Alfalah GHP Islamic Stock Fund (formerly Alfalah GHP Islamic Fund) Offering Document

Risk Disclaimer: All Investments in mutual Fund are subject to market risks. The NAV of Units may go down or up based on the market conditions. The investors are advised in their own interest to carefully read the contents of the Offering Document, in particular the Investment Policies mentioned in clause 2.2, Risk Factors mentioned in clause 2.6, Taxation Policies mentioned in Clause 7 and Warnings in Clause 9 before making any investment decision.

OFFERING DOCUMENT OF

ALFALAH GHP ISLAMIC STOCK FUND (Formerly Alfalah GHP Islamic Stock Fund)

An Open Ended Shariah Compliant Islamic Equity Scheme (Formerly An Open Ended Islamic Asset Allocation Scheme)

Fund Category Risk Profile as per Circular 2 of 2020 Risk of Principal Erosion Shariah Compliant Equity Scheme High Principal at high risk

MANAGED BY

ALFALAH GHP INVESTMENT MANAGEMENT LIMITED

OFFERING DOCUMENT Managed by 11 before making any Investment Decision before 11 Alfalah GHP Investment Management Ltd. Alfalah GHP OFFERING DOCUMENT OFFERING ALFALAH GHP ISLAMIC FUND GHP ALFALAH

in particular the Risk Disclosure in clause 2.12, Disclaimer clause 2.13 and Warnings in clause Warnings clause 2.13 and in clause 2.12, Disclaimer the Risk Disclosure in particular Investors are advised in their own interest to carefully read the contents of the Offering Document, Offering the of contents the read carefully to interest own their in advised are Investors ALFALAH GHP ISLAMIC FUND ISLAMIC GHP ALFALAH CONTENTS Clause .2Eetoi rdn fUis 33 29 30 25 27 29 24 23 23 28 32 31 19 21 21 11 16 Electronic Trading ofUnits Purchase(Offer) and Redemption(Repurchase)ofUnitsoutside Pakistan 4.12 Frequencyof Valuation, DealingandModeofthePrice Announcement Dealing,Suspensionanddeferral ofdealing 4.11 12 ProcedureforPledge/Lien/Charge ofUnits 4.10 Procedurefor Transfer ofUnits 4.9 ProcedureforRequestingChange inUnitHolderParticulars 4.8 11 ProcedureforRedemptionofunits 4.7 8 ProcedureforPurchaseofunits 4.6 9 PurchaseandRedemptionofUnits 4.5 5 8 7 ClassesofUnits 4.4 MinimumamountofInvestment 4.3 CHARACTERISTICSOF UNITS 4 7 4.2 6 4.1 4 Bankers Legal Advisors 7 3.13 TheExternal&ShariahCompliant Auditors 3.12 DistributorsandInvestmentFacilitators Sub-Custodian 3.11 7 Custodian 4 3.10 Registrar 3.9 CoreInvestors 3.8 Shariah Advisory Board 3.7 Trustee 3 3.6 RoleofManagementCompany 3.5 BoardofDirectorsandtheManagement 3.4 4 ManagementCompany 3.3 3.2 3.1 3OPERATORS AND PRINCIPALS Disclaimer RiskDisclosure 2.13 2 Transactions withConnectedPersons 2.12 Voting RightsonFundProperty 2 ExceptiontoInvestmentRestrictions 2.11 InvestmentsandBorrowingRestrictions 2.10 Borrowing 2.9 ChangesinInvestmentPolicy 2.8 ManagementCompanyCan Alter InvestmentMix 2.7 RiskControlintheInvestmentProcess 2.6 ShariahInvestmentGuideline 2.5 InvestmentPolicy 2.4 InvestmentObjectives 2.3 2.2 INVESTMENT OBJECTIVES,INVESTMENT POLICY, 2.1 Transaction inUnitsafterInitialPeriodofOffer 2 InitialPeriodofOffer (IPO) Open-endFund 1.9 Units 1.8 Duration 1.7 Modificationof Trust Deed 1.6 Trust Deed 1.5 Registered Address, PlaceandDateofCreation 1.4 Constitution 1.3 CONSTITUTIONOF THE SCHEME 1.2 1.1 1 NRDCIN1 4 1 RESTRICTIONS, RISKDISCLOSURE AND DISCLAIMER REGULATORY APPROVAL AND CONSENT INTRODUCTION TABLE OF CONTENTS ALFALAH GHP ISLAMICFUND OFFERING DOCUMENT Pages 23 22 22 21 21 21 20 17 10 9 7 4 3 3 2 2 4ABTAIN47 47 46 47 47 47 46 47 46 47 44 42 43 43 41 41 GLOSSARY 40 ARBITRATION 45 15 Winding up 14 41 BytheSecuritiesandExchangeCommissionof Pakistan 13.3 BytheManagementCompany 13.2 40 13.1 DateofPublicationOffering Document 13TERMINATION OF THE FUND 39 InspectionofConstitutiveDocuments GENERAL INFORMATION 12.2 44 12.1 40 Disclaimer 12 FluctuationinPriceandIncome 38 11.3 Offering Document WARNING 36 11.2 35 11.1 FormationCost 11 Pre-IPOInvestors 35 10.4 AuditorsCertificateontheNet Asset Value oftheFund 10.3 AuditorsCertificateonCoreInvestors'InvestmentintheUnitsofFund FINANCIAL INFORMATION 10.2 34 36 10.1 Nomination 35 10 Pledge/LienofUnits/Charge 33 34 ReplacementofCertificates 9.8 35 Certificates 9.7 AccountStatement 9.6 36 InformationintheRegister 9.5 33 RegisterofUnitHolders 9.4 Availability 37 ofForms SERVICE TO 37 UNIT HOLDERS 9.3 9.2 9.1 FinancialReporting 9 Financial Year of Alfalah GHP IslamicFund REPORTS AND ACCOUNTS 33 8.2 8.1 Disclaimer 8 Dividends Taxation onUnitHolders 7.4 Taxation ontheIncomeofFund TAXATION7.3 7.2 7.1 Othercostsandexpensestobecharged toandbornebytheScheme 7 FormationCoststobeamortizedagainstPropertyoftheScheme FeesandCharges Payableby Alfalah GHP IslamicFund 6.4 FeesandCharges PayablebyanInvestor FEE AND CHARGES 6.3 6.2 6.1 ClosureofRegister 6 DispatchofDividend Warrants/Advice PaymentofDividend 5.9 BonusUnits 5.8 ReinvestmentofDividend 5.7 DistributionofProfit 5.6 DeclarationofDividend 5.5 DeterminationofDistributableProfitandDate 5.4 DistributionPolicy DISTRIBUTIONPOLICY 5.3 5.2 5.1 5 Clause Annexure E Annexure D-2 Annexure D-1 Annexure C Annexure B Annexure A TABLE OF CONTENTS ALFALAH GHP ISLAMICFUND OFFERING DOCUMENT Pages 64 60 58 56 55 54 48 47 46 46 46 43 43 40 40 38 35

CONTENTS

OFFERING DOCUMENT been established through a Trust Deed under Trust been established through a rustee and is authorized under the Non-Banking Finance rustee and is authorized under the Non-Banking and Investment Advisory Services together with the copy and Investment the Islamic Shariah. It is possible that adherence to the the Islamic Shariah. It is possible that adherence AMC/2007-01 dated 19th March 2007 confirming renewal 1 Managed By / the Scheme / the Trust) has Trust) / the Scheme / the (Establishment and Regulation) Rules, 2003] (Establishment and Regulation) OFFERING DOCUMENT OF DOCUMENT OFFERING ALFALAH GHP ISLAMIC FUND ISLAMIC GHP ALFALAH Date of Publication of Offering Document: August 25, 2007 of Offering Document: Date of Publication Alfalah GHP Investment Management Limited Investment Management Alfalah GHP [An Asset Management Company Licensed under the Non-Banking Finance Companies Asset Management Company Licensed [An Initial Offering Period: September 03, 2007 to September 04, 2007 (both days inclusive) September 03, 2007 to Initial Offering Period: September of license to AGIM to carry out Asset Management Asset Management AGIM to carry out of license to of the licenses; The Alfalah GHP Islamic Fund (the Fund Alfalah GHP The INTRODUCTION (i) & The SECP's letter No. SC/NBFC-II/AGIML/IA The Management Company has filed a copy of the Offering Document signed by the Chief Executive along with the The Management Company has filed a copy of the Offering Trust Deed with the Certified SECP. copies of these documents along with documents (ii) to (ix) below can be inspected at the registered office of the Management Company or the place of business of the Trustee: Filing of the Offering Document The Securities and Exchange Commission of Pakistan (SECP) has authorized the offer of Units Alfalah of GHP (Establishment and Regulation) Islamic Fund (AGIF / Fund) under Rule 67 of the Non-Banking Finance Companies Rules, 2003 (the Rules). The SECP has does not take any responsibility for the financial approved It must be clearly understood that in giving this approval, the SECP this Offering Document, under Rule Document. Offering this in expressed opinion 70 any or made statement any of accuracy the for nor Fund the of of soundness the Rules. Approval of the Securities and Exchange Commission of Pakistan Approval REGULATORY APPROVAL AND CONSENT APPROVAL REGULATORY the Trusts Act, 1882, entered into between Alfalah GHP Investment Management Limited, the Management Company Management the Limited, Management Investment GHP Alfalah between into entered 1882, Act, Trusts the T Limited, the and Central Depository Company of Pakistan Islamic Shariah will cause the Fund to perform funds other from differently with objectives similar but that not subject to Islamic Shariah. are All investments of the Fund shall be in adherence with adherence All investments of the Fund shall be in Investors must recognize that all investments involve varying levels of risk. The portfolio of the Fund consists that all investments involve varying levels of risk. Investors must recognize inherent risks and fluctuations market to subject are that unlisted, as well as listed investments, market-based of in all such investments. the Neither value of the Units in the Fund, the nor dividends by declared the Fund is can or Statement be contained Investors to assured. requested the in are read Risk and Warnings Disclosure in this Offering Document. respectively and Clause 11 Clause 2.11 This Offering Document is governed by the provisions of the Trust Deed, Rules and the Shariah Investment Guidelines Investment Shariah the and Rules Deed, Trust the of provisions the by governed is Document Offering This investing before know should investor prospective a that Fund the about information forth sets It hereafter. specified as in the Fund. Prospective investors should consult one or more from amongst their bank legal stockbroker, adviser, manager or other financial adviser. Companies (Establishment and Regulation) Rules, 2003. Companies (Establishment and Regulation) ALFALAH GHP ISLAMIC FUND (vii) Letter of Letter (vii) (vi) of appointment the approving 2007, February 23 dated NBFC-II/AD/AGIML/157/2007 No. Letter SECP (v) CDC of appointment the approving 2007 SECPNBFC-II/AD/AGIF/116/200713, No. February letter dated (iv) SECP letterNo.NBFC-II/AD/AGIML/314datedMay04,2007,authorizing Alfalah GHP IslamicFund; (iii) T (ii) vi)The (viii) ...The 1.3.2. T The 1.3.1. Trust Deed 1.3. Registered Address, PlaceandDateofCreation 1.2. Constitution CONSTITUTIONOF THE SCHEME 1.1. 1 TheSECP'sletterNo.NBFC-II/AGIF/550/2007dated July31,2007,approvingthisOffering Document. (ix) consenting totheissueofstatementsandreports; Fund, Islamic GHP Alfalah of Auditors Accountants, Chartered Co., & TaseerHadi KPMG from Letter the Fund. of Shariah Board the Advisory of Khalil members Dr.Mufti Ahmed as and Ejaz Samadani Aazami Ahmad as the Trustee of Alfalah GHP IslamicFund; Company ofPakistanLimited(CDC),asthe Trustee; Depository Central and Company Management the and establisher the as (AGIM) Limited Management Islamic Fund. investments madebytheFund. foreign the to regard with Pakistan of Bank State the by framed regulations the and rules the to subject be also shall Fund The Fund. the of Shariah Board by Advisory given guidelines Shariah the with accordance in made be shall Property Fund the of Investments all Furthermore, regulations. and laws applicable other all and 1969 Ordinance Exchange and Securities 1984, Ordinance Companies 2003], Rules Regulations) & of Alfalah GHP InvestmentManagementLimitediswww.alfalahghp.com. Towers, I.I. Chundrigar Road, Karachi. The Trust was created on 11th April, 2007. The official web site address The registeredaddressof Alfalah GHP Main Shahra-e-Faisal,Karachi,Pakistanasthe Trustee. under theCompaniesOrdinance1984,withitsregisteredoffice atCDCHouse,99-B,Block'B',S.M.C.H.S., Central Depository Company of Pakistan Limited (CDC), and Company; Management the and Fund the of establisher the as Karachi, Road, Chundrigar I.I. Floor,Tower12th TradeTowers,Saima at officeA, registered its with Rules, the under services advisory under theCompaniesOrdinance1984,andlicensedbySECP toundertakeassetmanagementandinvestment Alfalah GHP InvestmentManagementLimited(AGIM), Karachi on11th April, 2007between: The Alfalah GHP IslamicFundisanopenendand hasbeenconstitutedbya Trust Deedenteredintoat No. IBDK/Shariah/07/001dated13June2007&EAS/03/007 have confirmed that the provisions of this Offering Document are in compliance with Shariah vide their Letter rust Deed (Deed) of Alfalah GHP Islamic Fund dated April 11, 2007 between Alfalah GHP Investment GHP between Alfalah 2007 11, dated April Fund Islamic GHP of Alfalah (Deed) Deed rust Shariah Advisory Board members Mufti Khalil Ahmed Aazami and Dr. Ejaz Ahmed Samdani of the Fund terms and conditions in the Deed and any supplemental deed(s) shall be binding on each Unit Holder.Unit each on binding be shall deed(s) supplemental any and Deed the in conditions and terms rust Deed is subject to and governed by the Rules [Non Banking Finance Companies (Establishment Companies Finance Banking [Non Rules the by governed and to subject is Deed rust Consent by the legal advisor, Bawaney & Partners, to act as the legal advisor of the GHP of Alfalah advisor legal the as act to Partners, & advisor,Bawaney legal the by Consent Investment ManagementLimitedis12thFloor, 2 anunlistedpubliclimitedcompanyincorporated an unlisted public limited company incorporated Tower A, Saima Trade OFFERING DOCUMENT pari passu as to their Trustee frame rules or regulations Trustee share in the Fund and rank fering Document under the heading "Termination Period of Offer. Thereafter, the Units shall be issued Thereafter, Period of Offer. ented, the Management Company shall notify the Unit Holders ented, the Management Company shall notify 3 to time, with the consent of the stated in Clause 13 of this Of (Restricted / Core Units) Units issued to the Core Investors with no Sales Load. These Units any time, any Clause of this Deed is and / or becomes in whole or in part, illegal, invalid or unenforceable or invalid illegal, part, in or whole in becomes or / and is Deed this of Clause any time, any the SECP modifies the Rules to allow any relaxations or exemptions, these will deemed to have been included been have to deemed will these exemptions, or relaxations any allow to Rules the modifies SECP the on the basis of their Net Asset Value (NAV), which shall form the basis for determining the Offer and Repurchase and Offer the determining for basis the form shall which (NAV), Value Asset Net their of basis the on represent an undivided All Units and fractions thereof Prices. Class "A" cannot be redeemed for a period of two (2) years from the date of the closure of the Initial Period of Offer. However such Units are transferable. The Fund is divided into Units having a First Offer price of Rupees Fifty (Rs. 50/-) each. This price is applicable is price This each. 50/-) (Rs. Fifty Rupees of price Offer First a having Units into divided is Fund The to all Units that are issued before the close of the Initial Classes of Units The duration of the Fund is perpetual. However, the SECP or the Management Company may, on the occurrence the on may, Company Management the or SECP the However, perpetual. is Fund the of duration The of certain events, wind it up as of the Fund". rights Assets, in earnings the and Net the receipt of the dividends and distributions. Each Unit Holder has a beneficial interest in the Fund proportionate to the Units held by such Unit Holder. in any respect of Shariah Compliance and / or under the laws of any applicable jurisdiction, neither the legality, the neither jurisdiction, applicable any of laws the under or / and Compliance Shariah of respect any in enforceability or validity legality, the nor hereof, Deed the of Clauses remaining the of enforceability and validity of such Clause under the law of any other jurisdiction shall in any way be affected or impaired thereby. for conducting the business of the Trust or in respect of any other matter incidental thereto, provided that, such that, provided thereto, incidental matter other any of respect in or Trust the of business the conducting for rules or regulations are not inconsistent with the provisions of this Deed, the Offering Document or the Document(s). Supplemental Offering in this Trust Deed and the Offering Document(s) without requiring any modification as such. immediately and also publish in at least one daily newspaper widely circulated in Pakistan. Provided that in case of (b), (c), (d) and (e) above, such alteration or addition shall not prejudice the interest of the Unit Holders; and that in any event, it shall not release the or Trustee the Management Company of their responsibilities. Board and with the shall approval be of entitled the by SECP, the supplemental or deed(s) alter, to modify, of the Deed on any of the following grounds: add to the provisions laws and regulations; amendments of such Advisory Board; a 1.6.1. 1.6. Units 1.6.2. Management Company is initially issuing the following Classes of Units: The 1.5. Duration 1.4.6.at If 1.4.4. If 1.4.5. to the Fund Property. shall be charged The cost of carrying out amendment to this Deed 1.4.3. from time The Management Company may 1.4.2. Where this Deed has been altered or supplem ebenefit of the Unit Holders. Otherwise to the d or any other Exchange; or to enable the Units to be listed on a Stock exchange a to such extent bas may be required to ensure compliance with any applicable laws and regulations or any of the Shariah the principles of Shariah on the advice the provisions of this Deed in conformity with to bring c implemented; Deed to be more conveniently and efficiently Trust to enable the provisions of the 1.4.1. acting and together the subject The Trustee Management to Advisory Company, clearance from the Shariah 1.4. Deed Trust Modification of ALFALAH GHP ISLAMIC FUND b ...AlfalahGHP IslamicFundis anopenend 2.1.1. InvestmentObjectives 2.1. DISCLOSURE RISK POLICY,INVESTMENTRESTRICTIONS, OBJECTIVES, INVESTMENT 2 Transaction inUnitsafter InitialPeriodofOffer (IPO) 1.9. InitialPeriodofOffer (IPO) 1.8. OpenEndFund 1.7. c 2.1.2. Class "A" Class AND DISCLAIMER of dividends. lieu in Units receive to opting Holders Unit to Load Sales without Units issue may Company Management time. to The time from Company Management the by announced as Day Business the on hours business the Such pricesshallbeapplicabletopurchaseandredemptionrequest,completeinallrespects,receivedduring Transaction Costs that may be applicable save under circumstances elaborated in Clause 4.9 mentioned herein. any and be may case the as Load) (Back-end Load Redemption the or Load) (Front-end Load Sales the for of incomeorlosses,ifany, forsuchcloseddays. The NAV basedpriceperUnitshallbefixedafteradjusting Day,Business accrual NAVthat the the following for reason, adjusted any be for shall days, determined so Units after the close of the Stock Exchange(s) / financial market(s) Business Day. In the event there are closed Purchase (Offer) andRedemption(Repurchase)Pricesdailyonthebasis the fix will Company Management The Price. (Repurchase) Redemption applicable the at redeemed and Price (Offer) Purchase applicable the at purchased be Offer,shall of Units Period Initial the to Subsequent (IPO). DuringthisperiodUnitswillnotberedeemed. Offerof Period Initial the of close the before issued are that Units such to applicable is price 2007. This 04, September on hours banking the of close the at end shall and 2007 03, September on hours banking the of Rupees Fifty(Rs.50/-)perUnit. The Offer andIssueofUnitsatInitial Periodshallcommencefromthestart Par Valueat issued be shall which Load, Sales of no with Units, "A" Class for Offeris of Period Initial The Company. Management the by time to time from fee this of revision to subject Certificate, per 50/-) (Rs. Fifty Rupees exceeding not fee a of payment upon and stage later any at or application of Company. Certificates representing the Units will be issued only if so requested by the Unit Holder at the time through Central Depository System (CDS) of CDC upon fulfilling the necessary requirements of the Depository form orinun-certificatedthrough Account Statement handling. Units are also transferable. Depending upon Investor's option Units can be issued either in certificate efficient and economical enhance to issued be may Units Fractional accounts. investors' of management amounts of minimum monetary investment limits (please refer Clause 4.1) to facilitate economical and efficient Units tobeissuedthepublic.However, of number total the on or Holder Unit single a to issued be to Units the on set limit upper no Rules. is There the to and herein contained terms to subject basis continuing a on Units redeem and offer shall Fund The Sales Load. "B" Class Initial PeriodofOffer (IPO)withnoSalesLoad. with Shariahrulesandprinciples. Advisory BoardoftheFund. The Fundshallnotinvest term capitalappreciationandincome of theFundshallbeundertakenin The Fund is designed to provide investment alternatives that are consistent with Islamic principles. All activities returns overaperiodoftime. market instruments. The Fund will seek to actively switch between these asset classes so as to optimize investor securities oralternativelytheFundcaninvestuptoa as well as across asset classes. The Fund can invest upto a maximum of 80% in either Shariah complaint equity class asset an within securities of terms in both diversified be will Fund the in investments Shariah. The of Units, which shall be offered and issued after the Initial Period of Offer (IPO) with or without or with (IPO) Offer of Period Initial the after issued and offered be shall which Units, Units being offered and issued to Private Placement Investors during the Private Placement and Placement Private the during Investors Placement Private to issued offeredand being Units accordance withtheIslamicShariahas from adiversifiedportfoliodeveloped asset allocationschemewiththeprimaryobjectiveofseeking long the ManagementCompanymayimpose,fromtimetotime,certain 4 maximum of80%inShariahcompliantIncome/money in anyinstrumentorinvestmentthatisnotcompliant issued byRegistrarorcanbeelectronically of theNet Asset Value (NAV) ofthe per theguidelinesgivenbyShariah in consistencewiththeprinciples OFFERING DOCUMENT 80% 50% 25% 50% 25% A-rated entities Entity Instrument Exposure Rating Rating Limit BBB to A-BBB to - 35% in BBB to 5 Unsecured Secured Unsecured Secured Unsecured 40% Secured The Investment would comprise of diversified Portfolio of Shariah-Compliant securities including Shariah- depend will classes investment various between allocation The Pakistan. outside available securities Compliant on prevailing market conditions and opportunities and will primarily comprise the following asset classes: - Listed - Privately Placed4 - Listed - Privately Placed(where government owns majority shares)4 - Listed - Privately Placed4 - Listed - Privately Placed -4 - Listed - Privately Placed - -4 - Listed - Privately Placed - - - - BBB - 50% BBB A- BBB A- BBB BBB+ A- BBB+ BBB+ A A- BBB+ A A A issued by: 4 Islamic banks and / or Islamic branches ofcommercial banks. financial institutions Assets with Net not more than also between Global Depository Receipts (GDR)also between Global Depository Receipts American Depository Receipts (ADR) and / or - - 50% Receipts (GDR) and / or American Depository Receipts (GDR) and / or Receipts (ADR) Asset Class (Shariah Compliant)Asset Class (Shariah Min Min Max ii.iii. Government guarantee bonds Public Sector Entities iv Private Sector Entities 80% 50% d. & Money Market Instrument / Securities Income i. Federal / Local governments, government agencies 80% .i. Long, medium and short term accounts with.ii.Above or A issued by Certificate of investment / deposits - BBB+ Max 80% of 70% b.i.Transaction Spread securities and in local listed Transaction Spread c. Bank Placement & Deposit i.ii.iii. Listed Equity Securities Unlisted Equity Securities receipts such as Global Depository Depository - - - A - - 30% - 20% 80% a. Equity Securities 2.2. Investment Policy ALFALAH GHP ISLAMIC FUND FinancialRatios(FinancialRestriction) b BusinessoftheInvesteecompany(Sector Restriction) a ShariahInvestmentGuideline 2.3. .OtiePksa netet 30% TheFundwillmaintaintheabovementionedinvestmentparametersonanactivebasis i. Any other securities or instruments that may be permitted or approved by the SECP and the Shariah Advisory Thefundshallnotinvest intotalmorethan25%offundsnetassetsunsecuredsecurities. h. g. 4 4 4 4 4 4 OtherShariah-Compliantinvestmentsavailable OutsidePakistanInvestments i. f. Certificates,contracts,securities,instrumentsissued PlacementsofFundsunderModaraba, Musharika, ii. ShariahBased Transactions i. e. s s Price Net liquid Assets vs.Share compliant investments. income from Shariahnon- compliant activitiesand Investment inShariahnon- Illiquid to Total Assets Total Debtto Total Assets not permissible. banks, insurancecompanies,leasingcompaniesdealing The basic business of the investee company should be Halal. Accordingly, investment in shares of conventional Shariah investmentguidelines: Alfalah GHP IslamicFundplanstousethefollowingcriteriaensurethattheirstockselection adheresto nentoa sai rftbaigscrte;--- Board fromtimetotime; - SECP.the registeredwith agency rating credit a by above defined as rating grade investment minimum a have would instrument the then rated not is securities market money / income the issuing entity the If Max exposure meansmaxexposure inrelation toNet Assets oftheFund. Any otherinternationalShariahcompliantsecurities 70% - international Shariahcompliantmutualfunds. 