Wahed Invest LTD Client Agreement

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