Wahed Letter of Introduction and Disclosure Notice

Client Agreement

Privacy Policy

Terms & Conditions

AOS - Terms and Conditions

Complaint Management Policy

Conflict of Interest Policy

Cookie Policy

FAIS Disclosure

PAIA Manual

PAIA Guide

FAIS Disclosure

1. INTRODUCTION

In terms of the General Code of Conduct of the FAIS Act, Wahed Invest (Pty) Ltd (“Wahed Invest”) as an authorised Financial Services Provider (“FSP”) in terms of Section 8 of the FAIS Act, is required to disclose the information in this document to you. You are therefore requested to read through this FAIS Disclosure document carefully. If there is anything in this document that you do not understand or require clarification, please request further information from us.

2. AUTHORISED FINANCIAL SERVICES PROVIDER

Wahed Invest (Pty) Ltd is an authorised FSP with license number 51684. 

A copy of our license is available on request or you can consult the Financial Sector Conduct Authority (FSCA).

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FSP Name Wahed Invest (Pty) Ltd
Registration Number 2020/726348/07
FSP Number 51684
Key Individual Moaaz Ismail
Postal Address Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, 2196
Physical Address Office 19, Third Floor, Arch Collab, 34 Whiteley Road, Melrose Arch, Johannesburg, 2196
Contact Email Address zafsupport@wahed.com
Contact Phone Number +27 (0) 71 465 7717

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3. EXTERNAL COMPLIANCE DETAILS

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Name COMPLI-SERVE SA (Pty) Ltd
Registration Number 2003/010619/07
CO Number 194
Contact Phone Number +27 (0) 87 897 6970
Physical Address 65 2nd Avenue, Harfield Village, 7708
Website http://www.compliserve.co.za/
Email Address info@compliserve.co.za

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4. AUTHORISED FINANCIAL SERVICES AND PRODUCTS 

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FSCA-approved License Categories
Category Financial Product Automated Advice Non-Automated Advice Intermediary
1.14 Participatory interests in a collective investment scheme
Type of products for example:
Shariah-compliant ETF, Mutual Funds, Unit Trusts, Tax-free Savings, etc. 		x x x
1.5 Retail Pension Benefits
Type of products for example:
Shariah-compliant Single premium Retirement Annuities; Preservation Fund policies, benefits provided by Retirement Annuity or Preservation Funds, including transfers to a Retirement Annuity or Preservation Fund. Coupled with advising clients on further investment options when the Retirement Annuity or Preservation Fund matures. 		x x
1.7 Pension Funds Benefits
Type of products for example:
Shariah-compliant Benefits provided by a pension/provident fund, coupled with advising clients on further investment options when the client retires from the fund. 		x x
1.18 Short-term Deposits
Type of products for example:
Shariah-compliant Fixed Deposits with a maturity date equal to or less than 12 months. 		x x
1.17 Long-term Deposits
Type of products for example:
Shariah-compliant Fixed Deposits with a maturity date more than 12 months. 		x x
1.24 Structured Deposits
Type of products for example:
A Shariah-compliant combination of a short-term Fixed Deposit and long-term Fixed Deposit where the return or value depends on the performance of one or more underlying financial products. 		x x
1.4 Long-term Insurance subcategory C
Type of products for example:
Other Shariah-compliant products (drafting Wills for clients and charging a fee for the safe-keeping of a client’s Will) which is not mentioned in categories A and B; excluding fund member policies and RA’s, and Preservation funds, Investment policies (single and recurring premium) without a guarantee. 		x x
1.2 Short-term Insurance Personal Lines
Type of products for example:
Shariah-compliant Takaful short-term personal insurance. 		x x
1.23 Short-term Insurance Personal Lines A1
Type of products for example:
A simplified category of Shariah-compliant Takaful short-term personal insurance policies for individual consumers that require no or limited underwriting; have contract terms of 24 months or less and are subject to minimal exclusions and conditions. 		x x
1.6 Short-term Insurance Commercial Lines
Type of products for example:
Shariah-compliant Takaful short-term insurance for business purposes. 		x x
1.20 Long-term Insurance subcategory B2
Type of products for example:
Shariah-compliant Annuities which guarantee a minimum annuity for the term of the policy, investment policies as defined in Part 5B of the Regulations under the Long-term Insurance Act, 1998; which guarantee a minimum return of any premium paid at a specified future date or dates and where such minimum is ascertainable in Rand terms at inception. 		x x
1.21 Long-term Insurance subcategory B2-A
Type of products for example:
Shariah-compliant long-term policies from subcategory B2 where the premiums are invested in an investment portfolio managed by the product supplier with no option for the policyholder to request changes or amendments to that portfolio. 		x x
1.1 Long-term Insurance subcategory A
Type of products for example:
SAssistance policies. 		x x
1.3 Long-term Insurance subcategory B1
Type of products for example:
Products which provide only risk benefits as contemplated in the Regulations under the Long-term Insurance Act, 1998. 		x x
1.22 Long-term Insurance subcategory B1-A
Type of products for example:
Long-term policies that fall under the B1 category but specifically require no or limited underwriting. 		x x