70% and certificatesofinvestment; foreign currencyShariahcompliantbankdeposits market instruments; international ShariahcompliantIncome/money international IslamicProfitbearingsecurities; international Shariahapprovedequities; State Bankincluding: conditions asmaybeissuedbytheSECP andthe Advisory Board'sapprovalandonsuchterms outside Pakistan,subjecttoSECP, SBP andShariah BBB BBB Bai'Mu'ajjal andMurabaha. Modaraba, Musharikaandcontractsof issued ontheprinciplesofBai'Salam,Istisna'a, by companies,organizations, andestablishments Murahaba ,Istisna'a,andIjaraarrangement urn laiiis pr hr b ls ta te akt rc pr share. per price market the than less be share per liabilities) current - Inventory) + (TangibleFixed Assets - (Totalassets assets liquid net The The income from Shariah non-compliant investment should not exceed 5% ii. compliant non- Shariah in Company Investee the of investment total The i. purposes: screening for observed be will conditions two following The assets shouldbeatleast10%. total the of percentage a as Company Investee the of assets illiquid total The assets total the of 45% exceed not should Company Investee the of debt total The sales plusotherincome). Company.Investee the of revenue gross the net of means revenue (Gross business shouldnotexceed33%ofitstotalassets. 6 in alcohol,tobacco,pornography, etc.are OFFERING DOCUMENT depreciation of any Investment any liability by reason of any loss to the Trust any liability by reason of any loss to the owing to appreciation or 7 any Investment merely because Property shall be subject to such exposure limits as are provided in the Rules (subject to any written any to (subject Rules the in provided are as limits exposure such to subject be shall Property or disposal of any Investments such limit shall be exceeded. The Management Company will have three (03) or disposal of any Investments such limit shall be exceeded. months to comply with the exposure limits in case such limits are exceeded. exemptions that may be specifically given to the Fund by the SECP), Provided that it will not be necessary to sell Trustee for the or any loss that Unit Holders may suffer by reason of any that depletion may in result Asset the Value Net from any borrowing arrangement made in good faith. Subject to any statutory requirements for the time being in force and to Management the the with concur terms Company Management the of and request the at time conditions any at may herein Trustee the contained, Trustee the by borrowing for institutions financial or banks with arrangements varying and making in Company resorted be not shall borrowing the that provided Shariah; of contravention in not Scheme the of account the for to, except for meeting the redemption requests and shall be repayable within a period of ninety (90) days. The charges payable to any bank or financial institution against borrowings on account of the Trust, as or normal not be higher than the normal prevailing bank charges permissible under Clause 2.7.1 above, shall market rates. borrowing, such to subsequent If Rules. the in provided be may as limit other such or Scheme the of Value Asset as a result of depreciation in the market value of the Fund Property or redemption Assets are reduced the Net of Units, the Management Company shall not be under any obligation to reduce such security provide or guarantee any issue to borrowing. required be shall Company Management the nor Trustee, the Neither over their own assets for securing such borrowings or from the banks and Trustee financial The institutions. Management Company shall not in any manner be liable in their personal capacities for repayment of such loans or advances. For the purposes of securing any such borrowing, the Trustee may with the approval of the Management Company mortgage, charge or pledge in any manner all or any part of the Fund Property provided that the under the or pledge shall not exceed the limits provided aggregate amount secured by such mortgage, charge Rules and / or any law for the time being in force. The investment policy will be governed by the Rules (subject to any exemptions provided to specifically the by Any SECP). Fund fundamental change in the Investment Policy will be implemented only after obtaining prior approval from and SECP giving proper notice to the Unit Holders to the satisfaction of the Trustee. The Management Company can from time to time alter the weightages between the various types of investments of types various the between weightages the alter time to time from can Company Management The market conditions so warrant. if it is of the view that Investment process requires disciplined risk AGIF management. will incorporate adequate safeguards for through risks reducing involves process control risk The process. construction portfolio the in risks controlling would help achieve the desired level AGIF believes that this diversification optimal portfolio diversification. of consistency in returns. 2.8.1.Fund The 2.8. Restrictions Investments and Borrowing 2.7.2. 2.7.3. The maximum shall borrowing not for exceed the fifteen account percent Trust of (15%) the of the total Net 2.7.4. 2.7.5. 2.7.6. nor the Management Company shall incur Trustee Neither the 2.7.1. 2.7. Borrowing 2.6. Changes in Investment Policy 2.5. Mix Investment Alter Can Management Company 2.4. Process in the Investment Risk Control ALFALAH GHP ISLAMIC FUND ...TheFundshallnotpurchasefromor 2.8.5. 2.8.4. If 2.8.3. ...Pursuanttorelaxationbythe SECP inrespectofexposure 2.8.2. 2.10.1. Voting RightsonFundProperty 2.10. ExceptiontoInvestmentRestrictions 2.9. ...Pursuant Makeshortsalesofanysecurityormaintainapositioninsecurities. 2.8.7. Participateinajointaccountwithothersanytransaction; d c securities in invest may Company Management the that except and save estate real in interest or estate Real anything otherthat Authorized Investmentsasdefined herein; v. Securitieswhichresultinassumptionofunlimitedliability(actual or contingent); iv. Securitiesonmargin; iii. Bearersecurities; ii. Purchaseorsell: i. InvestinanythingthatisnotShariahCompliantorHaram. b a TheSchemewillnotatanytime: 2.8.6. those securities. of (10%) percent ten than more own Company Management officersthe and of directors the collectively or the of officer or director any if Management Company owns more than five percent company (5%) of the total nominal amount of the securities issued a of security any in invested be not shall Property Fund The exceeded. are limits such case in limits exposure the with comply to months (3) three have will Company the Trust.of Management interest The the in offeris such accepting that satisfied is Company Management the if offering other any or shares right of offer any to apply not shall purchase on restriction this However by the Rules, the Management Company shall not purchase any further Investments in such company or sector. Stock Exchange(s). (30%) ofitsNet Asset Value of its letterNo.NBFC-II/AD/AGIML/226/2007dated29March2007,theFundmayinvestuptothirtypercent or theUnitHoldersshallnothaveanyrighttointerferecomplain. of the Unit Holders and may refrain at its own discretion from the exercise of any voting rights and the Trustee of theSchemeanditshall All rights of voting attached to any Fund Property shall be exercisable by the Management Company on behalf apply toanyoffer ofrightsharesandbonusshares. not shall investment further on restriction However,this exists. deviation the while sectors or shares such in further invest not shall Company Management the case any in But event. the of months (03) three within limits prescribed the within exposure the bring to endeavors best its make shall Company Management the disinvestments, any through or investments the of prices market the in movement relative the of result a as Rules the or OfferingDocument(s) the in down laid limits the exceed shares of weightages the event the In investee company. the of capital issued the of (15%) cent per fifteen or investment of time the at scheme the of value asset net any companyorsecurityshallnot, in Fund a of Investment the 2007, March 29 dated NBFC-II/AD/AGIML/226/2007 No. letter its vide Rules therein. interest or estate real in invest that companies by issued therein interest or estate real by secured intermediary. an as acting party such of case the in save Company, Management the of equity the of more or cent per ten owns beneficially who person any to or Company Management the of employee or and so long as the value of the holding in a particular company or sector shall exceed the limit imposed limit the exceed shall sector or company particular a in holding the of value the as long so and to relaxation granted by the SECP in respect of exposure limits under sub-rule 3 of rule 71 of the of 71 rule of 3 sub-rule under limits exposure of respect SECPin the by granted relaxation to be entitledtoexercisethesaid the schemeinsecuritiesofanyone at anytime,exceedanamountequalto sell anysecuritytotheManagementCompany 8 rights inwhatitmayconsider limits undersub-rule4ofrule71theRulesvide sector asperclassificationofthepertinent fifteen percent(15%)ofthetotal or toanydirector, officer to bethebestinterests OFFERING DOCUMENT or to any director, officer or to any director, owns ten percent (10%) or more and securities are subject to market Company, from time to time at the expense of the from time to time Company, 9 or to any person who beneficially that all investments in mutual funds or sell any security to the Management Company or sell any security to the Management Company the property of the Fund may be placed as deposits with the or Trustee an institution is the risk that there will be an increase in the difference between the return / profit rate Credit risk is comprised of default risk, credit spread risk and downgrade risk. Each can have is the risk that the issuer will not be able to pay the profit / principal obligation, either on time than two (2) Business Days of receipt, shall the Trustee forward to the Management Company all purpose of clause 2.11.1 and 2.11.2 above, the term Officer Director, and Employee shall include Fund Property shall not be invested in any security of a company if any director or officer of the All transactions carried out by or on behalf of the Trust shall be made as provided in the Constitutive Documents Constitutive the in provided as made be shall Trust the of behalf on or by out carried transactions All accounts. and shall be disclosed in the Fund's annual respective their of any or Company Management the and Fund the between transaction any Rules, the to Subject Connected Persons as principal shall only be made with the prior written consent of the Trustee. Default risk or at all. Credit spread risk of an issuer's bond and the return / profit rate of a bond that is considered to have little associated risk (such as a government guaranteed Islamic Sukuk bond or between The this treasury difference bill). return / profit in the domestic or global rates is called a "credit spread". Credit spreads are based on macroeconomic events decrease the value of Islamic income securities including An increase in credit spread may financial markets. money market instruments. licensed to accept deposits. a negative impact on the value of an Islamic-income security including money market instruments. risks. Any target Any return target / dividend risks. payout cannot be guaranteed and it should be clearly understood that the portfolio of the Fund is subject to profit rates and equity market fluctuations and other risks inherent in all such investments. The risk emanates from various factors that include, but are Risk Credit - not limited to: or employee of the Management Company or employee of the Management Company of the equity of the Management Company save in the case of such party acting as an intermediary. spouse, lineal ascendants and descendants, brothers and sisters. spouse, lineal ascendants and descendants, Management Company individually owns more than five percent (5%) of the total nominal amount of the securities issued or collectively the directors and officers of the Management Company in their individual of those securities. capacities own more than ten percent (10%) notice of meetings and all reports and circulars received by the Trustee as the holder of any investment. Fund execute and deliver or cause to be executed or delivered to the Management Company or their nominees their or Company Management the to delivered or executed be to cause or deliver and execute Fund powers of attorneys or proxies authorizing such attorneys and proxies to vote consent or otherwise act in respect of any investment in such form and in favour of such persons as the Management Company may require in writing. The phrase "rights of voting" or the word "vote" used in this sub-clause shall be deemed to include not only a vote at a meeting but the right to elect or appoint directors, any consent to or approval of any arrangement scheme or resolution or any alteration in or abandonment of any rights attaching to any Investment and the right to requisition or join in a requisition to convene any meeting or to give notice of any resolution or to circulate any statement. 2.12.1. Investors into the Fund must realize 2.12. Disclosure Risk b 2.11.5. a 2.12.2. 2.11.3. For the 2.11.4. Cash forming part of 2.11.2. The Fund shall not purchase from 2.11.1. The 2.11.Connected Persons with Transactions 2.10.3. Not later 2.10.2. request by the Management shall upon written Trustee The ALFALAH GHP ISLAMIC FUND .32 U 2.13.2. PricesofUnitstheFundandincomefromthemmay go upordown. 2.13.1. Disclaimer Seniorrightsofsomecreditorsoverotherintheeventwinding up. 2.13. d Breakdownofcommunicationsystemstheissuers,stockexchanges,clearinghouse,depositorycompany, activity,natural terrorist war, condition, c economical & political uncertain order, and law of down Break b or otherwise or action class through whether company,liability investee party the third of Mismanagement a 2.12.8. 2.12.3. c 2.12.7. 2.12.6. 2.12.5. 2.12.4. 2.13.3. etc, orgeneraldisruptionofsatellitesystem. disasters etc. made. is investment the which in company the in etc., fraud strikes, as such events other of occurrence Fund. the of Unit the of price based Other RisksInvolved: NAV the in volatility in results prices securities in Currency Risk- the valueofthosesecurities. rating agencywillreducethecreditofanissuer'ssecurities.Downgradesindecrease Downgrade risk hs nxetd ae a hv a eaie mat n h promne f h investment. sentiment, speculativeactivity, supplyand the of performance the - Risk Market on impact negative a have may sale unexpected This Units ofFund,theFundmayberequiredtomeetredemptionbysellingsecuritiesataninopportunetime. of amounts large redeems Holder Unit a Conversely,if balance. cash high a have temporarily could Fund the Fund, the of Units of largeamounts flow.buys cash investor Fund's an the If impact significantly could Voluminous Purchase / Redemption of Fund Units Risk - companies. such to Companies Investee of income or principal capital, of payment restraining orders court or governmental any or / and flows cash the or / and earnings the affect indirectly or directly which policies, or regulations these in change to due affected be may sectors these in invest that Funds others. in Government RegulationRisk- company securitiesmayhaveagreatimpactonthatcompany'ssecurityprice. such of selling or buying any because substantially fall and rise to securities these buy that Funds the of outstanding. Securitiesissuedbysuchcompaniesmaybedifficult tobuyorsell,whichmaycausethevalue traded inthestockmarket/financialmarketsortheymaygenerallyhaveveryfewtotalsecuritiesissuedand Liquidity Risk - rates. exchange foreign in fluctuations by affected be also may by AGIF earned income The regulations. control of the Management Company or any of the Core Investors or any other bank or financial institution. orfinancial otherbank orany CoreInvestors the of orany Company Management the of (except totheextentspecificallystatedin Company,Trusteethe Management SECP,agency, the the Government by any supported otherwise the Trustby,of areneitherissued Units and The deposits bank insuredby,arenot nor of, obligations Trust Deedformoredetailedinformationregardingthisclause. the priceat the time than lower be may determined so amount redemption the and period normal the beyond payment for wait to redemptions, invokeaqueuesystemorannouncewinding-up. Insucheventstheinvestorwillprobablyhave nder exceptional (extraordinary) circumstances, the Management Company may declare suspension of suspension declare may Company Management the circumstances, (extraordinary) exceptional nder This risk involves volatility in security prices resulting from their dependence on market on dependence their from resulting prices security in volatility involves risk This is the risk that a SECP approved credit rating agency or any other reputed international credit Some companies have limited market float of their issued securities and hence are not actively The Fundmaybeaffected favorablyor redemption requestislodged.Investors Governmentpoliciesorregulationsaremoreprevalentinsomesectorsthan demand forthesecuritiesandli 10 this documentandthe Trust Deed) unfavorably bychangesincurrenciesandexchange Any significant transaction made by any investor are advisedtoread the quidity inthemarket. The volatility or anyoftheshareholders clause 12oftheFund's OFFERING DOCUMENT 1,000 Rupees 95,200,000 manage risk. PACRA has manage risk. PACRA which was launched on October 28, in asset management and the asset manager meets in asset management and the asset manager by Pakistan Credit Rating Agency (PACRA). The by rating Pakistan reflects Agency Credit (PACRA). Rating 11 in order to maximize investor returns and an Open End Asset Allocation Fund Asset an Open End 'AM3' 2005. The 2005. objective of the fund is to invest in a broad range of asset classes so as to diversify Fund risk and securities equity in NAV its of 80% of limit maximum a to up invest can Fund The returns. potential optimize to Rules. NBFC the in prescribed as imitations sector per and company per with securities market money / debt or These asset securities. Out of the total investment minimum 50% of assets shall remain invested in the listed allocations are changed from time to time which reflects superior performance to its peers. AGV, assigned a 5 - Star rating to the NameDate of LaunchingNature of FundFund Size as at 30th June, 2007ValuePar per unit on 30th June, 2007NAV Distribution (December 31, 2006)Credit Rating Rs. 1,013 million Rs. 62.89/- Bonus Unit Rs. 5/- per unit or 9.852% October 28, 2005 Allocation Fund Asset Fund (AGV) Value Alfalah GHP Rs. 50/- 5 - Star by PACRA Organization Alfalah Bank 2004. October 18th on incorporated was (AGIM) Limited Management Investment GHP Alfalah Limited holds 59% stake in the paid-up capital The of Bank the is Company. the single largest shareholder based Switzerland a AG, Services Financial GHP Furthermore, Board. the on Directors two nominated has and portfolio management and investment counseling company also has a stake of 21% in the Company and has nominated a Director on the Board. The Company is currently licensed to undertake the business Asset of Services. Advisory Management and Investment AGIM has Currently been rated as Mr. Manocher Ahmed Jamal Manocher Mr. up capital to PKR 300 million. Necessary board approvals for this AGIM is in process of increasing it's paid have been obtained and further progress under this Investment Management Ltd. Alfalah GHP Management of Fund under is expected in the next few months. Fund (AGV) Value Alfalah GHP Fund (AGV) is Value Alfalah GHP 1,000 the company's strong capacity to manage the risks inherent the company's strong capacity to manage and benchmarks. high investment management industry standards Capital Structure Authorized CapitalIssued, Subscribed and Paid-up Capital (9,520,000 shares of Rs. 10/- each)Sponsor's Equity: Alfalah LimitedBank AG Financial Services GHP Muhammad ShoibAnisAziz Abdul Aqueel Hassan Mr. 95,200,000 400,000,000 20,000,000 55,998,000 12,000,000 7,200,000 3.1.1. 3.1. Management Company 3OPERATORS AND PRINCIPALS AND 3OPERATORS 3.1.3. 3.1.2. ALFALAH GHP ISLAMIC FUND Performance of Alfalah GHP Value Fundduringcalendar year 2006: 3.2.1. BoardofDirectors andtheManagement 3.2. 