. know the description of the guide on how to use PAIA, as updated by the Regulator and how to obtain access to it;

6. know if the body will process personal information, the purpose of processing of personal information and the description of the categories of data subjects and of the information or categories of information relating thereto;

7. know the description of the categories of data subjects and of the information or categories of information relating thereto;

8. know the recipients or categories of recipients to whom the personal information may be supplied;

9. know if the body has planned to transfer or process personal information outside the Republic of South Africa and the recipients or categories of recipients to whom the personal information may be supplied; and

10. know whether the body has appropriate security measures to ensure the confidentiality, integrity and availability of the personal information which is to be processed.

3. KEY CONTACT DETAILS FOR ACCESS TO INFORMATION

1. Information Officer‍
   Name: Moaaz Ismail
   Email: zaf.key@wahed.com
   ‍‍
2. National or Head Office
   Physical Address: Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, 2196
   Email: zafsupport@wahed.com
   Website: https://www.wahed.com/zaf

4. GUIDE ON HOW TO USE PAIA AND HOW TO OBTAIN ACCESS TO THE GUIDE

1. The Regulator has, in terms of section 10(1) of PAIA, as amended, updated and made available the revised Guide on how to use PAIA (“Guide”), in an easily comprehensible form and manner, as may reasonably be required by a person who wishes to exercise any right contemplated in PAIA and POPIA.

2. The Guide is available in each of the official languages and in braille.

3. The aforesaid Guide contains the description of:

• the objects of PAIA and POPIA;
• the street address and email address of:
• the Information Officer of every public body and private body designated in terms of section 17(1) of PAIA and section 56 of POPIA;
• the manner and form of a request for:
  
  • access to a record of a public body contemplated in section 11; and
  • access to a record of a private body contemplated in section 50;

• the assistance available from the IO of a public or private body in terms of PAIA and POPIA;
• the assistance available from the Regulator in terms of PAIA and POPIA;
• all remedies in law available regarding an act or failure to act in respect of a right or duty conferred or imposed by PAIA and POPIA, including the manner of lodging-
  
  • an internal appeal; 
  • a complaint to the Regulator; and 
  • an application with a court against a decision by the Information Officer of a public body, a decision on internal appeal or a decision by the Regulator or a decision of the head of a private body;

• the provisions of sections 14 and 51 requiring a public body and private body, respectively, to compile a manual, and how to obtain access to a manual;
• the provisions of sections 15 and 52 providing for the voluntary disclosure of categories of records by a public body and private body, respectively;
• the notices issued in terms of sections 22 and 54 regarding fees to be paid in relation to requests for access; and
• the regulations made in terms of section 92.

4. Members of the public can inspect or make copies of the Guide from the offices of the public and private bodies, including the office of the Regulator, during normal working hours.

5. The Guide can also be obtained:

• upon request to the Information Officer;
• from the website of Wahed Invest (Pty) Ltd;
• from the website of the Regulator (https://www.justice.gov.za/inforeg/).

6. A copy of the Guide is also available in the following official language, for public inspection during normal office hours:

• English

5. CATEGORIES OF RECORDS OF WAHED INVEST (PTY) LTD WHICH ARE AVAILABLE WITHOUT A PERSON HAVING TO REQUEST ACCESS

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6. DESCRIPTION OF THE RECORDS OF WAHED INVEST (PTY) LTD WHICH ARE AVAILABLE IN ACCORDANCE WITH ANY OTHER LEGISLATION

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7. PROCESSING OF PERSONAL INFORMATION

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1. Purpose of Processing Personal Information

• Identity Verification
• To eradicate Money Laundering
• To eradicate terrorist financing
• For Customer Onboarding
• For Customer Services
• Regulatory Compliance

2. Description of the categories of Data Subjects and of the information or categories of information relating thereto

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3. The recipients or categories of recipients to whom the personal information may be supplied

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4. General description of Information Security Measures to be implemented by the responsible party to ensure the confidentiality, integrity and availability of the information: 
   
   Data Encryption; Anti-virus and Anti-malware Solutions.

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8. AVAILABILITY OF THE MANUAL

1. A copy of the Manual is available:

• Online at www.wahed.com;
• head office of Wahed Invest (Pty) Ltd for public inspection during normal business hours;
• to any person upon request and upon the payment of a reasonable prescribed fee; and
• to the Information Regulator upon request.

9. UPDATING OF THE MANUAL

The Information Officer will on a regular basis update this manual.

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Issued by‍
Moaaz Ismail

Information Officer | Key Individual