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5. PROFESSIONAL INDEMNITY COVER

As per the FAIS Act, Wahed Invest holds Professional Indemnity and Fidelity Cover of more than R1 million. 

6. TREATING CUSTOMERS FAIRLY

Wahed Invest is committed to the Treating Customers Fairly (TCF) programme which has been implemented by the FSCA and consists of a principle-based approach. As a part of our overall approach, we are fully committed to treating our clients fairly and as such we endeavour to meet their expectations of high-quality service. ‍

‍7. CONFLICT OF INTEREST MANAGEMENT POLICY

Wahed Invest has adopted and implemented a conflict of interest management policy to ensure that the quality of our financial services is not compromised by conflict of interest situations that may arise in the normal course of carrying out our business. The conflict of interest management policy is published on the Wahed Invest website or can be obtained upon request.

8. COMPLAINTS

Wahed Invest has established a formal complaints policy which is available on request or on the Wahed Invest website. 

Should you wish to pursue a complaint against Wahed Invest, you should address the complaint in writing to zafsupport@wahed.com. 

If you cannot settle your complaint with us, you are entitled to refer it to the office of the FAIS Ombud, at the contact details provided below. 

The Ombud has been created to provide you with a redress mechanism for any complaint that you have against Wahed Invest.

FAIS OMBUD

Physical Address: 

Sussex Office Park

Ground Floor, Block B

473 Lynnwood Road

Corner of Lynnwood Road and Sussex Avenue

Pretoria

0081

Postal Address: 

P.O.  Box 74571, Lynwood Ridge, 0040 

Telephone: 

+27 (0) 12 762 5000  / +27 (0) 12 470 9080 / 0860 324 766

Email: 

info@faisombud.co.za 

‍9. FINANCIAL INTELLIGENCE CENTRE ACT (FICA)

As an accountable institution, as defined by FICA, we are required in terms of our Client Due Diligence (CDD) process to identify our prospective clients, verify the given information and keep records of the verifying documents.

10. RISK DISCLOSURE STATEMENT

Investing in financial products entails risk, please ensure that you are always appropriately advised and aware of all risks involved. 

Prior to selecting a financial product or portfolio in which to invest, it is recommended that investors make an informed decision.

11. OTHER MATTERS OF IMPORTANCE

  1. In terms of the Financial Intelligence Centre Act, 2001, Wahed Invest is obliged to report any suspicious and unusual transactions that may facilitate money laundering. 
  2. It is important that you are absolutely certain that the investment product meets your needs and that you are certain that you have all the information you require before making an investment and/or financial decision. 
  3. Wahed Invest has a suitable Professional Indemnity and Fidelity Insurance Policy in place in accordance with the FAIS Act. 
  4. Waiver of rights: You are hereby advised that no representatives of the provider or any other person may ask you or offer any inducement to you, to waive any right or benefit conferred on you by or in terms of any provision of the FAIS Act. 
  5. The client authorizes Wahed Invest to access any relevant information required pertaining to the client to enable Wahed Invest to adequately provide the necessary financial service or advice. Any client information obtained by our representatives shall remain confidential and shall not be disclosed to third parties unless otherwise required by a legal obligation or with your prior consent.

12. CLIENT UNDERSTANDING & CONFIRMATION

  1. The client agrees to provide the Wahed Invest with the necessary information and written consent required to effect the client’s mandate. 
  2. The client consents to provide the Wahed Invest with any information relating to the client’s change in financial circumstance. 
  3. The client understands that they have an obligation to provide Wahed Invest with accurate information, material facts, or statements relating to the completion of any transaction and that they assume the sole responsibility for any damage incurred as a result of their failure to accurately disclose information. 
  4. It shall be the sole responsibility of the client to decide whether a financial decision is appropriate for their needs, objectives and circumstances; should the client elect to pursue a transaction contrary to the advice rendered by Wahed Invest.

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