3.1.4. hklSdqNominee-Bank Alfalah Limited Nominee-GHP FinancialServices AG Status Nonexecutive ChiefExecutive Chairman Nominee-Bank Alfalah Limited Rs.50/- IncomeFund Board ofDirectors June15,2007 Rs.50.1890/- Manocher Ahmed Jamal Rs.1,997million Hani Theodor Karl Shakil Sadiq Mohammad Yousuf Abdul Aziz Anis Aqueel Hassan Director Board ofDirectors NAV peruniton30thJune,2007 Par Value Fund Sizeasat30thJune,2007 Nature ofFund Date ofLaunching Name to takeadvantageofadiversifiedandactivelymanagedportfolio. and market money / income fixed of performance overall the in participate to investors the allows Fund The The allocation between various investment classes will depend on prevailing market conditions and opportunities instruments. rate hybrid and floating fixed, of comprises Fund the of Portfolio Investment placements. The and instruments market money liquid and securities debt quality high of portfolio diversified a through 15, 2007. The objective of the Fund is to generate stable and consistent returns while seeking capital preservation June on launched was which Fund Income End Open an is (AGIMF) Fund GHPMultiplier Alfalah Income Alfalah GHP IncomeMultiplier Fund(AGIMF) optimum benefitforitsinvestors.Pricesunitareannouncedonadailybasis. the derive to as so equity and debt both in investments manages actively that Fund End Open an is AGV to thefund. income stable provide instruments market money & debt in invested are that assets funds of portion certain Investors in AGV getthebenefitofp Standard Deviation NAV (Price) Growth As ofDec30,2006 As ofDec31,2005 Anis, CFA Abdul Aziz Aqueel Hassan Name Director Chief Executive/ Director Chairman / Position NIL HOM Energy (Pvt.)Ltd. Satcom (Pvt.)Limited Millennium Software(Pvt.)Limited Habib OilMills(Pvt.)Limited MCR (Pvt.)Limited Other Directorships articipating inthestockmar 12 laa H au udKSE-100Index Alfalah GHP Value Fund 27%5.06% 12.71% .4 1.62% 0.74% 72 10,040.50 9,556.61 57.20 50.75 Alfalah GHP Income Multiplier Fund (AGIMF) Fund Multiplier Income GHP Alfalah ket upsidebutatcomp Management Limited Investment CEO - Alfalah GHP (Pvt.) Ltd. CEO -MCR Current Occupation aratively lowriskas Karachi Phase 7,DHA, 63, P Street, Karachi Phase IIDHA, 2 B,Link Avenue, Address OFFERING DOCUMENT Address Im Zoepfli 3, CH-6000 Lucerne 5 Switzerland C-71, Khayaban-e- Bahria, Phase 7, Karachi Villas, Askari 9, Shami Road, Lahore, Cantt. Suite # 304, Dhabi Hamdan Tower, Abu Dhabi, Street, U.A.E policy formulation and and an MBA with a major and an MBA Current Occupation Current President- GHP AG Financial Services Executive Incharge- Credit Division, Alfalah Ltd Bank - Executive Incharge Corporate Banking and Home Finance Alfalah Division, Bank Ltd Finance Manager - Dhabi Group of 30 years. He is also serving on the Board the CFA Institute of USA Institute of USA the CFA of experience in the financial sector of Pakistan. He has of experience in the financial sector of Pakistan. experience in banking sector. He has extensive financial experience in banking sector. Financial Services Ltd. Switzerland since it was established 13 human resources management, investment Other Directorships Other AG Services Financial GHP Alfalah Securities (Pvt.) Ltd MAB Investment Inc. Alfalah Securities (Pvt.) Ltd. Ltd. Alfalah Insurance (Pvt.) (Pvt.) Limited Avenue Al-Hamra (Pvt.) Limited Wincom Alfalah Securities (Pvt.) Ltd Position Director Director Director Director Manocher Ahmed Jamal Name Theodor Hani Karl Mohammad Yousuf Shakeel Sadiq risk management and audit experience. Mr. Yousuf is a Bachelor of Commerce and Fellow Member of Institute of Member Fellow and Commerce of Bachelor a is Yousuf Mr. experience. audit and management risk of Bankers in Pakistan. Shakeel Sadiq Mr. Division Loans Home and Banking Corporate In-Charge Executive as working presently is Sadiq Shakeel Mr. of Bank Alfalah Limited. He brings with him over 22 years of banking his of part better banking the spent he where East Middle the in so experience. especially experience, banking international He has extensive career. His previous assignments were with BCC Emirates and Union National Bank Abu of Dhabi. Mr. Sadiq is a Bachelor of Economics by qualification. managing key client relationships. Mr. Karl managing brings key with client him relationships. global Mr. investment expertise and experience not and risk private equity project funding only related to international investments but also investment advisory, management. Yousuf Mohammad Mr. is presently Mohammad Yousuf working Mr. as the Executive In-Charge Credit Division of Alfalah Bank Limited. He brings with him more than 32 years of of Habib Oil Mills (Pvt.) Limited and Millenium Software (Pvt.) Limited. He has studied Economics from College Cambridge. Trinity Anis, CFA Aziz Abdul Mr. him over 12 years Anis brings with Aziz Abdul Mr. Pakistan. Administration (IBA) Karachi, in Finance from Institute of Business Karl Theodor Hani Mr. Theodor Karl is serving as President of GHP Mr. strategic for responsible is he Presently experience. banking investment of years 32 than more has He 1988. in growth and development of the company, Profile of Directors Profile Aqueel Hassan Mr. experience vast him with brings He Limited. (Pvt.) MCR of Officer Executive Chief the is Hassan Aqueel Mr. spread over a period of both business and professional expertise vast experience of the capital markets of the country ranging from research to sales to investment advisory Carr W.I. Indosuez of Office Pakistan the of Executive Chief as was assignment past His finance. corporate & Agricole Credit the of part and brokers stock market emerging leading the of one was which (IWICS) Securities Group of France. He has also spent a brief period abroad in Hong Kong in IWICS where he was part of the for marketing equity investment opportunities in India, Pakistan, Indian Subcontinent Sales team responsible Aziz is by Abdul institutional clients such as mutual funds etc. Mr. Sri Lanka and Bangladesh to Far Eastern from Analyst (CFA) qualification a Chartered Financial 3.2.2. ALFALAH GHP ISLAMIC FUND 3.2.3. MBA degreefromthesame. an pursuing currently and Management Business of BBAInstitute a from is He investments. their on them advised and clients institutional financial and largegovernment served has he dealer equity senior as career his During investments. equity and allocation asset strategies, portfolio markets, financial of understanding including Live Securities, Escorts Investment Bank, Alfalah Securities and AMZ securities. Mr. Ali has strong Mr. Salman Ali has over 7 years of equity sales and investment analysis experience with renowned institutions Manager Trading Mr. Salman Ali Hussain MBA (Finance)fromPrestonUniversity. economic knowledgethataddsval such asbanks,cement,textile,automobiles,fertilizeretc.Hebringswithhimstrongfundamentalmarketand sectors various covered has he where houses brokerage various at experience Mr.research vast has Hussain was at Atlas InvestmentBankLimitedasHeadofDepartmentinFinancialProductDistribution.Priortothis Mr. Tariq Hussain Khan has over 13 years of experience in the capital markets of the country. His last assignment Manager Equity Tariq HussainKhan Bank inUAE.Mr. SharifisanMBA (Finance)fromtheUniversityof Toronto, Canada. He has also worked for Freedom 55 in Canada (a division of London Life Insurance) and with Union National unit of Morgan Stanley USA, where he was working in the capacity of Manager, Financials & Risk Reporting. a Financials, Discovery at was he company the joining to Prior operations. and controls credit credit, retail (UAE, Canada and USA). He has vast experience in such diverse fields as corporate banking, risk management, abroad as well as Pakistan in marketing & banking of years 15 over spans career professional Mr.Sharif's Head ofCorporateMarketing Mr. Zafar Sharif services duringhisChartered Accountancy training. advisory tax and consultancy audit, various in involved been has and organizations different with worked has he Limited Management GHPInvestment joining Alfalah Before experience. working of years 5 over Chartered him of with Institute brings Mr.the and of Pakistan member of associate Accountants an is Mirza Committee. of Audit secretary also is He regulations. and laws relevant with compliance ensuring and consultants tax related reportingrequirements,liaisonwith and functions operation and finance monitoring and supervising for responsible is He Limited. Company Mr. Mirza is serving as Chief Financial Officer and Company Secretary of Alfalah GHP Investment Management Chief FinancialOfficerandCompanySecretary Mr. Omer Bashir Mirza, ACA Please seebackgroundasexplainedaboveinparticularsofDirectors. Chief Executive Mr. Abdul Aziz Anis, CFA Profile oftheManagement the currentFederalMinisterforEducationinUAE. the management ofinvestments,bothdomesticandinternational, oversees which Group, Dhabi in Manager Finance as working presently is He internationally. and nationally both markets financial and industrial of field the in experience of years 15 over has He Karachi. Business of Administration Institute from Finance in major MBAMr.a an with is Manocher Jamal Ahmed Mr. Manocher Ahmed Jamal ue toinvestingforlong the regulatoryauthorities,trustee,internal 14 term growthandstability. By of H.H.SheikhNahayanMubarak Al Nahayan, & externalauditorsand qualification heisa OFFERING DOCUMENT securities. He is an ICMA Finalist and has Finalist securities. He is an ICMA Finance Certificate (TFC) registration and Finance Certificate (TFC) venture non-banking finance company. The venture non-banking finance company. all the registrar services of the proposed fund. from the Sir Syed University of Engineering and from the Sir Syed University of Engineering UBL Fund Managers and was responsible for the Fund Managers UBL holds various certifications in both software and networking holds various certifications in both software (AGIM) is a joint 15 the country in terms of total assets and has shown aggressive expansion aggressive shown has and assets total of terms in country the floatation, shares registration, Term Term floatation, shares registration, solutions. Main Sponsors Investment Management Limited Alfalah GHP Technology. Besides this basic qualification, he Besides this basic qualification, Technology. overall Treasury Operations and Liquidity Management plus working in close interaction with the Fund of funds and investments in fixed income Manager for placements also previously worked with Central Depository Company (CDC) of Pakistan in the Trustee Division. Ali Wazir Hussain Sadiq Mr. Head of Registrar Services Hussain Mr. has over 20 years of experience of share registrar services. In lieu of this he has worked in shares activities as diverse as income distribution and redemption, open end fund and closed end fund complete registrar services etc. He experience to handle brings with him immense knowledge and Hussain is a B- Associates (Pvt.) Limited as Manager Shares. Mr. THK His previous employment was with Com by qualification. Imad Siddiqui Mr. Head of Information Technology Siddiqui has Mr. over 7 years of IT experience in the financial markets of the Prior country. to joining the company he was working in Pak Libya group He as has Head vast of experience Information Technology. in project management and has actively worked on analysis, systems design security, and implementation. Science degree Siddiqui holds a Bachelor of Computer Mr. Mr. Zeeshan Khalil Mr. Manager Fixed Income Zeeshan Khalil brings Mr. with him 3 years of experience in the mostly financial in sector, the mutual fund with Prior to joining the company he was working industry. joint venture is between Bank Alfalah Limited (BAF) (majority owner) and GHP Financial Services Limited GHP Alfalah Limited (BAF) (majority owner) and joint venture is between Bank (GHP) of Switzerland. structure of the company: The following is the current shareholding SponsorsAlfalah LimitedBank AG Financial Services GHP IndividualsAlfalah Limited Bank Bank Alfalah Limited (BAL) was incorporated on June 21, 1992 as a public limited company under the Companies Ordinance, 1984. The bank is engaged in banking services and is operating through more than as at December 31, 2006. 195 branches that include 23 Islamic Banking branches and five overseas branches in bank largest fifth the is Alfalah Bank 21% in recent years in all areas of The business. financial health of is BAL evident by long term credit rating of 59% As at December "AA" 31, assigned 2006 by the PACRA. Bank had total deposits of approximately Rs.240 billion and total shareholders equity of approximately Rs. 10.70 billion. Percentage Shareholding 20% 3.2.4. a ALFALAH GHP ISLAMIC FUND a The Management Company shall manage the Scheme and the Fund in the best interest of the Unit Holders, Unit the of interest best the in Fund the and Scheme the manage shall Company Management The a 3.3.1. RoleoftheManagementCompany 3.3. b The keyfinancialsofBank Alfalah forthelastfiveyearare asunder: TheManagement Companyshallprepareandtransmit(physically g a enable to records and accounts proper office, principal its at maintain shall Company Management The f The Management Company shall not be under any liability, except such liability as may be expressly assumed Trusteethe such to available made is there that ensure e or available make shall Company Management The TheManagementCompanymayfromtimetoappoint, removeorreplacetheRegistrar. d Documents Constitutive the and Rules the of c provisions the with comply shall Company Management The b oa noe5267457101,1 24,416 1,763 239,509 14,515 149,999 1,702 222,345 Connected Persons,andsubjectto 118,864 its of any 275,686 or itself for advantage undue any gaining without and ability its 7,140 of best the to and faith good in 10,573 129,715 1,092 88,931 248,314 Responsibilities oftheManagementCompany 2006 Rules. 6,738 7,425 the and 76,698 Document Offering supplementary any or / and Document Offering this Deed, 154,835 the of 2,123 49,216 The ManagementCompanyshallmanage,operateandadminister 51,685 2005 4,369 5,246 98,952 28,319 446 real estateinvestmentsandcounselling. and advisory acquisitions and mergers trusts, and 65,167 companies of administration and formation investments, 3,753 2004 investment counsellingthecompanyisalsoengagedin and management portfolio Besides management. risk active with investors for returns sustainable achieve to aims and investments on view term long a with investors its providing on itself prides GHP (SAAM). Swiss of the Managers Association of Asset member a also is company The Switzerland. in office head its 1,616 2003 GHP FinancialServices(GHP)isapremi GHP FinancialServicesLimited 2002 Profit After Taxation Total Income Deposits Advances Total Assets Shareholder's Equity Year End31stDecember expenditure accountsshallcomplywiththerequirementssetout intheRules. Unit Holderswithinthree(3)monthsoftheclosingaccounting dateandbalancesheetincome SECP,the to Scheme the the and of account applicable) expenditure (where report Auditor's Trusteethe and and income sheet, balance the of copy a with together report annual audited an approval) SECP's to subject distributions. of way by and Units of redemption on Scheme the by out paid and Units of issuance of respect in Scheme the by received amounts and Scheme the of account the for transactions all Scheme, the of expenditure and income the and liabilities and assets the of formed be to view accurate and complete or omittedtobedoneingoodfaithhereunder. thereby and it shall not incur any liability by reason of any error of law or any matter or thing done or suffered provisions ofConstitutiveDocuments,theManagementCompanyshallnotbeunderanyliabilitythereforor negligence orwillfulbreachofduty. Ifforany otherwise provided)beliableforany herein as (save Company Management the shall nor Documents, Constitutive and Rules the under it by Scheme. the to relating matter any of respect in require reasonably may Trustee the as information for anyactormattertobedonebyit. its reasonablecontrol. loss causedtotheSchemeorvalueofFundPropertydueanyelementscircumstancesbeyond any for liable be SECP.not by shall granted Company exemptions Management special The any to subject PakRupees(InMillion) the restrictionsandlimitationsas act oromissionofthe Trustee, or er portfoliomanagementandinvestmentcounsellingcompanywith 16 reason itbecomesimpossibleorimpracticabletocarryoutthe private equityfundingandinvestments,directproject the Fundinaccordancewithprovisions or throughelectronicmeansontheweb provided intheDeed for anythingexcept and theRules its owngross OFFERING DOCUMENT the Trust in any Trust the and third quarter and within two and third quarter more of the transactions of month of the closing of the first closing of the first month of the 17 or exceed ten percent (10%) or Trustee - Central Depository Company of Pakistan Limited Trustee SECP has approved appointment of CDC as Trustee of Alfalah GHP Islamic Fund (AGIF) vide its letter dated February 13, 2007. No. NBFC-II/AD/AGIF/116/2007 Address: Name and Registered Islamic Fund (AGIF) is: Alfalah GHP to the Trustee The Central Depository Company of Pakistan Limited CDC House, 99-B, Block 'B' S.M.C.H.S, Main Shahrah-e-Faisal Karachi - 74400, Pakistan Statement Vision CDC's be To a leading national institution providing quality services to capital and financial markets stimulating economic growth. the prior approval of the Commission in writing to the scheme of such acquisition merger, or take over; months of the closing of first half (6 months) Accounting of Date, each prepare and transmit (physically or through electronic means or on the web subject to SECP's approval) to the Unit Holders, the , Trustee and statement and statement flow cash account, loss and profit quarter, that of end the at as sheet balance SECP, the or otherwise. whether audited for that quarter, of changes in equity electronic form) and inform the Trustee and the SECP of the address where the Register is kept. Auditor who and the shall upon be Accountant any a and vacancy, Chartered independent Auditor of of the the Management Company and the Trustee and such Auditor shall not be appointed for more than three consecutive years and the contents Auditor's of report the shall be in accordance with the provisions of the Rules. employee or a member of the family of such person or its management company and enter into transactions which shall equal with any broker, one (1) accounting year of the Scheme. descendents, and ascendants lineal spouse, includes family term the clause this of purposes the For Explanation: brothers and sisters. a. b. 3.4.1 3.4. Trustee v. transaction. participate in a joint account with others in any iv. make a loan or advance money to any person except in connection with the normal business of the Scheme; iii. Accept deposits from the Scheme; ii. pledge any of the securities held or beneficially owned by the Scheme except for the benefit of the Scheme; i. merge with, acquire or take over any other asset management company or a Scheme, unless it has obtained i The Management Company shall j maintain a Register of Unit Holders of the Trust (either in physical or Scheme appoint at the establishment of the Trustee, shall with the consent of the The Management Company k The Management Company shall not employ directly as or a indirectly broker, any or officer of its director, l company shall not: As per the Rule 64 of NBFC Rules 2003 the management h Company shall within one The Management ALFALAH GHP ISLAMIC FUND f. e. d. c. possessing graduate and postgraduate qualifications from distinguished local and international institutions. international and local distinguished from qualifications postgraduate and graduate possessing the company are carried out by a team of high caliber professionals from a wide spectrum of relevant disciplines of Operations institution. investor any affiliationin any without professional, qualified highly a is executive of CDCrepresenttheirrespectiveinvestorinstitutions,without anypersonalstakeinthecompany. The chief Management: CRESCENT STANDARD BUSINESSMANAGEMENT (PVT.) LIMITED CRESCENT STANDARD INVESTMENT BANKLIMITED INTERNATIONAL GENERAL INSURANCECOMPANY OFPAKISTAN LTD. SHAKARGANJ MILLSLIMITED CRESCENT LEASINGCORPORATION LIMITED CRESCENT STEEL AND ALLIED PRODUCTSLIMITED ISLAMABAD STOCK EXCHANGE(GUARANTEE)LIMITED PAKISTAN INDUSTRIAL CREDIT &INVESTMENT CORPORATION LTD. INVESTMENT CORPORATION OFPAKISTAN [NOW IDBP] NATIONAL INVESTMENT TRUST LIMITED HABIB BANKLIMITED MCB BANKLIMITED CITIBANK OVERSEASINVESTMENT CORPORATION LAHORE STOCK EXCHANGE(GUARANTEE)LIMITED THE KARACHISTOCK EXCHANGE(GUARANTEE)LIMITED Shareholders Shareholders: custodial serviceproviderinPakistan. / trustee largest the as emerged has CDC business, System. trusteeship its introducing after time of Settlements span short a In and Clearing National the handling for that as well as structure, existing strong andefficient computerizedsystemsanddedicatedstaff. The Trustee DivisionhasthebenefitofCDC's by supported and automated completely are CDC of operations related trustee managers. All fund pension Funds undermanagementofalltheleadingassetcompanies,investmentadvisersandvoluntary industry. Currently, CDC is acting as the trustee for open-end, closed-end mutual funds and Voluntary Pension From the year 2002, CDC expanded its business activity to provide trustee / custodial services to mutual funds Pakistan. in Exchanges Stock the at securities in ever-risingtrading the of with volume up cope to standards international the with accordance in securities of effectivesettlement cost and free efficient,risk facilitating for formed was It securities. transfer and record to system entry book electronic an is which (CDS), System Depository Central the operate and manage to is company the of activity business principal The 1994. 10, on business of commencement August of certificate received and Pakistan in 1993 21, January on company Brief Profile: employees anenvironmentofprofessionalandpersonalgrowth. its provide to committed is It working. its in governance corporate good maintaining while country the in talent best and available technology state-of-the-art the employing continuously by excellence of centre the be to is aim Company's The practices. international best to comparable manner cost-effective and efficient an in markets financial and capital the to services dependable and secured provide to committed is CDC CDC's MissionStatement CentralDepositoryCompanyofPakistanLimited(CDC)wasincorporatedasapubliclimited CDCisrunpurelyonprofessionalmanagementbasisandmost oftheDirectorsonBoard FollowingarethesponsorsandshareholdersofCDC: 18 OFFERING DOCUMENT to be included in Fund Property where such the Deed, the Rules and the the Deed, the Rules and to the Unit Holders in value of the any request of the Management Company provided they are any request of the Management Company , unless they are in conflict with , unless they are in conflict account for any loss rustee shall issue a report rustee shall issue a report 19 Islamic Economics (CIE), Professional Institute of Excellence (PIE), and omissions and shall Skill Development Council and other places. He has worked as Audit member of Center for Islamic Economics Islamic for Center of member Audit as worked has He places. other and Council Development Skill for Islamic different Banking Branches Samdani according has to issued Shariah about perspective. two Dr. thousand fatawas on different Islamic topics especially in Islamic Finance and Meeras. loss has been caused by gross negligence or breach Trust of under its the duties in connection Trust with the Officers, Directors, its of any or Trustee the of omission or / and act willful or reckless any or Rules the or Deed not shall, Agents. The Trustee be however, Nominees under or any liability on account of anything done in of good faith in accordance with or in pursuance Advisory Board of Shariah Profile Aazami Ahmed Khalil Mr. institutions financial advising in experience considerable having Scholar Islamic an is Aazami Ahmed Khalil Mr. Islamic - Alfalah Bank of Advisor Shariah a is Aazami Ahmed Khalil Mr. Currently, affairs. related Shariah on Banking and a member of Shariah Board Pakistan Takaful Limited. In addition to this, he is teaching at of Islamic Economics. Karachi and Centre Dar-ul-Uloom Aazami has strong academic background Mr. in Islamic Studies and Islamic Economics. He has completed Fil Takhassus Ifta and Alimiyyah Shahadah from Dar-ul-Uloom Karachi, a renowned Islamic Institute of Excellence. of Institute Professional & Karachi Economics, Islamic of Centre of member faculty a is He Pakistan. Ahmed Samdani Ejaz Dr. relevant in experience considerable has and scholar, economic Islamic eminent an is Samdani Ahmed Ejaz Dr. Quran & Sunnah, Faculty field. He has completed his Ph.D/M. Phil from Karachi University (Department of of Islamic Studies) in the year 2005. Samdani Dr. has delivered many lectures about Islamic Banking and Centre for in Bahria University, Takaful The Shariah Board of the Fund consists of eminent Islamic economic and financial scholars. The Shariah Advisors have considerable experience in the field of Islamic Studies. The first Shariah Board of the Fund will be comprised of: Aazami ; and Ahmed Khalil a) Mr. Ahmed Samadani. Ejaz b) Dr. The appointment of Shariah February 23, 2007. No. NBFC-II/AD/AGIML/157/2007, dated Advisors has been approved by the SECP vide its letter not in conflict with the provisions of the Deed or the Rules. not in conflict with the provisions of the Deed Basic Role of the Trustee of the Basic Role Role of the trustee has been defined in detail in clause 7.1 of the trust Deed. Basic role of trustee are: Unit Holders. The cash and registrable assets shall be deposited or registered in the name of or to the order including matters all in Company Management the of instructions the out carry will Trustee The Trustee. the of of the Fund Property investment and disposition T The laws. Document or applicable Offering the annual report, as to whether in its opinion, the Management Company has in all material respects managed respects material all in has Company Management the opinion, its in whether to as report, annual the Company Management the if and Deed the and Rules the of provisions the with accordance in Property Fund the has taken in respect thereof. Trustee steps the in which it has not done so and the has not done so, the respect proceedings, suit, any defend or institute Holders, Unit the of interest the safeguarding or Property Fund the of arbitration or inquiry or any corporate or shareholders action in respect of the Fund Property or any part thereof. It is clarified that the Trustee shall be entitled to be reimbursed, out of the Fund for Property, all be responsible for shall Trustee The taking the aforesaid action(s). reasonable costs and expenses incurred in all acts and omissions of all persons or agents to whom it may delegate the performance of its duties, as if these were its own acts 3.5.1. 3.5.Advisory Board Shariah cDocument. Offering this and Deed the Rules, the under it to entrusted obligations the all have shall Trustee The a will take into Trustee The custody and / or hold under its control all the property of the Fund in trust for the 3.4.2 b shall, The Trustee if requested by the Management Company or if it considers necessary for the protection ALFALAH GHP ISLAMIC FUND ...Bank 3.6.1. Core Investors 3.6. TheShariahBoardwilldeterminean appropriatepercentageoramountasthecasemaybeofHaramincome iv. At the end of each Accounting Year, the Shariah Board shall issue a certificate, to be included in the Scheme's iii. as instruments financial new all upon advice and evaluate to required be will Shariah Board The Advisory ii. ShariahBoardwillprovidetechnicalguidanceandsupporton i. The Shariah Advisory Board will advise the Management Company on matters relating to Shariah compliance a 3.5.2. 3.6.2. Prior to and during the Initial Period of Offer, the Trustee on the advice of the Management Company shall Company Management the Offer,of of advice Period the Trusteethe Initial on the during and to Prior 3.6.2. and purifytheHaramincomethemselves. necessary arrangements, the Management Company may in future give the Unit Holder(s) the option to receive in consultation with the Shariah Advisory Board. Subject to Shariah Advisory Board approval and after making purposes. The list of Charities to which the Management Company will pay the Haram Income will be decided purification for charities to donated be any.will if income Fund, Haram the Such of income the in included Scheme; the of operations year's preceding the of compliance Shariah of respect in reports, financial and whenintroducedfortheirShariah-permissibility; Deed maybesoughtfromtheSECP; of increasingtheShariahacceptabilityinvestmentpolicy, permissionfornecessaryamendmentsof the investments. However, in case there is a requirement for of any amendment, based on future research for avenues purposes Compliant Shariah into investments its and Trust Unit the mould to Company Management as under: Management Company, theUnitHoldersandotherpartiesrelatedwithmatter. Itsresponsibilitieswillbe the Trustee,the to acceptable and final be would matter related Shariah any of respect in Board Advisory and recommendgeneralinvestmentguidelinesconsistentwiththe Duties &ResponsibilitiesofShariah Advisory Board and 'D2'. The detail curriculum vitae in respect of the members of the Shariah Board have been given in Annexures 'D1' various wellrenownednewspapersandmagazines. in published were topics research several his and matters Shariah different on books many written has He years 8 Arabia" M. and course Alimiyah University,AZakariya Bahauddin from Studies Islamic Multan. in al- wa Islamiyah al al-Uloom fi ul Alimiyah "Shahdat Uloom, Darul Jamia from Iftaa" al fi "Al-T'khassus completed has He Economics. Islamic and Studies Islamic in background Dr.academic strong has Samdani December 2004toNovember2006. from Shariah Advisor a as Division) Banking (Islamic Ltd. Bank Habib with associated was Dr.Samdani aeNme fUisRupees Number ofUnits 250,000,000 5,000,000 The Bank Alfalah Limited-IslamicD Bank Alfalah Limited-IslamicDivision Name ae mnmm netet rd rtn o '' y SC apoe cei rtn agency). rating credit approved SECP a by 'A' of rating grade investment minimum a have must they institutions financial in investment of case (in Fund Shariah the by of authorized Board Advisory as investments term short in amounts Pre-IPO such invest Company Management the of advice the on also Transferee. the deposit theFundPropertyinaseparate by condition this of acceptance written a of Agent Transfer / Registrar the by receipt the on only affected be shall and transferable however,be shall, Units These Units. such of respect in issued Certificate any on noted be shall and Register the into entered be shall date termination its period oftwoyearsfromthedateclosureInitialPeriod Offer (IPO). A mention ofthisrestrictionand a for redeemable be not shall Units Such each. 50/-) (Rs. Rupees of Units Core 5,000,000 of purchase the Alfalah Limited - Islamic Division is the Core Investor and has subscribed the amount stated below: stated amount the subscribed has and Investor Core the is Division Islamic - Limited Alfalah ivision hassubscribedanaggregate account withascheduledbankandfrom 20 various aspectsofShariah,soastoenablethe Shariah. Any verdictissuedbytheShariah sum ofRs.250,000,000/=towards time tothe Trustee may OFFERING DOCUMENT Front-end Load or from by the Management Company, for by the Management Company, these branches may be increased or and assist investors in investing in the Fund. The and assist investors in investing in the Fund. and / or Facilitators out of the 21 C'' of this Offering Document; C'' of this Offering and conditions as may be agreed will be responsible for receiving applications for purchase of Units and redemption / transfer / redemption and Units of purchase for applications receiving for responsible be will The Trustee may, The Trustee if may, it considers may necessary, appoint sub-custodian with mutual understanding of the Management Company and at such terms Central Depository Company of Pakistan Limited (CDC), trustee to the fund with the management company may approval also provide custodial services at of competitive terms and will be the responsible for AGIF. securities of the safe custody of the The Management Company will perform duties as the Registrar of the Fund until any further notice and intimation The to Management the Trustee. Company will be responsible for maintaining the Unit Holder's Register, preparing and issuing account statements, Unit Certificates and dividend warrants / advice and Company may appoint an independent to the Unit Holders. However Management providing related services Registrar in the future at its discretion and may subsequently inform the Trustee of the same. KPMG Taseer Hadi and Co. Taseer KPMG Accountants Chartered 1st Floor Building #2 Sheikh Sultan Trust Beaumont Road Karachi its own resources. Parties detailed in ''Annexure C'' of this Offering Document have each been appointed as Distributors to perform the Distribution Functions Authorized at Branches their within or outside Pakistan. The addresses of these branches are given in ''Annexure the safekeeping of any portion of the Fund Property. the safekeeping of any portion of the Fund decreased by the Management Company from time to time. The Management Company may from time to Trustee the intimate and Distributor any with arrangement the terminate or Distributors additional appoint time, The Management Company may accordingly. itself perform the functions of a Distributor either directly or through sub-distributors. applications receiving including Holders, Unit to service providing and with interfacing be will They applications. for change of address and other particulars or application for issuance of duplicate Certificates, transfer to transmission immediate for etc. exemption, zakat / exemption tax income for requests CDS, in form electronic Registrar) independent an appoints Company Management the (if Registrar the or Company Management the to as appropriate for further action. solicit The Facilitators' function is to identify, (Facilitators). Management Company may remunerate the distributor 3.9. Sub-Custodian abc all property of the Fund from Custodian's own property and that of its other clients; Segregating securities and such other instruments as required; Assuring the smooth inflow / outflow of dematerialized the benefits due on investments are received and credited to the Fund's account. Ensuring that 3.8.2. The salient features of the custodial function are: 3.8.1. 3.8. Custodian 3.7. Registrar 3.11.1. auditor of the Fund is: The 3.11.Auditor External and Shariah Compliant The 3.10.1. 3.10. Distributors and Investment Facilitators 3.10.2.Distributors The 3.10.3. from time to time, appoint Investment Facilitators at its sole responsibility, The Management Company may, ALFALAH GHP ISLAMIC FUND 3.11.2. They will They 3.11.2. .14 The Trustee shall beentitledtorequirethe 3.11.4. the at kept whether Fund, the of vouchers and accounts papers, The books, the to access have shall Auditors 3.11.3. 3.11.7. Thecontentsofthe Auditors reportshallbeasmentionedintheRules. 3.11.6. the of accounts of books and accounts the on TheHolders Unit the to report written a prepare shall Auditors 3.11.5. b The Trustee, at the request of the Management Company, shall open Bank Accounts titled Bank Company,Accounts open Management shall the of request the Trustee,at The b Islamic with Fund the Trusteethrough of activities banking all perform would Company Management The a 3.13.2. by appointed bank other any and Division Islamic Bank - is (BAL) Fund Limited the Alfalah to banker The 3.13.1. Bankers 3.13. Legal Advisor 3.12. The TrusteeBank additional open also shall titled Account(s) c explanations asconsiderednecessaryfortheperformanceofaudit. and information such agents and officers directors, their and Company,Trustee Management the from office of the Management Company, Trustee, Custodian, Registrar or elsewhere and shall be entitled to require appointment. in break a after appointed be only may auditor that Thereafter, terms. consecutive three up-to for reappointed be may auditor an However,Trustee. the of concurrence the with Company commencement of the Trust up to Accounting Period and will be eligible for reappointment by the Management Audit oftheSchemeforeach The Auditor of the Fund will also act as Shariah-Compliance Auditor, and will complete a Shariah-Compliance Shariah Compliant Auditor statements orschedulesappendedthereto. notes, including account loss and profit and sheet balance of part forming document other every on and equity in changes of statement and statement flow cash account, loss and profit sheet, balance the and Fund the certificationrequiredunderRules. the Trustee andtheManagementCompanyasmaybe opening Shariahcompliantaccountsatanyotherconventional bank(s). for sought be will Board Shariah Advisory the of approval specific then possible, not is it reason, specific banks and/orIslamicbranchesofcommercialBanks Bank Accounts instructions fromtheManagementCompany. the ManagementCompanyfromtimetotime. The Trustee Karachi, Pakistan Beaumont Road 404, 4thFloor, BeaumontPlaza Bawaney &Partners The legaladvisoroftheFundis: and willissueaShariah-Complianceauditreport. other useofthe Trust's funds. any or redemption investment, collection, for time) to time from Company Management the of instruction Alfalah GHP IslamicFund" Bank Account ofthe Trust onadailybasis. main the to transferred being their to prior held be shall collections where accounts collection temporary be Company.Management shall the accounts by These requested as Bank(s) other such of branches various at hold office until the transmission of the reports and accounts, which will cover the period from period the cover will which accounts, and reports the of transmission the until office hold fortheUnit Trust atdesignatedBank(s) Accounting Periodwithinthree(3)months Auditors toprovidesuchfurtherreports 22 considered necessarytofacilitatethe Trustee inissuing / orIslamicfinancialinstitutions. When duetoany will operatethebankaccountsofFundon "CDC-Trustee GHPAlfalah Fund" Islamic at Karachi(oranyothercityasperthe from therelevant Accounting Date as maybeagreedbetween "CDC-Trustee OFFERING DOCUMENT at such at "CDC-Trustee applicable to redemptions on such facilitate redemptions and other Trust and other facilitate redemptions Management Company reserves the right and / or transfer the funds to the relevant bank and / or transfer the funds of the Fund is Rs. 5,000/- and the minimum amount "CDC - Trustee Alfalah GHP Islamic Fund" Islamic GHP Alfalah Trustee - "CDC accounting period at the price such Pre-IPO amounts with Banks and Financial Institutions (in such Pre-IPO amounts with Banks and Financial 23 Separate bank accounts for Local & Offshore Pre-IPO investors authorized by Shariah Advisory Board the Management Company Advisory Board authorized by Shariah accounts may also be used to accounts may also be is Rs. 1,000/- per transaction. The is Rs. 1,000/- per transaction. at the close of any The Management Company may initially issue the following classes of Units: date. branches of Banks and at such locations (including outside Pakistan, subject to applicable regulations and reasonably be may as Pakistan) in authority regulatory relevant the from approvals necessary all obtaining after required by the Management Company from time to time. Such accounts shall be used as collection and and redemption accounts to promptly shall be instructions for all such collection There redemption accounts. Account therein to the main Bank transfer the funds collected Holders for redemption purposes. accounts of the Unit facilitate investments and on the account of receipt, Trust tracking the and reconciliation of income or other These investments. receipts relating to the to alter the minimum amounts stated hereinabove. In the event the investment in any investor's Account falls investor's to alter the minimum amounts stated hereinabove. In the event the investment in any conversion, transfer below the minimum level as a result of revised limits, changes in valuation, redemption, or transmission, the Management Company may instruct the Registrar Account to by close redeeming such the Units in such accounts Clauses 4.2.1 and 4.2.2. below) shall be deposited in separate Accounts Bank having title Account for adding to an existing shall form part of the Fund Property for the benefit of the Unit Holders and shall be transferred periodically Trust. Account of the Account(s) to the main Bank from the Distribution The Management Company may from time to time amend the minimum amount of initial investment that is required to open an Account Investment (Account) with the the Presently, minimum Registrar. amount of Account for purchasing the Units investment to open an related (ancillary) transactions. distribution out of the Unit Trust. Notwithstanding anything in the Deed, the beneficial ownership of the Accounts shall vest in the Unit Holders. balances in the Alfalah Islamic GHP Fund - Pre-IPO". As will be opened with a scheduled bank. case of investment in financial institutions they must have a minimum investment grade rating of 'A' by a approved credit SECP rating agency) and subsequently transfer such amounts to Account the of main Bank the Fund Any upon Income, the profit close etc. of earned the on Initial such Period Pre-IPO of short Offer. expenses all deducting after Offer, of Period Initial the of close the upto deposits bank or / and placements term in this regard, shall be paid to the Core Investors and Private Placement Investors on proportionate basis of not form part of the Fund Property. their Pre-IPO subscription amounts and shall accounts of the Fund. removing consider also may and Pakistan of Bank State or / and SECP to report may Trustee the accounts, such such banker from funds' bank accounts panel. may from time to time deposit and / or place may from time to time deposit and / or place 4.2. Classes of Units: e The Management Company may require the to Trustee open separate Accounts Bank for the Unit to Trust dtitled Accounts Bank additional open shall Trustee The i The amounts received from the Core Investors (seed capital) and Private Placement Investors (as defined in hdividends, unclaimed on accruing those including Account(s), Distribution the in earned etc. profit income, All 4.1. amount of Investment Minimum fAccount for each dividend to open a separate Bank Trustee Company may also require the The Management g All bank charges for opening and maintaining Accounts Bank for the Trust shall be charged to the Fund. j The kManagement Company will provide clause references on every instruction for opening of new bank Accounts All shall Bank be operated by of the Trustee the Fund and in case of any unauthorized activity in 4 UNITS OF CHARACTERISTICS ALFALAH GHP ISLAMIC FUND 4.3.3. The Management Company may decline to issue Units to any applicant if it is of the opinion that it will not will it that opinion the of is it if applicant any to Units issue to decline may Company Management The 4.3.3. 4.3.2. U 4.3.1. Purchase andRedemptionofUnits 4.3. the In 4.2.10. In case the Management Company announces a suspension of further 4.2.9. 4.2.8. 4.2.7. 4.2.6. The Unit Holder may transfer his / her investment her / his transfer may Holder Unit The 4.2.6. ...TheTransfer Agent 4.2.4. 4.2.3. 4.2.2. 4.2.1. 4.2.5. All Units All 4.2.5. be possibletoinvestsubstantialinflowoffund. the purchaseandredemptionofUnitswillbesuspended. During the period in which the register is closed, as mentioned in Clauses 4.9 and 5.9 of this Offering Document, from timetotime. Distribution Offices onanyBusinessDayduring per theapplicableNAV ofthoseUnits. them. by held Units on declared distribution any of out Units acquiring continue to Holder(s) Unit existing (Please seeClause4.8fordetails). lien the claiming party the with lie shall lien a registering in followed been having process due for onus The if evidenced by a statement or letter issued by the Registrar indicating the Units marked in favor of the pledgee. party withthespecificauthorityofManagementCompany. However, thepledge/lienshallbevalidonly third any of favor in Units any on lien / pledge a register may Registrar the - Lien / Pledge of Registration cost ifanywillbebornebytheUnitHolder. appropriate safeguards to the satisfaction of the Management Company / Trustee / Registrar and the associated to subject out carried be shall process the Certificates, of defacing or loss of event the earlier.In issued if Certificate(s) the of production the on only processed be shall Units of transmission or transfer redemption, Company.Management for the Requests by time to time from revision to subject Certificate, per 50/-) (Rs. The Unit Holder(s) may obtain Certificates representing the Units they hold by paying a nominal fee of Rupees load oranyothertransactioncosts. the ManagementCompanyfromtimetotime. by announced as Day Business the on hours Transfer/ business Registrar during the Agent to or Company and lodging the prescribed Service Request Form to the Distributor / Investment Facilitator or to the Management the investorfromtimetotime. by chosen as arrangements different for options different with Units issue may Company Management the investors, of convenience the for rights, passu pari Unit's each of integrity the maintaining However,while Holder.Unit such by held Units the to proportionate in AGIF interest beneficial a has Holder Unit Each rank paripassuastotheirrightsinthenetassets,earnings,andreceiptofdividendsdistributions. Sales Load. "B" Class no SalesLoad. Class "A" such Unitsaretransferable. cannot beredeemedforaperiodoftwo(2)yearsfr "A" Class address recordedintheregister. Holder's Unit the to mail ordinary or means electronic by sent be may report or statements Such account. nits are purchased at the Offer Price and redeemed at the Redemption Price at any of the Authorized the of any at Price Redemption the at redeemed and Price Offer the at purchased are nits event of winding up of the Fund, the Units standing to the credit of investor(s) shall be dealt with as with dealt be shall investor(s) of credit the to standing Units the Fund, the of up winding of event and fractions thereof (up to four decimal places) represent an undivided share in the Scheme and Scheme the in share undivided an represent places) decimal four to (up thereof fractions and Unitsbeingoffered andissued Units, which shall be offered and issued after the Initial Period of Offer (IPO) with or without or with (IPO) Offer of Period Initial the after issued and offered be shall which Units, (Restricted / Core Units) Units issued to the Core Investors with no Sales Load. These Units These Load. Sales no with Investors Core the to issued Units Units) Core / (Restricted may send an Account Statement to the Unit Holder each time there is an activity in the in activity an is there time each Holder Unit the to an Statement send Account may during thePrivatePlacementandInitial 24 This transfermaybedonewithout business hoursasannouncedbytheManagementCompany om thedateofclosureInitialPeriodOffer. However, holdings to some other person at any stage by filling out filling by stage any at person other some to holdings issue of Units of the Fund, it may allow any SalesLoadorbackend Period ofOffer (IPO)with OFFERING DOCUMENT can apply for Units payment of dividends and documents mentioned in the subparagraphs mentioned in “Annexure C” of this Offering domicile and citizenship. The domicile and citizenship. nor the Registrar nor the Distributors nor the Investment nor the Registrar nor Employees Provident Fund (Investment in Listed Securities) Employees Provident Fund (Investment in and companies incorporated outside Pakistan and companies incorporated outside Pakistan 25 investment and copies of the their place of residence, Account Opening Application Procedure Account Opening accompanied by the payment for the redemption proceeds to such investors shall be subject to the relevant taxation and exchange regulations / Any person laws. making an application for the purchase of Units in the Fund shall warrant that he / she is duly authorized to purchase such Units. in conditions and investment limits as laid down including by SROs. Rules, 1996, as amended from time to time, of 1882). Act, 1882 (11 Trusts (h) of the Authorized Branches of the Distribution Companies or to Investment below should be delivered at any of the Business the on hours business the during Company Management the to directly submitted be may or Facilitator Day as announced by the Management Company from time to Application time. forms are available with Distributors or Investment Facilitators or may be obtained from the Management Company or its web site. Units shall be issued based on the Purchase Price (Offer) that is determined as per Clause 4.10.3. Currently of the Distribution Companies as Authorized Branches only the 4.4.4 Clause in down laid as Units of issue the for payment and application collect to authorized are Document Document. of this Offering any other form of identification acceptable needs to to the be Management furnished, Company, along with following key relevant information: subject to the regulations of the State Bank of Pakistan and the Government of Pakistan and any such regulations such any and Pakistan of Government the and Pakistan of Bank State the of regulations the to subject and laws that may apply to Facilitators accept any responsibility in this Application regard. may be made pursuant to the procedures 4.4.2 below including but not limited to: described in paragraph be made by their guardians. association of articles and memorandum respective their under permitted is investment such as long so Pakistan and / or bye-laws. Who Can Apply? Who Can Any investor or any related group of investors qualified or authorized to purchase the Units may applications for the purchase of Units in The the onus Fund. for make being so qualified lies with the investor and Trustee, nor the Company, neither the Management 4.4.2. a Fully completed Account Opening & Purchase Of Units Form (AGIF - 01) form for purchase of Units g Rules, 2002. Tax under Rule 213 (i) of the Income Non Profit Organization d Provident Funds constituted by companies registered under the Companies Ordinance, 1984, subject to e Provident, Pension and Gratuity Funds constituted by other organizations than companies under fSection 20 2000. Rules 2005 under the Insurance Ordinance, Takaful companies under Takaful b In case of individuals, a photocopy of the Computerized National Identity Card (CNIC) of the applicant or i.ii.iii. Personal Information of the Investor such as name, father's name etc; iv. copies; In case of Joint Holders the names along with CNIC / passport v. Information about Nominee. (where required); vi. Zakat declaration Form in case of exemption; vii. Specimen signature of the applicant plus all Joint Holders; viii.Account; Operating Instructions for Redemption / Operation of Instructions for Dividend and redemption mandate; mandate. Bank details for Redemption and Dividend a Citizens of Pakistan resident in Pakistan: In respect of minors bbelow 18 years of age applications may only Companies, corporate bodies, financial institutions, banks, partners of a firm and societies incorporated in c Pakistanis resident abroad, foreign nationals 4.4.1. 4.4. of Units Purchase for Procedure ALFALAH GHP ISLAMIC FUND f The Distribution Company and / or Management Company will be entitled to verify the particulars given in given particulars the verify to entitled be will Company Management or / and Company Distribution The f Theapplicantwillreceiveacknowledgementconfirmingthereceiptofapplicationformfrom Authorized e Once the Investor Account has been opened, the Investor will be allotted a specific Registration / Folio Number d Otherrelevantdocuments asmayberequiredbythe Transfer Agent /Registrar. InstructionsforDividendmandate,Zakatand Tax status; Bankdetails; vii. InstructionsforRedemption; vi. v. RegistrationNumberandNational Tax Number. (NTN); iv. Investor'sname; iii. ii. following the of copies trusts, or corporates society,institutions, registered a or i. corporate body of case In c a Joint application can be made by up to four applicants. Such persons shall be deemed to hold Units on first on Units hold to deemed be shall persons Such applicants. four to up by made be can application Joint a 4.4.3. In case of existing Unit Holders, if any of the documents have previously been deposited with the Management k In the event a cheque is returned unpaid, the Management Company will assume the application for subscription j the by announced as Fund, the of Price (Offer) Purchase the on based Units allotted be will Investors i that, to subsequent discovered is discrepancy material a and issued been have Units event the However,in h Company,of Management issue or to Distributor prior the but by application the of receipt to subsequent If g the applicationform.Incaseofany 4.4.4. Clause in down laid as made be can Company.Units Management of or Payment Distributor the Officerof which canbeusedforallfuturetransactionstofacilitatereferenceandlinking. signatures; specimen their and CNIC of copies with along Signatories Authorized of List account: investment the of opening of time the at submitted be may available, if documents, National IdentityCard(CNIC)oranyotheridentificationdocument. named holder basis; however, each person must sign the application form and submit a copy of their Computerized Joint Application facilitate linking. to provided be must number account the Company.However, Management to acceptable are documents Company and / or Transfer Agent., fresh submission of documents will not be required, provided that deposited time. to time from Company Management the by prescribed be may as hours business the within together withthepaymentisreceivedbyDistributor the Purchase (Offer) Price announced by the Management Company on the day the said new Investment Form on based Units allotted be then will which Units said the for payment fresh submit to asked be will investor accordingly.informed The investor the and cancelled be will allotted Units the and void as regarded be to the Fund Account. to credited been have purchased Units the of amount purchase said the after Days Business (7) seven within by the Management Company from time to time. However, the Investor will be provided the account statement Distributor and / or Management Company within the business hours on the Business Day as may be prescribed the to submitted is Form Units of Purchase filled correctly which on day the Company,for Management beyond theredemptionvaluesodetermined. Price announcedonthedateUnitsaresoredeemed. The UnitHoldershallnotbeentitledtoanypayment / Registrar, fails to remove the discrepancy without good cause, the Units shall be redeemed at the Redemption writing to remove the discrepancy within fifteen (15) days. If the investor, in the opinion of the Transfer Agent in applicant the advise will Company Management the or Distributor the or Registrar Transferthe / Agent any markup. In theeventdiscrepancyisnotremovedinsaidfifte days. (15) fifteen for abeyance in held be will application the meanwhile the in discrepancy; the remove to applicant the advise will Distributor manner,the the Transfermaterial or any Registrar in / incorrect Agent or incomplete be to Distributor the or Registrar Transferthe / by Agent found is application the Units, the to rectifythediscrepancy. incorrect informationtheapplicationmaybe 26 and /orManagementCompanyontheBusinessDay en (15)days,theamountwillberefundedwithout rejected iftheapplicantfails OFFERING DOCUMENT ; ; into the designated bank of survivor(s) as stated in the Application in the of survivor(s) as stated person's receipt or payment person's receipt or payment "CDC-Trustee Alfalah GHP Islamic Fund" Alfalah GHP "CDC-Trustee maintained with the designated banks and their branches. their and banks designated the with maintained 27 ) in favor of "CDC-Trustee Alfalah GHP Islamic Fund" Alfalah GHP "CDC-Trustee Holder, the person first in the order the person Holder, or dividend payments. Such or dividend payments. "Account Payee Only" "CDC - Trustee Alfalah GHP Islamic Fund" Islamic GHP Alfalah Trustee - "CDC Form, shall be the only person recognized by the Trustee to receive all notices and correspondences with regards to the accounts, as well as proceeds of acknowledgement any of redemption receipt of requests proceeds or shall be dividend. considered Such as the person's valid discharge by the of its obligations. Management Company Trustee and of Units Purchase Payment for account as mentioned at the time of Purchase of Units shall be considered as a valid discharge by the Trustee by the considered as a valid discharge at the time of Purchase of Units shall be account as mentioned of its obligation. and Management Company Who Can Apply? Who Can the said Units. Holders of Class "A" Restricted Units will be eligible for redemption after the expiry of the period of two years from the date of the closure of the Initial Period of (IPO), Offer however such Units are eligible for transfer subject to the condition that the new transferee of such unit(s) agrees to the same for the balance period, if any. Management Company or its website. Redemption Requests Procedure Distribution the of Branches Authorized the of any to same the submitting and issued, if Certificate, relevant the Companies or to the Management Company or through an Investment Facilitator within business hours on the Business Day as announced by the Management Company from time to time. In case the Certificate is not issued, the applicant has only to complete the prescribed Redemption of Units Form. The request for redemption would be honored after verifying the signature and other particulars of the Unit Holder(s) from the Unit Holder Register. be submitted to the Transfer Agent / Registrar along with the Redemption of from the relevant Distributor and / or Management Company. Units Form. the Redemption of Units Form. In case of any incorrect information the application may be rejected if the applicant does not rectify the discrepancy. the Management Company's liability under Rule 65 of the Rules. the Management Company's liability under such limits and restrictions considered fit by it. such limits and restrictions considered fit the receipt on the Investment Form. Such payments will only be deposited in the bank account of the Fund titled proceeds of any redemption, proceeds of any redemption, i. Cheque (marked 4.4.4. a the form of: Payment for the Fund Units can be made in c In the event of death of the first ii. in favor of Demand draft or Pay-order a All Unit Holders, other than the holders of Class "A" Units (Core / Restricted Units) are eligible to redeem b Application forms are available with Distributors 4.5.2. or Investment Facilitators or may be obtained from the asurrendering and Form Units of Redemption prescribed the completing by made be can redemption for Request b In case cof CDS Units, copy of withdrawal request form submitted to the CDC by the unit will holder, also redemption for application the of receipt the confirming acknowledgement the dreceive will Holder(s) Unit The The Distribution Company and / or Management Company will be entitled to verify the particulars given in 4.5.1. 4.5. of Units Redemption for Procedure d Notwithstanding the above, nothing contained herein shall be construed as limiting or otherwise restricting bwithin payment of forms other or arrangements time, to time from notify also may Company Management The cacknowledge will who Company Management or Distributor a to over handed be must payments aforesaid The iii. Online transfer of money. b The first named Holder shall receive all notices and correspondence with respect to the account, as well as ALFALAH GHP ISLAMIC FUND RedemptionofFund'sUnitsmay i Incasetheinvestorhas h favor in cheque, cross a by made be will proceeds redemption the of payment instructed, otherwise Unless g Units will be redeemed on the basis of daily Net Asset Value (NAV) announced as of the close of the Business f the Units, the of Redemption the to prior Distributor,but the by application the of receipt to subsequent If e 4.6.1. Procedure for RequestingChangeinUnitHolder Particulars may Holders However,Unit permitted. not is Certificate single a by covered Units of Redemption Partial 4.6. j v ChangeinformofUnits. DeletionandMerger ofUnits; Transmission ofUnits; iv. Transfer Unitholdinginfavorofsomeoneelse; iii. ii. TheUnit Holdercanalsoissuethefollowinginstructions: i. Dividend mandateinstruction. d Accountoperatinginstructions; ChangeinBank Account details; iii. ii. TheUnitHoldercanalso issuethefollowinginstructions: i. Nomineedetails. c JointHolderdetails; Changeinaddress; iii. ii. SomeofthekeyinformationwhichUnitHoldercanchangeisas follows: i. The information submitted at the time of purchase of Units can be changed through the Service Request Form. b a 4.6.2. ex -NAV of the relevant Accounting Period(s)/Distributiondate(s). Unit Holder/Jointorhistheirauthorizedrepresentatives. first namedJointHolderintheeventofHolder. or Holder Unit the of number account bank the to transfer by made be will proceeds redemption of payment Holder,Unit the by authorized so However,if Units. of redemption for request documented properly a of to registered address of the Unit Holder or first named Joint Holder within six (6) Business Days of the receipt sent be will and Holders, Joint of event the in Holder Joint named first or name registered Holder's Unit of Day asannouncedbytheManagementCompanyfromtimetotime. Day on which a correctly filled Redemption of Units Form is submitted within business hours on the Business will thenhavetosubmitafreshapplicationforRedemptionofUnits. (15) days, the application for redemption will be cancelled treating the same as null and void. The Unit Holder fifteen said the in removed not is discrepancy the event the In days. (15) fifteen for abeyance in held be will Management Companywilladvisetheapplicanttoremove the or Distributor the or Registrar / TransferAgent the manner, material any in incorrect or incomplete be to Company Management the the Transferor by Distributor found the is or application Registrar / Agent the ServiceRequestForm. These Forms via made be can requests and particulars in change Such desire. so they if details Holder Unit their change to eligible are above 4.4 Clause per as Units Fund's purchased have who those or holders unit existing All Who CanRequestChange? apply forasplittingoftheCertificatebeforeapplyingredemption. information aboutthis,pleaserefertoClause4.9.2and4.9.4below. Application Procedure for ChangeinParticulars the ManagementCompanyorthroughitswebsite. requested encashmentofbonusUnits be suspendedorputinqueue may beobtainedfromDistributors 28 No moneyshallbepaidtoanyintermediaryexceptthe the discrepancy;inmeanwhileapplication then suchbonusUnits due toexceptionalcircumstances.Fordetailed or InvestmentFacilitatorsfrom will beredeemedatthe OFFERING DOCUMENT on any of the above changes may be rejected if the applicant Form. These taxes, charges or duties may either be These taxes, charges Form. are not permitted. However, Unit Holders may apply are not permitted. However, or duties that may be levied honored after verifying the signature and other particulars of the 29 of any incorrect information the application of any incorrect information the application liable for any taxes, charges liable for any taxes, charges nit Holder can transfer Units held by him by completing the prescribed Form and surrendering the relevant the surrendering and Form prescribed the completing by him by held Units transfer can Holder nit been transferred are eligible to apply for Pledge / Lien / Charge of Units (other than Core Units upto two years two upto Units Core than (other Units of Charge / Lien / Pledge for apply to eligible are transferred been from the date of the closure of Initial Period of Offer) if they so desire. Such Pledge / Lien / can Charge be Facilitators Investment or Distributors from obtained be may forms These Form. Units of Pledge the via made or from the Management Company or through its web site. for a splitting of the Certificate before applying for transfer. or to the Management Company or through an Investment Facilitator within business hours on the Business Day as announced by the Management Company from time to time. by an Authorized Officer Authorized of Officer the Distributor by or an Management Company if the Form is given to an Investment Notwithstanding the above, nothing Facilitator. contained herein shall be construed as limiting or otherwise under Rule 65 of the Rules. restricting the Management Company's liability the Service Request form. In case Unit Holder(s) from the unit holder Register. Investor(s). This Form should be delivered to any of the Authorized Branches of the Distribution Companies Authorized Branches of the Distribution be delivered to any of the This Form should Investor(s). or may be Agent submitted / to Registrar the Transfer through an Investment Facilitator or may be directly from announced by the Management Company Company within business hours as given to the Management Day. time to time on the Business Certificate, if issued, to be signed by the transferor and transferee and paying applicable Duties and Charges. Certificate, if issued, to be signed by the transferor sole holder or the survivor of joint holders shall be registered as the holder or joint holders as the case may upon paying applicable Duties and Charges. does not rectify the discrepancy. Request that the Unit Holder may request via the Service Management the or request service the of time the at Units equivalent Holder Unit of redemption by recovered for such services. Company may require separate payment However such transfer may be subject to a processing of charge an amount not exceeding one percent (1%) per Any Unit. of taxes Asset the or Value Net duties applicable on such transfer and transmission shall be payable by the transferee. These taxes, charges or duties may be recovered by redemption of Unit Holder request. equivalent Units at the time of the service 4.8.1. have The Unit Holder(s) who have purchased Fund Units as per Clause 4.4 above or in whose name(s) Units 4.7.5. Application for transfer can be Authorized submitted Branches on of any the of Distribution the Companies 4.8.Charge of Units Pledge / Lien / for Procedure h The Distribution Company and / or Management Company will be entitled to verify the particulars given in 4.7.4. covered by a single Certificate Partial transfers of Units gverified duly and signed Form Request Service of receipt the of acknowledgment the obtain must applicant The f Fully completed Service Request Form has to be submitted by both Individuals and / or by Institutional i.ii.iii. of Certificate; Issuance Splitting of Certificate; Consolidation and cancellation of Certificate. 4.7.2.any of up winding or insolvency death, the of consequence in Units the hold to entitled becoming person Any 4.7.3. The request for transfer of Units would be e for certificate processing such as: The Unit Holder can also issue instructions 4.7.1.U A i The Unit Holder will be j of Units from one owner to Transfer another may be done without any back end load or transaction charges. 4.7. of Units Transfer for Procedure ALFALAH GHP ISLAMIC FUND 4.8.5. The Distribution Company and / or Management Company will be entitled to verify the particulars given in given particulars the verify to entitled be will Company Management or / and Company Distribution The 4.8.5. 4.8.4. 4.8.3. 4.8.2. a The redemption of Units may be suspended during extraordinary circumstances including closure of one or one of closure including circumstances extraordinary during suspended be may Units of redemption The a 4.9.2. 4.9.1. Dealing,suspensionanddeferralofdealing 4.9. 4.8.8. the with vest shall account, such operate and Units such redeem to right the including rewards, and risks All 4.8.7. Unit Institutional by or / and Individuals both by submitted be to has Form Units of Pledge completed Fully 4.8.6. Document. Offeringthis in given are procedure the of Details Fund. the up wind to the decide may Company Management circumstances extreme under and System Queue a in processed be may requests the accumulating, requests redemption of number large a of event the In issue. in Units the of (10%) percent ten of excess in of the Unit Holders in the event of extraordinary circumstances or in the event redemption requests accumulate the PledgeofUnitsForm. for theaccountofUnitHolder. from thesaidUnitsthatarekeptunder Payments of dividends or the issue of bonus Units and redemption proceeds of the Units or any benefits arising Registrar shalltakeanyresponsibilityinthismatter. the and Company the Management Trusteeneither the and nor party such of discretion entire the at be shall party chargeany / by lien / pledge such of constitution the against obligation any of undertaking or loan any the Registrar, shallbeliable registered orthroughanorderofa been has lien the favor whose in party the of authority the by removed be shall registered once lien The lien. the claiming party the with lie shall lien a registering in followed been having process due for an accountstatementorletterissuedby by evidenced if only valid be Company.shall Management lien However,the the of consent the with party third any of favor in Units any on lien a register shall Registrar right. The own its in Units such in invest to entitled legally party third any of favor in Units their / his of any or all of lien / pledge a record to Registrar the request may Form) Units of Purchase in mandate per (as Holder(s) Unit Joint or Holder(s) Unit The may announceasuspensionor to redeemUnitsatapricesodeterminedin time and if the Management Company is of the view that it would be detrimental to the remaining Unit Holders in determiningthepriceofanyinvestment,orwhenremittance employed normally communication of means the in down break a or Holders, Unit the of or Scheme the of which disposal of any investment would not be reasonably practicable or might seriously prejudice the interest Company,Management the of opinion the affairs,in of of which state result emergency a a an as constitutes of existence the listed, are Scheme the by in invested securities the of any which on Exchanges Stock more Suspension ofredemption ofUnits may sodecide. withheld. The ManagementCompanymay, atanystage,suspendthedealingofUnitsandforsuchperiodsit Trustee to approve a temporary change in the method of dealing in Units. Such approval shall not be unreasonably the request may Company Management the OfferingDocument, the in mentioned circumstances the Under Temporary changeinthemethodofdealing compliance. legal respective their meets lien / pledge the that ensure to Pledgee the and Pledger the of Any charges, duties, levies etc applicable on such pledge / lien will be borne by the pledger. It is the responsibility writing totheManagementCompanyinstructsotherwise. in chargeholder / lien / pledge the as time such until chargeholder.case / the lien remain / will pledge This Company fromtimetotime. Management the by announced as Day Business the on hours business within Company Management the to directly given be may or Facilitator Investment an through Company Management the to submitted be may Holders. This Formshouldbedeliveredtoanyof does notrectifythediscrepancy. In caseofanyincorrectinf for ensuringthevalidityofany deferral ofredemptionandsuch competent court.Neitherthe Trustee, pledge /liencharge shallbemade the RegistrarwithUnitsmarked 30 accordance withtheNet Asset Value. The ManagementCompany the Authorized BranchesoftheDistributionCompaniesor ormation theapplicationmaybe such pledge/lien a measureshallbetaken of moneycannotbecarriedoutinreasonable nor theManagementCompany, nor to thepledge/liencharge holder in favorofthepledgee. The onus charge. The disbursementof rejected iftheapplicant to protecttheinterest OFFERING DOCUMENT form of additional Units. invoked, shall cease to apply of redemption requests that have built the queue system, if already option to receive dividends in the 31 of the view that the quantum Fund. In such an event, The Management Company shall announce the details of exemptions at the time a suspension of fresh issue suspended is Units of issue fresh if SECP the notify immediately shall Company Management The announced. is and shall also have the fact published, immediately following such decision, in the newspapers in which the Fund's prices are normally published. Queue System In the event redemption requests on any day exceed ten percent (10%) of Units in issue, the Management Company may invoke a queue system whereby requests for redemption shall be processed on a first come first served basis for upto ten percent (10%) of the Units in The issue. Management Company shall proceed to sell adequate assets of the Fund and / or arrange borrowing as it deems fit in the best interest of the Unit Holders and shall determine the redemption price to be applied to the redemption requests based on such others to comparison in requests any of ranking chronological the determine to practical not is it Where action. received on the same such Business requests Day, shall be processed on a proportional basis proportionate to the size of the requests. The requests in excess of the ten percent (10%) shall be treated as redemption requests qualifying for being processed on the next Business Day at the price to be determined Business next the on received for requests fresh the and requests over such carried the if However, requests. redemption Day still exceed ten percent (10%) of the Units in issue, these shall once again be treated on first-come-first liquidity and determining the Redemption Price shall be repeated served basis and the process for generating and such procedure shall continue till such time the outstanding redemption requests come down to a level in issue. below ten percent (10%) of the Units then Circumstances Issue and Redemption of Units in Extraordinary simultaneously Units of Redemption and Purchase both suspend stage, any at may, Company Management The and for such periods as it may so decide. The issue and redemption of Units may extraordinary circumstances as defined in clauses 4.9.2, 4.9.3 and 4.9.4 above. be suspended during redemptions up in view of major Winding In the event the Management Company is up shall result in the Fund being run down to an unmanageable level or it is of the view that the sell-off of assets is likely to result in a significant loss in value for the Unit Holders who are not redeeming, it may announce winding up of the and all Unit Holders shall be paid after selling the assets and determining the final Redemption (Repurchase) and all Unit Holders shall be paid after selling the assets and determining the final Price. However, interim distributions of the proceeds may be made if the Management Company finds it feasible. Announcement Dealing and Mode of the Price Valuation, of Frequency this Document. of Units. The circumstances under which the Management Company may suspend redemption shall be the event of war (declared or otherwise), natural disasters, a major break down in law breakdown and of order, events other or strikes or system banking the or / and markets capital the of closure system, communication the system queue or suspension Such function. to unable Distributors the or Company Management the render that shall end on the day following the first Business Day on which the conditions giving rise to the suspension condition other no and exist to ceased have Company Management the of opinion the in shall system queue or under which suspension or queue system is authorized under the Deed exists. In case of suspension and invoking of a queue system and end of suspension and queue system are in newspapers in which the Fund's prices and publish the same the Trustee and Management SECP immediately notify the Company shall normally published. Units issue of Suspension of fresh The Management Company may at any time, subject to the Rules, as may be modified from time to time, suspend issue of fresh Units. Such suspension may however not affect existing subscribers for the issue of or the bonus Units as a result of profit distribution 4.9.4. 4.9.5. 4.9.6. 4.10. 4.10.1. For the Classes of Units and the (Purchase) First Prices, Offer please refer to Clause 1.6.2 and Clause 1.8 of 4.9.3. b In the event of extra-ordinary circumstances, the Management Company may suspend or defer redemption ALFALAH GHP ISLAMIC FUND 4.10.5. The Redemption Price Redemption The 4.10.5. ThePurchase(Offer) Pricesodeterminedshallapplytopurchaserequests,completeinallrespects,received 4.10.4. 4.10.3. 4.10.2. .06 The 4.10.6. .13 Thecurrencyoftransactionthe Trust isthe 4.11.3. described as determined, prices The 4.10.9. The 4.10.8. 4.10.7. 4.11.1. Purchase (Offer)andRedemption(Repurchase) ofUnitsoutsidePakistan 4.11. 4.11.2. In the event that event the In 4.11.2. the PurchaseofUnitsFormhasbeenreceived. which on Day Business the on hours business the during Company Management or / and Distributor the by consider appropriateprovisionforDutiesandCharges. (Please referto Annexure Bforthe as definedinClause15.80,any determined shall be adjusted for the accrual of income or losses if any for such closed days), Transaction Costs Day,NAVBusiness the that following reason, any for so days, closed are there event the (in Day Business the of ValueNet Asset close the (NAV)the of of sum as the to equal be shall Price (Offer) Purchase The that suchmethodisadequateforensuringaccuratecalculationoftheprices. charges and duties as are described herein. The method of calculation shall be cleared to the Trustee's satisfaction NAVthe costs, of transaction basis load, daily,the such Prices on for (Repurchase) calculated adjusted and Subsequent to the First Offer, the Management Company shall announce the Purchase (Offer) and Redemption provision forDutiesandCharges. B” forthecurrentlevelofload)andsuchamountasManagementCompanymayconsideranappropriate Back-end Load (Processing charge) not exceeding five percent of the Net Asset Value (Please refer to “Annexure accrual ofincomeorlossesifanyforsuchcloseddays), the for Day,NAVadjusted Business the be that shall following determined reason, so any for days, closed one dailynewspaperwidelycirculatedinPakistan. of theprices. circumstances as provided certain in this OfferingUnder Document, the Management Units. Company may suspend the the announcement of prices Valuebased Asset Net the announce and determine Rules, the under or Document Offering this in prescribed be may as frequencies such at shall, Company Management The the RedemptionofUnitsFormhasbeenreceived. which on Day Business the on hours business the during Company Management or / and Distributor the by fluctuations, bankcharges, anyadditional stampduty exchange currency insurance, risk exchange currency any cover to sufficient amount further a provided hereinbefore as Price (Offer) Purchase the to addition in Company,include Management the of discretion the may,at issued be may Units such which at price the Pakistan, outside country any in delivery for or being made by the Management Company for the Purchase (Offer) of Units to persons not resident in Pakistan arrangements of event the in regulations, and rules laws, applicable other and control exchange to Subject jurisdiction ofthetransaction. not be held liable, for receipt or payment in any other currency or for any obligations arising therefrom. arising obligations any for or currency other any in payment or receipt for liable, held be not Distributor isnotobligedto other charges incurredin national, localorotherwiseleviableinthat risk insurance, currency exchange fluctuations, bank charges and any additional stamp duty or taxation whether to theRedemptionPriceashereinbeforeprovidedafurther which such Units may be redeemed may at the discretion of the Management Company include as a deduction providing thisfacility. in incurred general in cost other any or Pakistan to money of remittance the or certificates of delivery the to in that country in respect of such issue or of the delivery or issue of Certificates, or any additional costs relating Management Company shall publish the Purchase (Offer) and Redemption (Repurchase) Prices in at least Redemption Price so determined shall apply to redemption requests, complete in all respects, received respects, all in complete requests, redemption to apply shall determined so Price Redemption the Redemption Price for Units shall be paid in any country outside Pakistan, the price at price the Pakistan, outside country any in paid be shall Units for Price Redemption the shall be equal to the NAV as of the close of the Business Day (in the event there are there event the (in NAVDay the Business to the equal of be close shall the of as arranging thepaymentorany transact thepurchaseorredemption Front-end SalesLoad(Load)not current levelofload)andsuch hereinabove shall be subject to adjustment for any taxes payable in the in payable taxes any for adjustment to subject be shall hereinabove 32 country inrespectofsuchpayment Pakistan RupeeandtheManagementCompany, Trustee orany or taxationwhethernational, other costingeneralincurred less Transaction CostsasdefinedinClause15.80,a amount sufficient tocoveranycurrencyexchange exceeding 5%oftheNet Asset Value (NAV) of theUnitsin amount astheManagementCompanymay or redemptionanybank any othercurrencyandshall local orotherwiseleviable in providingthisfacility. OFFERING DOCUMENT revenues earned by the Fund including the net revenues earned by the the Relevant Period(s) but not later than three (3) the Relevant Period(s) but not later than three 33 rights (when Advisory allowed Board) by and Shariah all other receipts deemed by amount available for distribution at the end of the financial year (or such interim period as may be which shall be deducted expenses as set out in sub-clause adjustment 5.2.4 as below, set out in sub- income qualifying for distribution in respect of the Relevant Period shall be ascertained by deducting Fund may distribute 90% of the amount available for distribution or any other payout ratio as bonus Units bonus as ratio payout other any or distribution for available amount the of 90% distribute may Fund and has to be paid to Charity etc, for purification purposes; expenses as are admissible under the Rules, circulars, notifications, handouts, guidelines, etc. of the SECP, Deed including: Trust Document and the this Offering the Management Company to be in the nature of capital accruing from Investments shall not be regarded as Fund the of part as retained be shall but Clause this of terms in income distributable determining for available provided Property, that such amounts out of the sale proceeds of the Investments and all other receipts as deemed by the Management Company after consulting Auditor the to be in the nature of the net realized and shall not Trustee the appreciation may be included in determining distributable income to the Holders by form part of the Fund Property. clause 5.2.5 below and such other deductions and adjustments as the Management Company may determine Advisory Board. Auditor and Shariah in consultation with the months after the Accounting Date whether to distribute among Unit Holders, profits (if any) and shall advise Accounting Date whether to distribute among Unit Holders, profits months after the Such profits may accordingly. be the Trustee distributed in cash, additional Units, or a combination of both as the Management Company may determine. The profit (if any) available for distribution in respect of any Relevant Period shall be determined by the Management Advisory Company Board in but consultation shall with not Shariah exceed the portion of Net to the sum total of: Assets on the Relevant Date that is attributable other income; in respect of dividend, profit, fee and any impact of the revenue collected and paid out in the NAV calculation through Purchase (Offer) and Redemption and (Offer) Purchase through calculation NAV the in out paid and collected revenue the of impact (Repurchase) of Units, less all expenses incurred or accrued attributable or to cash dividends in order to avail tax the exemption or any other benefits in the Fund. interest of the Unit Holder. decided by the Management Company), shall comprise of the Company), shall comprise of the decided by the Management Any dealing in or Units any may other be means carried of out ATM's electronic online, use through to the extent permitted by the SECP and the State Bank of Pakistan in accordance with the Deed, this Offering Document and the Rules and after making the required arrangement with the Trustee. d Document; expense as mentioned in clause 6.4 of this Offering Other cost and c Any amount or percentage as the case may Advisory be, Board which may the declare Shariah to be Haram b and its agent for the Relevant Period; Trustee of the Remuneration a Period; Remuneration of the Management Company for the Relevant 5.2.5. The 5.2.4. The proceeds of sale of 5.2.3. From 5.2.2. a the total income earned on the Fund Property during such Relevant Period including all bamounts received 5.2.3 below. net realized appreciation as set out in sub-clause 5.2.1. Company shall decide from time to time The Management 5.1.2. The 5.2. and Date Determination of Distributable Profit 5.1.1. The net 5.1. Distribution Policy 5 DISTRIBUTION POLICY 4.12. Units of Trading Electronic ALFALAH GHP ISLAMIC FUND Remunerationandexpensesofthecustodiansub-custodianforRelevantPeriod. The 5.2.6. rupees million five or capital f IPO) (Pre offering public initial pre the of 1% exceeding not Cost Formation e ...Afterthefixationofamount 5.4.2. OneachRelevantDate,theManagementCompanyshallinstruct Trustee totransfersuchamountofcash 5.4.1. DistributionofProfit 5.4. DeclarationofDividend 5.3. TheManagementCompanymaydecidetodistributeintheinterestofUnitHolders, whollyorinpartthe 5.2.8. Fund of value in 5.2.7. diminution the reflect to Company Management the by necessary considered Adjustment c b Addition of a sum representing amounts included in the price of Units for income accrued prior to the date the to prior accrued income for Units of price the in included amounts representing sum a of Addition b Investment the of any or shares of purchase effectof for allow to adjustment of way by sum a of Deduction a ...The 5.4.3. 5.4.4. Before making any payment in respect of a Unit, a of respect in payment any making Before 5.4.4. 5.4.5. Where Units are placed under Pledge / Lien the paym the Lien / Pledge under placed are Units Where 5.4.5. whichever islower;and rpry u sal e ed y h Tute pn rs t dsrbt te ae s een provided. herein as same the distribute to trust upon Trustee the by held be shall but Property Fund the of part as treated be Document Offering this of purposes any for not shall Distribution Account the of credit the Distribution to the standing to amount distribution Account. The such reflect to required as as theManagementCompanymaydetermine. both of combination a or Units, additional cash, in distributed the Trusteebe accordingly.may profits Such months afterthe Accounting DatewhethertodistributeamongUnitHolders,profits(ifany)andshalladvise (3) three than later not but Period Relevant the time to time from decide shall Company Management The distribution withtheexistingUnitsafterdateofissuethesebonusUnits. and dividend of Net receipt the and in earnings, rights Assets, their to as passu pari rank would Units bonus Scheme. the The of Units bonus comprise would which dividend, stock a of form the in profits distributable computing thedistributableincomeforrelevantUnitHolder. tax, zakatorotherstatutorylevies,asmaybeapplicabletotherelevantUnitHoldershalldeductedbefore Out of the amount determined for the purpose of distributable income in respect of each Unit Holder withholding Property. upon areductionofthe Trust duringtheRelevantPeriod; of issueanddeduction / dividendandprofits; shall beadjustedasunder: of instrumentshallbeagooddischarge therefor. dispatch or bankers designated such by funds of receipt provided. The as address her / his at Holder Unit of name the in instrument banking any of dispatch by or Register the on named Holder,first Unit joint the of to theUnitHolders'designatedbankaccountsorin Document(s). Offering the in down laid procedure the and condition and terms the per as payment, dividend of instead f h Uis hl b md t te lde Le hle fr h acut f h Ui Holder. Unit the of account the for holder Lien / Pledge the to made be shall Units the of or statementinrespectofsuchdeductions. certificate a Holder Unit the to issue Holder Unit the of request the on may and whatsoever assessments or Charges and Duties taxes, other or income Zakat, any of respect in law by required be may as adjustments Management Company may offer the Unit Holder the option to receive new Units or fractions thereof fractions or Units new receive to option the Holder Unit the offer may Company Management amount qualifying for purposes of determining distributable income in respect of the Relevant Period Relevant the of respect in income distributable determining of purposes for qualifying amount a sumrepresentingallparticipation of cashdistributionperUnit, 34 the Trustee or the Management Company may make such make may Company Management the Trusteethe or ent of dividend and bonus Units or any other benefits other any or Units bonus and dividend of ent case ofjointUnitHolderstodesignatedbankaccount in incomedistributedupon payments shallbemadebytransfer Redemption ofUnits OFFERING DOCUMENT issue such number the distribution of each Relevant the distribution of each distribution) cause to distribution) cause to Registrar in writing through Service Request of an interim NAV at the Distribution Date after appropriation of the at the Distribution Date after appropriation NAV prescribed Service Request Form at a later date instruct the prescribed Service Request Form at a later 35 in the event the Units or requests the distribution date, after appropriation of distribution date, after Period(s) bonus entitlement per Unit, the Management Company shall instruct the Registrar the instruct shall Company Management the Unit, per entitlement bonus (or the Relevant Purchase (Offer) Price for the Units to be issued under Clause 5.5.2 above will at be the the ex- NAV nit Holder may receive the cash value of the bonus Units provided such Unit Holder opts for such an case of distribution in the form of bonus Units on each relevant distribution date(s) the Management The Management Company may close the Register with intimation to Trustee by giving at least seven (7) days (7) seven least at giving by Trustee to intimation with Register the close may Company Management The period the During year. calendar a in days (45) forty-five exceeding not period a for and Holders Unit to notice the Register is closed for the purchase and redemption of Units, including transfer applications, will be suspended. Dividend warrants or advice Account or Statement, the as the case may be, shall be dispatched to the Unit registered address as per the Rules. Holder's or the charge-holder All payments for dividend shall be made by transfer of funds to the Unit Holder(s) designated bank account or through any other mode(s) of payment and such payment shall be subject to Rules (or the charge-holder's designated bank account in case of lien / pledge of Units as the case may be). The cash dividend shall be transferred as per the Rules. Form prior to the dividend declaration for any Relevant Period(s). The NAV applicable to the encashment of The NAV any Relevant Period(s). Form prior to the dividend declaration for after the distribution. such Units will be the ex- NAV The above is interim for and annual distribution announcements by the Management Company from time to time. arrangement at the time of applying for to credit the respective Unit Holders' accounts with the designated number of Units calculated on the basis of the rate of distribution determined above against the number of Units held by them on the date of register closure. per Unit at relevant basis of ex NAV Company shall determine the amount available for distribution as bonus Units and accordingly advise the Such of Units the shall same be for added onward Trustee to action, the if holding any. of the Unit Holders. The Unit Holder(s) may opt to receive the amount equivalent to their share of the annual / interim distribution in cash the form of additional Units. In such an event, the Management Company shall at the end of the financial year Period but without any charge of any Back-end Load (if any). charge Period but without any Distribution Date after the adjustment of the announced dividend. Distribution Date after the adjustment of Management Company to reinvest the future dividends to which he will be entitled to Fund Units. of Units to the Unit Holder that approximately equates the value of the Cash Dividend for the period. The of the ex- issue price shall be determined on the basis issuance The Price. Offer the from deducted normally load end front the of charge any without but distribution of the bonus Units shall be made, net of any and taxes, duties charges that the Management Company or the is obliged to recover from the Unit Holder. Trustee the first purchase of Units or may by completing 5.9. Register of Closure 5.8.Advice / Warrants of Dividend Dispatch 5.6.3. 5.7. of Dividend Payment 5.4.6.of rate of fixation the After 5.4.7. In case of encashment of the bonus Units on each Relevant Period, the bonus Units will be redeemed on the 5.6.2. U A 5.5.1. 5.5. Reinvestment of Dividend 5.6.1. In 5.6. Bonus Units 5.5.3. The 5.5.2. The Unit Holder may in writing at the time of opening of an account in the Unit Holder Register during the ALFALAH GHP ISLAMIC FUND In the event no Sales Load is charged on the Purchase (Offer) of the Fund Units then the Distribution Company d the Trustee,and Company Management the by authorized so if may Pakistan outside Alocated Distributor c Company Management the and Facilitators Investment and Distributors the to made be may payments Such b shall load end front with units of sale the for Facilitators Investment and Distributors of remuneration The a 6.1.2. 6.1.1. FeesandCharges Payable byanInvestor FEE AND CHARGES 6.1. 6 CurrentlevelofManagementFeeisdefinedin Annexure 'B'. b TheManagementCompanyshallbeentitledtoreceive: a 6.2.1. FeesandChargespayableby Alfalah GHP Islamic Fund 6.2. 6.1.3. or anyInvestmentFacilitator, asthecasem amount tothe Trustee, subjecttothelawfortime beinginforce. retain suchportionoftheFront-endLoadasis basis inarrearswithinthirtydaysoftheendcalendarmonth. monthly on Company Management the of instructions the Trusteethe by on made be the Trusteemay by or the amountnecessarytopayinfullsuchremuneration. to paytheremunerationofDistributorsandInvestmentFacilitators,ManagementCompanyshall Property or the Distribution Account in this respect. If the Front-end Load received by the Trustee is insufficient Fund the against made be shall charges no and received thus Load Sales the of out Facilitators investment and Distributors the of remuneration the of payment for responsible be then will company management Company,Management the to load the end Front Alternatively,the entire Trusteewhen the case pays the in charges. processing and distribution meet to company management the to disbursed be then will load end be paidexclusivelyfromany Allocation ofFront -EndLoad Unit Holder. charge shallnotbepayablebysuccessorsinthecaseofinheritanceordistributionestateadeceased separately.processing charged However,the be may or transfer the of time the at Units equivalent Holder shall be recovered from the transferee. These taxes, charges or duties may be recovered by redemption of Unit the to Day Business Distributor,the or Authorized TransferCompany Management which Registrar / Agent on hours business within lodged Net is the request of Asset Valuethe (1%) date percent the one at Unit per Transfer of Units from one owner to another may be subject to a processing charge of an amount not exceeding way ofdividenddistributionorissueUnitsinlieu by issued Units Bonus to in applicable indicated price is issue B). Load The Annexure of level current (The The UnitPurchasePriceincludesFrontend Sales andProcessing Charges(Front-end Load) of theaverageannualNet Assets. annum per (2%) percent two to equal amount an of after there and scheme the of years (5) five first the for Net annual average the of annum per Assets (3%) percent Athree exceeding not amount an of remuneration Remuneration oftheManagementCompany Price. (Repurchase) Redemption the ValueNet determining Asset the in from Company Management the Net the of 5% charge,exceeding processing not a is Load Asset end Back Value,by deducted be may which Redemption Processing Charge(Back-endLoad) the ManagementCompanyandDistribution/Facilitator. a remuneration payable by the Management Company (out of its own resources) in terms to be agreed between Front-end Loadreceivedbythe Trustee 36 ay beemployedbytheManage load ofamaximumfivepercent authorized bytheManagementCompanyandtransfernet of cashdistributionshallnotincludeanyfrontendload. and anyremainingbalance ment Companywillbeentitledto (5%) oftheNet Asset Value. of theFront- OFFERING DOCUMENT not make any charge of the Initial Period of Offer. For any of the Initial Period of Offer. ce remuneration on a monthly basis from the Fund ce remuneration on a the total number of days accrued in the Accounting accrued in the the total number of days applied to the average daily Net Assets during such applied to the average daily Net Trust. The Management Company shall The Management Company Trust. 37 Stock Exchange(s), National Clearing and Settlement Company and Central Depositary Central and Company Settlement and Clearing National Exchange(s), Stock Company; Formation Cost not exceeding one percent (1%) of the pre initial public offering (Pre IPO) capital or five shall be borne by the Fund. million rupees, whichever is lower, including all accounting and administrative services provided in accordance with the provisions of the Deed. including all accounting and administrative services provided in accordance with the all expenses incurred by the Trustee from time to time in connection with their duties as Trustee of the Fund. Trustee duties as from time to time in connection with their Trustee all expenses incurred by the shall The Trustee not make any charge against the Unit Holders or against the Fund Property or against the Account for its services or for its expenses, except Distribution such expenses as are expressly authorized to provisions of the Rules and the Deed. be paid out of the Fund Property under the Property out of its accrued remuneration. Property out of its accrued the payment of all expenses incurred by the Management Company from time to time in connection with its Company of the responsibilities as Management against the Unit Holders or against the Fund Property or Account against for the its Distribution services or for its expenses, except such expenses as are expressly authorized under the provisions of the Rules and the of Fund Property. Deed to be payable out professional management, including all accounting and administrative services provided in accordance with the provisions of the Deed. Trustee Remuneration of the which shall be annexed hereto (Annexure 'A'), of charges to accrue from the close The remuneration shall begin calendar month. remuneration will be prorated on the basis of the actual number period other than a full calendar month, such of days for which such remuneration has accrued in proportion to the total number of days in the calendar month concerned. month. approval of the SECP. Period concerned. other than an Accounting Period such remuneration shall be prorated on the basis of the actual number of days of number actual the of basis the on prorated be shall remuneration such Period Accounting an than other has accrued in proportion to for which such remuneration 6.4.3.of levies and Charges 6.4.2. fee payable to the Stock Exchange(s) including renewals; Listing 6.4.1. both local and international; and Sub Custodial charges, Custodial 6.4. expenses to be charged to and borne by the Scheme costs and Other 6.3.2. Cost will be amortized over a period not exceeding five years. Formation 6.3.1. 6.3. of the Scheme Costs to be amortized against Property Formation fmanagement, professional and space office and secretarial its of respect in expenditures all bear shall Trustee The e In consideration of the foregoing and save as aforesaid, shall the Trustee be responsible for the payment of e In consideration of the foregoing and save as aforesaid the Management Company shall be responsible for f The Management Company shall bear all expenditures in respect of its secretarial and office space and 6.2.2. a shall The Trustee be entitled to a monthly remuneration out of the Fund Property based on an annual tariff b Such remuneration shall be paid to the cTrustee in arrears within thirty days after the end of each calendar Any increase in the remuneration of the agreed dTrustee to by the Management Company shall require the from the Fund Property. The and expenses of the custodian and sub-custodian shall be charged remuneration d be entitled to draw advan The Management Company shall c The remuneration shall begin to accrue In from respect the of close any of period the Initial Period of Offer. ALFALAH GHP ISLAMIC FUND ..6 Any 6.4.16. Unit to funds of transfer of time at bank to payable chargesas transfer Units of redemption / dividend Fund 6.4.15. MarketingexpensesspecificallyrelatedtotheFund; 6.4.14. Taxes, fees,cess,dutiesandothercharges applicable 6.4.13. Any printing costs and 6.4.12. Hedgingcostsincludingforwardcover, forward 6.4.11. Bankcharges andborrowing/financialcosts; 6.4.10. of Holders Certificate or unit the of interests the enhancing or protecting in incurred costs related and Legal 6.4.9. 6.4.8. 6.4.7. AnyfeespayabletotheSECP; 6.4.6. Auditors'feesandrelatedexpenses; 6.4.5. Ratingfeepayableto approvedratingagency; 6.4.4. ..8 Suchexpensesshallbe 6.4.18. Anyotherexpenseorcharge asmaybepermittedbytheSECP; 6.4.17. i.Incomefromtermfinancecertificatesorcorporatepape iii. Capital gainarisingonsaleof Dividendincomereceived fromaPakistanicompanyshallbetaxedatanincometaxrateof10%; ii. TheincomeoftheFundwillaccordinglybetaxedatfollowingrates: i. b Under the Tax Law in Pakistan, the definition of a public company includes a unit trust whose Units are widely a 7.1.1. Taxation ontheIncomeofFund TAXATION 7.1. 7 Holder andsuchotherleviescharges; Pakistan; outside investments on jurisdiction foreign by levied charges other and duties cess, fees, taxes, Advisory Board); the Scheme; Trustee;the of name the in assets registerable all of registration effecting Trusteein by incurred Expenses Scheme; the of assets the of disinvesting and investing to related costs transaction and Brokerage the SECP andintimationtothe Trustee; 30th June2008; public companyliabletoataxrateapplicablecompany. a as regarded the Trustbe in will defined Fund as 1882. The trust Act, other any and public the to available Liability for Income Tax expense. rate applicabletoapubliccompany(asperIncome Tax law). the at taxable is above mentioned not income other any or banks with accounts sharing loss and profit from profit transactions, market money from profit institutions, financial / banks with investment of certificates / Other expenses directly related to or arising out of the activities of the Fund; subject to the approval from related expenses for issuing the scheme's quarterly, half yearly and annual reports etc.; paid totheManagementCompanyatactualwithin securities listedonanystockexchange(s)in 38 purchase oroptioncosts(whenallowedbyShariah to theschemeonitsincomeorproperties,including rs, profitongovernmentsecurities,returndeposits thirty daysoftheincurringsuch Pakistan isexemptfromtaxupto OFFERING DOCUMENT exempted under the read with Circular # 06 read with Circular # 1980), except those of Clause 47 (B) of Part 4 of the Second of Clause 47 (B) of Part whether realized or unrealized is distributed whether realized or unrealized in the Companies Ordinance, 1984 (XLVII of 1984 (XLVII in the Companies Ordinance, Act 2004 (II of 2004), Act 2004 (II of 2004), calculated by applying the average rate of tax of the dividend amount or from the redemption proceeds. 39 year as reduced by capital gains year as reduced by capital 1989) as amended by Finance 1989) as amended by and Ushr Ordinance, 1980, (XVII of paid out of capital gains) at a rate of 10%; of tax at source; and provide the Income Tax same to the Management Company and Agent) / and or on Registrar (Transfer tax will not be withheld; the basis of Exemption Certificate income and final liability in respect of such distribution. Capital Gains at the applicable tax rate. Capital Gains in disposition of Units in the Fund will be subject to capital gains tax The Units of the Fund subject will to be such listed listing, on the the capital stock exchange. Consequently, gain on disposal of the Units shall be exempt from tax ending Year upto on Tax 30th day of June 2008. Credit Tax Unit Holders other than a company shall be entitled to a tax credit under Section 62 of the Ordinance, 2001, on purchase Income of new Units. The Tax amount on which tax credit will be allowed shall be lower of (a) amount invested in purchase of new Units, (b) 10% of the taxable income of the and Unit (c) Holder, Three hundred thousand), and will be Rs. 300,000 (Rupees the unit holder for the tax If year. the Units so acquired are disposed within 12 months, the amount of tax payable for the tax year in which the Units are disposed shall be increased by the amount of tax credit. Zakat Units held by resident Pakistani shareholders (individuals only) shall be subject to Zakat at 2.5% of the Par value of the Units under Zakat Income Tax Income than 90% of the income for the than 90% of the income of 2004 dated July 1, 2004 a at Tax Capital the Value rate of 0.01% of the purchase value of modaraba of redeemable capital as defined certificates or any instrument 1984) or shares of a public company listed on a registered stock exchange in Pakistan shall be charged on purchase of the same. Subsequently the rate of CVT was increased from 0.01% to 0.02% through Finance Bill, 2006. This tax will be collected by the stock exchange concerned and will be payable by the Fund on any purchase transactions. Zakat Ushr Ordinance, 1980. The Fund is Sahib-e-Nisab under Zakat and said Ordinance. Zakat will be deducted at source from Liability for Income Tax if 90% of Income is distributed if 90% Tax Income Liability for amongst the Unit Holders as dividend. Further under the provisions as dividend. Further under the provisions amongst the Unit Holders on debt, brokerage and the Fund's income from dividend, profit Ordinance 2001 Tax Schedule to the Income of Law. from withholding tax under relevant provision commission is exempt bamount the withhold to required be will (trustee) payer the and tax final the be will specified so tax of rate The c Unit Holders who are exempt from income tax may obtain exemption certificate from the Commissioner of dbe deemed to be full Ordinance, 2001, the withholding tax shall Tax of the Income In terms of the provisions 7.2.2. 7.2.3. 7.2.4. adividend of amount the (excluding income dividend on Tax Income to subject be will Fund the of Holders Unit 7.2.1. 7.1.3. 7.2. on Unit Holders Taxation a Notwithstanding the tax rates given above, the income from the Fund will be exempted from tax if not less 7.1.2. b of Act, 1989 (V Finance Under ALFALAH GHP ISLAMIC FUND ...The Accounting Period shallcommenceonJanuary1ofa 8.1.1. Financial Year of Alfalah GHP IslamicFund REPORTS AND ACCOUNTS 8.1. 8 7.4.2. 7.4.1. Disclaimer 7.4. Dividends 7.3. ...AccountingPeriodshallbetheperiodendingon 8.1.3. AccountingDateshallbethe31stdayofDecemberineachyearandanyinterimdatesatwhichfinancial 8.1.2. Un-auditedfinancialstatements,togetherwiththereport c Un-auditedfinancialstatements(subjecttolimitedscopereviewbyauditors),togetherwiththereport b Company Management the by report the report, auditors the with together statements, financial Audited a ThefollowingreportswillbesenttotheUnitHolders: 8.2.1. FinancialReporting 8.2. e The regularity of reporting will change if so required by the SECP or under the Rules and the Ordinance. the and Rules the under or SECP the by required so if change will reporting of regularity The e as times such at or report, annual the in included be to Holders Unit the to report a issue Trusteeshall The d rates oftaxationare subjecttochangefrom timetotime. and exemptions The status. taxation current the on based is 7 Clause this in information entire The be deemedtohavebeenincorporatedherein. of withholdingtaxare subjecttoamendmentsfrom timetotime. Any suchamendmentsinfuture shall investment intheUnitsofFund.Furthermore, taxandZakatlaws,includingratesoftaxation fromtheir arising taxability the determine to as so advice independent seek to areexpected Investors interpretation of the law, which to the best of the Management Company's understanding is correct but adviser's tax Company's Management the on based is above given information Zakat and tax The Holder.Unit the of interest the in benefits other any or exemption tax avail to order in dividends cash or The Fund may distribute 90% of the amount available for distribution or any other payout ratio as bonus Units date toanyotherdate. Income Tax,of Commissioner SECPthe the such and of change approval obtaining the Trusteeafter of and statements of the Fund are drawn up. Provided, however, that the Management Company may, with the consent same calendaryear. the Rules; Management Companywithintwomonthsoftheclose Period; each Accounting of close the of months (3) three within Trusteethe by report the and Report) (Director's in anyothercasefromtheendofpreceding Accounting Period. Trustee hastakeninrespectthereof; the steps the and so done not has it which in respect the so, done not has Company Management the if and all materialrespectsmanagedtheFundPropertyinaccordance SECP,the by directed Law,in the has with Company accordance Management in the opinion, its in whether Rules; the closeoffirstandthirdquartereach Accounting of thefirstsuchperiod)ondate on whichtheFundPropertyisfirstpaid 40 and includingan Accounting Dateandcommencing(incase by theManagementCompanywithinonemonthof Period orsuchperiodasprescribedbySECP orthe the secondquarterof Accounting Period, asper calendar yearandshallendonDecember31ofthe with theprovisionsofRulesandDeed or transferredtothe Trustee and OFFERING DOCUMENT Limited, 12th Floor, Tower Limited, 12th Floor, g such fee that the Management Company he transactions in that account held by such Unit he transactions in that account held by such 41 Department, Alfalah GHP Investment Management Investment Management Alfalah GHP Department, nit Holder's Register shall be AM open to from 1 11 PM in each Business Day excluding close days Holder will be entitled to ask for copies of his account statement thereof on any Business Day within Register of Unit Holders may be maintained by Registrar Department of the Management Company presently Company Management the of Department Registrar by maintained be may Holders Unit of Register identification number of passport if applicable; business hours by applying to the Registrar in writing and providin business hours by applying to the Registrar About Unit Holders The Register may normally contain the following major information: may notify from time to time. account Holder's Unit such of details Holders Unit such to means) electronic through or courier by send (or post for servicing of any additional The Management Company may prescribe reasonable charges in the Register. requests. or such other days as the management company may determine from time to time in legible form to the inspection of any Unit Holder without any charge with regard to Unit Holder's own information / data. Details of Register of Unit Holders are defined in clause 10.7 of the Deed. Unit holder register contain following contain register holder Unit Deed. the of 10.7 clause in defined are Holders Unit of Register of Details features: at Registrar having its office All the forms mentioned and / or included in this Offering Document will be available at Authorized the Branches of the Distribution Companies as well as from the Management Company or on its web site at www.alfalahghp.com. Company Management the as company, other such or Karachi, Road, Chundrigar I. I. Towers, Trade Saima A, may appoint as the Registrar from time to time after giving prior Every Unit Holder will have a notice separate Registration / The Folio Management number. Company shall to use the Unit Holders. such Registration / Folio number for recording Units held by the Unit Holder(s). Unit Holder's account will reflect all t identified by the Registration / Folio number Holder. g status of the Unit Holder; Tax f Nationality; e Occupation of Unit Holder; d name of Unit Holder in case of individual; Father's or Husband's c Computerized National Identification Card (CNIC) Number(s) of Unit Holder / Joint Unit Holders and / or b Holder / first named Joint Holder; Address of Unit a Name of Unit Holder / Joint Unit Holders (if any); 9.3.1. 9.3. in the Register Information 9.2.4. within seven (07) Business Days of receiving a written request from any Unit Holder(s), The Registrar shall, 9.2.5. The U 9.2.6. to the Units held by each Unit Holder. The Register shall be conclusive evidence as 9.2.1. A 9.2. of Unit Holders Register 9.2.2. 9.2.3. The 9.1. of Forms Availability 9 HOLDERS UNIT TO SERVICE ALFALAH GHP ISLAMIC FUND Bankdetailsforredemption/dividendmandate. 9.3.4. Informationandinstructionaboutnomineeincaseof deathofUnitHolder; d InformationandinstructionaboutpledgeofUnits/lien; c Instructionaboutreinvestmentorpaymentofdividend ortheencashmentofbonusUnits; b a Information abouttransferofUnits. 9.3.3. Informationaboutpledge/liencharge onUnits;and f NumberofUnitsheldbytheUnitHolder; e Datesofpurchase/redemptiontransferconversion; d Certificatenumber, ifapplicable; c Classand Type; b a Registeredoffice address,incaseofacompany, institutionorabodycorporate. 9.3.2. corporate; body a or company,institution a of case in signatories authorized of designations and Names n Incorporation/RegistrationNumberincaseofacompany, institution,bodycorporate,etc; m ParticularsofNominee; l RecordofsignatureUnitHolder/JointHolders; k ZakatstatusoftheUnitHolders; j Bankdetails; i h ..AccountStatement 9.4. 9.3.5. All UnitHolder(s)areeligibleto Request for Changes Instructions About Units Register orcauseittobealteredaccordingly the alter shall fee) the of payment the and Holder such to issued previously Certificate any of surrender the being satisfiedtherewithandoncompliancewithsuchformalities(includinginthecaseofachangename on Registrar,who The site. web its through or Company Management the from or Facilitators Investment or Distributors from obtained be may Form. Forms Request These Service the via made be can requests and electronically to each Unit Holder an account statement each time there is a transaction in the account. the in transaction a is there time each statement account an Holder Unit or each mail to electronically through directly, send may Registrar the investment of size and unit of type the on Depending the periodRegisterisclosed,noapplicationwillbeentertained. During any period. in Accounting days (45) five forty exceeding not period for and Holders Unit to notice days 07 least the Trusteeat to giving intimation by with Register the close may Company Management The Book Closure if requiredtosuchHolder. change theirUnitHolderdetailsif 42 and inthecaseofachange they sodesire.Suchchangeinparticulars of nameshallissueanewCertificate OFFERING DOCUMENT Holder / Principal Account Holder. Holder / Principal Joint Holder / Principal Account Holder Joint Holder / Principal be made to first named Joint 43 such Certificate to the first named shall on application on prescribed form be entitled to consolidate the entire holding in the issued Certificate would be sent through postal or courier service at the applicant's risk within 21 Business 21 within risk applicant's the at service courier or postal through sent be would Certificate issued nit Holders can apply for the issue of Certificate by completing the prescribed application form and submitting and form application prescribed the completing by Certificate of issue the for apply can Holders nit named first therein shall constitute delivery sufficient to All all payments Joint required Holders. under this will document (i.e. redemption and dividend) such Joint Holders and delivery of Days after the request for the Certificate has been made, to the address of the Unit Holder or to the address of the first named Joint Holder / Account Principal Holder, if the relevant Unit or Units are jointly held. it to the relevant Distribution Company and to Management Company or to the Management Company through Company Management the to or Company Management to and Company Distribution relevant the to it amount other any or Certificate per 50/-) (Rs. Rupees of rate the at fee a with together Facilitator Investment an Management Company from time to time. as determined by the Subject to any Personal Laws that may applicable to a Unit a Holder, single Unit Holder can nominate a Purchase / opening Account the of portion relevant the in filling by death his upon Units the receive to successor of Units Form or may request a nomination or change in nomination through the Service Request Form . Nominee(s) can be nominated only by single Unit Holders when there are no Joint Holders. The maximum against percentage in mentioned shares respective their with number in (02) two be can Nominee(s) of number Trustee Company or the their respective names. Such nomination shall however not restrict the Management or the Registrar from demanding succession certificate from appropriate court of law and they shall not be liable in any manner in case of any disputes among the legal heirs of the deceased. For details about Pledge / Lien of Units / Charge please refer to Clause 4.8 above. For details about Pledge / Lien of Units / Charge The Registrar or Management Company may replace certificates, which are defaced, mutilated, lost or destroyed or lost mutilated, defaced, are which certificates, replace may Company Management or Registrar The payment the on Form Request Service prescribed the on Holder Unit the from them by received application on of all costs, and on such terms as to evidence, indemnity and security as may be Any required. defaced or before a new Certificate is issued. mutilated Certificate must be surrendered existing Certificates. Fund into one certificate upon surrender of Each new issue of Certificates will require payment of Rupees Fifty (Rs.50/-) per Certificate, subject to revisions of fee from time to time by the Management Company. Certificates shall be issued in such form as may from time to time be agreed between the Management Company Management the between agreed be time to time from may as form such in issued be shall Certificates Certificate shall be A dated, shall bear the and name the Trustee. and address of the Management Company and shall specify the number of Units represented thereby and the shall bear a serial number Trustee, and the in the Register. name and address of the Holder as appearing 9.5.5. In the case of Units held jointly the Registrar shall not issue more than one Certificate for the Units held by 9.5.4. Certificate at any one time. Each Unit or any fraction thereof shall not be represented by more than one 9.5.3. The 9.8. Nomination 9.6.1. 9.6.2. The Unit Holder 9.6.3. 9.7. Pledge / Lien of Units / Charge 9.6. Replacement of Certificates 9.5.7. Certificate shall only be issued for Unit(s) that have been fully paid. 9.5.6. 9.5.2. U 9.5.1. if requested by them. will be issued only to Unit Holder(s) Physical Certificates 9.5. Certificates ALFALAH GHP ISLAMIC FUND 01 AuditorsCertificateonCore Investors'InvestmentintheUnitsofFund FINANCIAL INFORMATION 10.1. 10 44 OFFERING DOCUMENT 45 10.2. of the Fund Value Asset on the Net Auditors Certificate ALFALAH GHP ISLAMIC FUND 03 Pre -IPOInvestors 10.3. 11.3.2. 11.3.1. Disclaimer 11.3. FluctuationinPriceandIncome 11.2. OfferingDocument WARNINGS 11.1. 11 FormationCost 10.4. Islamic Fund. The abovePre-IPOinvestorshavecommittedanamount Warid Telecom (Pvt)Limited SuiSouthernGasProvidentFund Trust Company(Pvt)Limited 17 SoneriBankLimited 16 SecurityLeasingCorporationLimited 15 Pakistan Takaful Limited 14 PakOmanInvestmentCompanyLimited 13 PakKuwait Takaful CompanyLimitedStaff ProvidentFund 12 PakKuwait Takaful CompanyLimited HilltonPharma(Pvt)Limited 11 HaleebFoodsLimited-EmployeesProvidentFund Trust 10 Gul Ahmed Textile MillsLimitedEmployeesProvidentFund Trust9 FirstDawoodInvestmentBankLimited 8 DadexEternitLimitedProvidentFund 7 CheratPaperSackEmployeesProvidentFund 6 BahriaFoundation 5 AliGohar&Company(Pvt)Limited-Staff ProvidentFund 4 AhmedHassan Textile MillsLimited 3 2 1 In addition to the Core Investors, the following have agreed to subscribe to Class 'A' Units of AGIF as AGIF of Pre-IPO investors. Units A listofkeyPre-IPOInvestors(inalphabeticalorder)isgivenbelow: 'A' Class to subscribe to agreed have following the Investors, Core the to addition In information concerningrisk. more for above 2.12 Clause in document this in mentioned as disclosure risk read to advised are Investors in theFundportfoliodoesnotnecessarilyindicatefutureperformance. included otherwise or listed whether investments or instruments or markets other and financial Fund, this of other market assets whether listed or otherwise tends to reduce the risk substantially. The historical performance and financial other and transactions repurchases and instruments market money including securities income fixed equities, liquid highly of number a into investment the of diversification However, value. entire its and other market investments whether listed or otherwise. Capital invested in extreme circumstances may lose Investment in this Fund is suitable for investors who have the ability to take the risks associated with financial Prices ofUnitsandincomefromthemmaygoupordown. adviser,legal their amongst from more stockbroker,or one consult manager,bank adviser.financial other or should investors Prospective Fund. the of Unit any in investing before know should investor prospective a that Fund the about information forth sets It Units. Fund the of basis the covering arrangements the out The provisionsofthe Trust DeedandtheRules one percent (1%) of the pre-initial public offering (Pre-IPO) capital or five million Rupees whichever is lower. therein and all expenses incurred during the period leading up to the initial issue of Units. This shall not exceed and publication of the Offering Document, Trust Deed, announcements describing the Fund, inviting investment the Scheme,executionandregistrationof of authorization with connection in expenses including Fund the of expenses floatation and preliminary All 46 Constitutive Document's,issue,legalcosts,printing,circulation govern thisOffering Document. This Offering Documentsets of Rs.122.95millioninthe Alfalah GHP OFFERING DOCUMENT appointed by the Management Company and Offering Document as being accurate at the date of Offering Document as being accurate at August 25, 2007. The Management Company accepted August 25, 2007. 47 by two arbitrators, one to be the event of any disputes arising out of the Trust Deed and / or this Offering Document between the Management Company on the one part and the Trustee on the other part, including as to the respective rights Trustee Management Company on the one part and the and obligations of the Management Company as and well the Trustee, as those relating to the interpretation of the terms and conditions Deed of and the Trust / or the Document Offering relating to the the Unit Trust, same shall be referred to arbitration the other to be appointed by In the Trustee. the event of lack of consensus between the two arbitrators, the matter shall be referred to an umpire, to be selected by the two arbitrators before commencement of the In case of the termination of the Fund, the Management Company shall be required to wind-up the Fund and In case of the termination of the Fund, the Management Company shall be required manner a such in them by held Units of number the to proportion in Holders Unit the to proceeds net the refund and within such time as may be specified by the SECP. The Offering Document has been published on The Offering Document has been published considers If that the further SECP continuation of the authorization of the Fund will not be in the interest of Unit Holders, it will give a three months notice to the Unit Holders about its intention not to maintain such authorization, provided that no notice shall be served without offering an opportunity of hearing to the Management Company. The copies of the Trust Deed and the Offering Document can be inspected free of charge at the addresses Days: to 1pm during Business 11am given below between Limited Investment Management Alfalah GHP 12th Floor A Tower Towers Trade Saima I.I. Chundrigar Road Karachi Pakistan Limited (CDC) Central Depository Company of Pakistan CDC House, 99-B Block 'B', S.M.C.H.S. Main Shahra-e-Faisal Karachi. Assets at The any Fund time if may fall the be below Net terminated Rupees by the Management Company, Fifty million (Rs. 50,000,000/-). The Management Company shall give at least three months notice to Unit Holders and the and SECP shall disclose the grounds of its decision. The Management Company may also announce termination of the Trust on the grounds given in Clauses 4.9.6 of this Offering Document. The grounds on which termination is made shall be mentioned in the notice to the Unit Holders. responsibility for the information contained in the for responsibility publication. 14.1.1. In 14 ARBITRATION 13.3. up Winding 12.2. Date of Publication of Offering Document 13.2. of Pakistan By the Securities and Exchange Commission 13.1. By the Management Company 12.1. Documents Inspection of Constitutive THE FUND OF 13TERMINATION 12 INFORMATION GENERAL ALFALAH GHP ISLAMIC FUND 15.2. 15.1. GLOSSARY 15 14.1.2. 15.13. 15.12. 15.11. 15.10. 15.9. 15.8. 15.7. 15.6. 15.5. 15.4. 15.3. "Accounting Period"meansa change suchdatetoanyotherdate. Income Tax,of Commissioner the SECPand the of approval obtaining after the Trusteeand of consent the financial statementsoftheFundaredrawnup.Provided,however, thattheManagementCompanymay, with the which at dates interim any and year calendar each in December 31st date the means Date" "Accounting have thefollowingmeaningsrespectivelyassignedtothemviz.: Unless thecontextrequiresotherwisefollowingwordsorexpressionsusedinthisDocumentabove,shall courts atKarachi. the of jurisdiction exclusive the to submit irrevocably holders, party,unit each the se, interincluding Trusteethe and Company Management the between applicable above Clause to Arbitration Subject conducted inaccordancewiththe Arbitration Act, 1940. be shall arbitration The Karachi. be shall arbitration the of venue The members). corporate of heads the be even may (who Limited, (Guarantee) Exchange Stock Karachi the of members senior or bankers senior or Firms, Law renowned of partners senior or accountants, chartered of firms renowned of partners senior shall be final and binding upon both the Parties. The arbitrators and the umpire shall be selected from amongst, be, may case the as umpire, the of decision the or arbitrators, the both of decision reference. unanimous The business inPakistanasaScheduledBank. banking on carrying and Pakistan outside incorporated bank a include shall and business banking on carry to licensed and Pakistan 1956 of Act, Bank State the under defined as Bank, Scheduled any means "Bank" later onafixeddate. "Bai' Salam" means a contract in which the price is made on advance and certain defined goods to be delivered Price. "Bai Mu'ajjal"meansacontractinwhichthesellersellsassets onspotdeliveryanddeferredprice. Redemption the determining in Value Asset Net the from Company Management the by Net the Value,Asset of percent five deducted exceeding not Charge, Processing a means Load" "Back-end and redemptionofUnitsdistributionstooffshore investors. Exchange ManualoftheStateBank Foreign the under Company Management the by appointed Bank Scheduled a means Dealer" "Authorized Pakistan andabroadasdefinedinthisOffering DocumentandtheDeed. time. to in time listed or traded issued, transacted, investments from Compliant Shariah any means Investment" Company "Authorized Management the by amended as or Documents Offering the in given be shall addresses whose Distributors the of branches those means Branches" or Branch "Authorized Rules. the under provided as Trustee,the of auditor the and Company Management the of auditor the of independent be shall who Fund, the for auditor the Trustee,as of consent Company,the Management with the by appointed is that accountants chartered of firm a Compliance means Shariah Auditor" or "Auditors" and incomeexpenditureaccountforthecorresponding Accounting Period. sheet balance Fund's the of respect in report the its which issues of Auditor as date the means Date" "Audit "Asset ManagementCompany"meansanassetmanagementcompanyasdefinedintheRules. "Act" isdefinedinthepreamble. in anyothercasefromtheendofpreceding Accounting Period. of thefirstsuchperiod)ondate period endingonand on whichtheFundPropertyisfirstpaid of Pakistantomanagereceiptsand 48 including an Accounting Date transfers ofpaymentsforsubscription or transferredtothe Trustee and and commencing(incase OFFERING DOCUMENT nits registered in the name of nits registered in the a current, saving or deposit account) maintained acknowledging the number of U acknowledging the number 49 "Bank Accounts" means those account(s) opened and "Bank maintained at for scheduled the Fund Trustee by the Holders. ownerships in which shall vest in the Unit banks, the beneficial for the transactions in securities as a broker for effecting person licensed by the SECP "Broker" means any a member of the Stock Exchange(s). account of others or "Business Day" means a day (such business hours thereof) when Banks are open for business in Pakistan for business. which Management Company is open and / or such hours for definitive certificate "Certificate" means the the Unit Holders issued at the request of the Unit Holders pursuant to the provisions of the Trust Deed. "Charity" means amount paid out of the income of the Fund to a charitable / welfare organization, consultation in with the Shariah Advisory Board, representing income, which is Haram and it's done for purification purposes. as assigned in the Rules. "Connected Person" shall have the same meaning "Constitutive Document" means the principal documents governing the formation of an open-end scheme and all related material agreements. "Core Investors" of the Fund shall be such initial investors whose subscription shall in aggregate be in compliance of the requirements of Clause 67(2)(f) of the Rules. The Core Investors shall be issued with Offering the in included be shall Investors Core the of Particulars subscriptions. their representing Units Core Document that shall be issued for this Fund. "Core Units" shall mean such Units of the Fund that are issued to Core Investors with the condition that these are not redeemable for a period of two years from the date of close of Initial Period Such of Offer. Units are transferable with this condition, but otherwise shall rank pari passu with all other Units, save for only affected be shall issue, their of years two first the during Units, Core the of transfer Any restriction. this on the receipt by the Registrar of a written acceptance of "Custodian" means: this condition by the transferee. and hold to Company Management the of approval the with Trustee the by appointed be may which Bank(s) protect the Fund Property or any part thereof as custodian on behalf of the Trustee; and / or part thereof as custodian. management formation, the governing document principal the of one is which Deed Trust the means "Deed" and operation of the Fund. Account" means the account (which may be "Distribution by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holders shall be transferred. Income or profit, if including any, those of the Fund from accruing on unclaimed dividends, in this account shall be transferred to the main account time to time, as part of the Fund Property for the benefit of the Unit Holders. "Distributor(s)" means Company(ies), Firm(s) or Bank(s) appointed by the Management Company for Company itself, if it performing any or all of the Distribution Functions and shall include the Management performs the Distribution Functions; "Distribution Functions" means the functions with regard to: applied Units for Price (Offer) Purchase aggregate with together Units of purchase for applications Receiving for by the applicants; 15.14. 15.15. 15.16. 15.17. 15.18. 15.19. 15.20. 15.21. 15.22. 15.23. 15.23.1. 15.23.2. to hold and protect the Fund Property or any approval of the Management Company, with the Trustee, The 15.24. 15.25. 15.26. 15.27. 15.27.1. ALFALAH GHP ISLAMIC FUND 15.34. 15.33. 15.32. 15.31. 15.30. 15.29. 15.28. purchase they when applicants the from received monies (i) for Company Management the to Accounting 15.27.4. AcknowledgingreceiptinrespectofClauses15.27.1and15.27.2above; 15.27.3. 15.27.2. 15.37. 15.36. 15.35. or fivemillionrupeeswhicheverislower. Document andtheDeed. Offering this of provisions the to pursuant registered so jointly investor including thereof fraction a or as perClause4.2.1& (Pre-IPO) investors placement private and capital) (seed Investors Core the of investments the on earned Account butshallnotincludeanyamountstandingtothe Distribution the to credited amount the on earned etc., the profit, income, Trustthe include shall and Deed to pursuant Holders Unit the of benefit the Trusteethe for by trust upon held be to deemed or held being movable orimmovableassetsandpropertiesofeverydescription,whetheraccruedaccruingforthetime receivables, claims, contracts, licenses, privileges and other benefits arising therefrom and all cash and other profits, shares, securities, deposits, right and bonus shares, cash, bank balances, dividends, fees, commissions, or redemption of Units and any expenses chargeable to the Fund; and includes the Investment and all income, Charges (if included in the Purchase (Offer) Price or Redemption (Repurchase) Price) applicable to the issue therefrom orprovidingthere-againstthevalueof deducting after prices (Repurchase) Redemption or (Offer) Purchase the in recovered Costs Transaction any and Price (Offer) Purchase at Units all of sale the of proceeds aggregate the means Property" "Fund "Fund's Auditors" meanthe Auditors. payable totheManagementCompany, whichareincludedintheOffer PriceofUnits. 15.67, Clause in Load Sales as described also charges, processing and sales the means Load" "Front-end the initialissueofUnits. This to up leading period the during incurred expenses all and therein investment inviting Fund, the describing announcements Document, Offering the Deed, Trust the of publication and circulation printing, costs, legal issue, Document's, Constitutive the of registration and execution Scheme, the of authorization with "Formation Cost" means all preliminary and floatation expenses of the Fund including expenses in connection / orotherfinancialinstitutionsasdefinedundertheCompaniesOrdinance,1984. "Financial Institution"meansascheduledbankor "Federal Government"meanstheFederalGovernmentofIslamicRepublicPakistan. may havebeentakenintoaccountinascertainingtheNet Asset Value. or commission payable to agents on sales and redemption of Units or any commission charges or costs which payable butdonotincludetheremunerationto chargesare and duties such which of respect in dealing or transaction the of occasion the upon or to prior or of respect in payable be may or become have may which otherwise or Certificate a of replacement or the issue, sale, transfer, redemption or purchase of Units or in respect of the issue, sale, transfer, cancellation with connection chargesin and duties other and fee registration fees, charges,transfer Government taxes, duties, other and stamp all dealing or transaction particular any to relation in Charges"means and "Duties Fund Units;and(ii)paymentsmadetotheUnitHoldersonredemptionofUnits. and appropriate; as Registrar the or Company Management the to transmission immediate for Certificates duplicate of issue or address of change for applications and notices conversion applications, pledge and Interfacing with and providing services to the Unit Holders including receiving purchase, redemption, transfer Property. "Holder" or"UnitHolders"meanstheinvestor "Haram" meansanythingprohibitedbytheShariah "Halal" meansanythingpermittedbytheShariah. 4.2.2 aboveuptothedate shall notexceedonepercent 50 for thetimebeingenteredin of closeFirstOf Redemption, Front-endLoad,Back-endDutiesand development financeinstitution,aninvestmentbank,and the DistributororanyFront-endBack-endLoad credit oftheDistribution Account andtheincome (1%) ofthepre-initial fer, whichshallnot Register asownerofaUnit public offering investment form partoftheFund OFFERING DOCUMENT per Unit, Rs. 50/- Net Assets by the number of Net time transactions or otherwise, activities that is consistent with activities that is consistent funds, while another provides expertise proportion to respective capital contributions. a debt instrument sold or transferred to a third all banks or financial institutions, approved by the all banks or financial Fund arrived at by dividing the a system of banking or banking a system of banking 51 electronic data-interchange whether real borne by each partner strictly in partnership where one partner provides Units outstanding. Price "Offer (Purchase Price)" means the sum to be paid by the investor for the purchase of one Unit, such Document. price to be determined pursuant to the Offering "Offering Document" means the prospectus, advertisements or other documents (approved by the SECP), which contain the investment and distribution policy and all other information in respect of the Fund, as required by the Rules and is calculated to invite offers by "Online" means transactions through the public to invest in the which may be through the internet, intranet networks and the like. Fund. "Ordinance" means Companies Ordinance 1984. Price of a Unit that shall be Rupees fifty (Rs. 50/-). Period of Offer means the Initial Value" "Par "Management Company" is defined in the preamble hereto. "Management Company" is defined in the manner the in computed being excess such Fund, the of liabilities over assets of excess the means Assets" "Net as specified under the NBFC Rules. of the Value means per Unit Value" Asset "Net and management. it is a contract for sale in which "Murabaha" the means seller a sale on mutually agreed Technically, profit. declares his cost As and a profit. financing technique, it involves a request by the client to the financier to purchase certain items for him, which are then sold to the sharing for parties the of consent mutual the by contract a under client established relationship a means "Musharika" at a mutually agreed participate to entitled are capital of price. providers All venture. or enterprise joint a from arising losses and profit of in management, but not necessarily required to do so. The profit is distributed among the partners in pre- agreed ratios, while the loss is "Modaraba" means a form of Shariah Advisory Board of the Fund for the purpose of banking activities. Advisory Board of the Fund for Shariah means Transactions" "Islamic Debt or Shariah Compliant Debt Islamic Shariah law and principles. This will also includes principles. Islamic Shariah law and party for money at par. function their perform who and above 15.41 clause in defined institutions means Institution" Financial "Islamic Principles. strictly in compliance with the Islamic Shariah for manufacturing goods and commodities, allowing cash payment "Istisna'a" means a contractual agreement payment and future delivery. in advance and future delivery or a future "Initial Period of Offer / Initial period" means the same as "Initial Offering Period" and "Initial Public Offer" Period" and "Initial as "Initial Offering period" means the same / Initial of Offer "Initial Period which means the period during which First Offer of Units shall be made at the price of which shall be indicated in the Offering forming part of the Fund Property. Authorized Investment Document any "Investment" means and not exceeding seven (7) days. "Investment Facilitator / Facilitator" means an individual, firm, corporate or other entity appointed by the Management at Company, its sole to solicit responsibility, identify, and assist investors in investing in the collected Load Sales the of out Facilitators Investment the compensate shall Company Management The Fund. Price. by it in the Offer Banking" means "Islamic Bank" or "Islamic 15.51. 15.52. 15.53. 15.54. 15.55. 15.48. 15.49. 15.50. 15.46. 15.47. 15.42. 15.43. 15.44. 15.45. 15.38. 15.39. 15.40. 15.41. ALFALAH GHP ISLAMIC FUND 15.70. 15.69. 15.68. 15.67. 15.66. 15.65. 15.64. CancelingoldCertificatesonredemptionorreplacement. 15.63.6. Dispatchingincomedistributionadviceand/orbanktransferintimations; 15.63.5. IssuingCertificatestotheUnitHoldersifrequired; 15.63.4. IssuingaccountstatementtotheUnitHolders; 15.63.3. 15.63.2. MaintainingtheRegister; 15.63.1. 15.63. 15.62. 15.61. 15.60. 15.59. 15.58. 15.57. 15.56. uamd Pae e pn i) n ebde al set o te sai faith. Islamic the of aspects all embodies and Him) Upon Be (Peace Muhammad "Shariah" or "Islamic Shariah" means divine guidance as given by the Holy Quran and the Sunnah of Prophet body bynotification,specifyforthepurpose. approved bytheShariah Advisory Boardandpermittedby be may as instruments other such or papers commercial Islamic term short scheme, investment collective of units etc.), and American (Global Receipts Depository certificates, etc. Salam Bai Muajjal, Bai Ijara, Istisna'a, murahaba, musharika, modaraba, bonds, Compliant Shariah or Sukuk bond, certificate finance term certificate, term participation scrip, share, Compliant Shariah any means "Securities" or "Security" "SECP" meanstheSecuritiesandExchangeCommissionofPakistan. different levelsoftheloadtodifferent investorsfromtimetotime. exceeding five percent (5%) of the Net Asset Value. The Management Company may, at its discretion, charge not Charges) and Duties (excluding commission or charges processing and sales the means Load" "Sales from timetotime. "Rules" mean the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, as amended the ManagementCompany. "Relevant Period"meanstheperiodinrespectofwhichdi any). (if profits the distribute to decides Company Management the which on date the means Date" "Relevant Holders; Unit the to regard with data in changes of recording for or lien of recording for requests and Units TransmissionTransferof and (Repurchase), Redemption (Offer), Purchase for requests Processing "Registrar Functions"meansthefunctionswithregardto: Agent" isalsocoveredwithinthedefinitionofaRegistrar. Functions and may include a department of the Management Company. The term and definition of "Transfer "Registrar" means an organization that the Management Company may appoint for performing the Registrar "Register" means the Register of the Holders kept pursuant to the Rules, the Deed and this Offering Document. redemption of that Unit, such amount to be determined pursuant to Clause 4.10.5 of this Offering Document. "Redemption Price(RepurchasePrice)"meanstheamounttobepaidrelevantHolderofaUnitupon "Redemption ofUnitsForm"meanstheprescribedform,whichistobestatedinOffering Document. Period asmentionedinClause4.2.2above. Initial the to prior Units 'A' Class to subscribe who investors those mean Investors" Placement "Private of theSchemebeforeInitialPublicOffer. "Pre Initial Public Offering (Pre-IPO)" means period during which the investors have subscribed to the Units "Personal Law"meansthelawofinheritanceandsuccessionasapplicabletoindividualUnitHolders. 52 stribution ofprofits,areproposedtobemadeby the SECP andanyotherappropriateregulatory OFFERING DOCUMENT shall form a part not exceed five percent. The not exceed five percent. rustee provided the difference of the Shariah Advisory Board of the Shariah Price of Units or be deducted from prices and collected so, the time being appointed by the Trustee with Trustee the time being appointed by the of the Fund in consonance with the principles of the Fund in consonance ent Company and the Trustee along with all the Trustee ent Company and the prices, without intimating the T prices, without intimating the 53 account in determining the Islamic Shariah appointed as a member appointed as a Islamic Shariah and the Redemption (Repurchase) Price does and the Redemption (Repurchase) Price does NAV for determining the Purchase (Offer) for determining the Purchase (Offer) NAV "Shariah Advisor" means an expert in Advisor" means "Shariah of the Fund. body a institution, financial Islamic an either means "Board" or Board" "Shariah or Board" Advisory "Shariah of Islamic scholars or individuals appointed by the Management Company with the approval of the SECP, having knowledge of Islamic finance, to supervise and monitor the activities of the Scheme and to ensure with Shariah. that all its activities comply Advisory Services" mean the technical guidance, "Shariah support services, investment guidelines, advices transactions and other activities in relation to the investments, of Islamic Shariah. "Shariah Compliant" shall mean any activity that is approved by the Shariah Advisory Board to Islamic Shariah. accordance with the be in registered under the Securities and Exchange Ordinance, 1969. "Stock Exchange" means stock exchanges, other institution for "Sub-Custodian" means a financial or any the approval of the Management Company to hold and protect the part Day provided that the Management Company may with the prior "Subscription Day" means every Business of the Trust Property. newspapers daily one least at in notice days seven than less not giving upon and Trustee the of consent written widely circulated in Pakistan, declares any particular Business Day or days not to be a Subscription Day. is backed by the assets of the issuer that earn profit. "Sukuk" means a type of Islamic bond that between the Purchase (Offer) Price between the Purchase (Offer) into Costs taken Transaction element of of the Fund Property. Islamic or Fund", "Fund" "AGIF", "Alfalah means "The GHP Trust the Trust" Scheme", Unit "Unit "Trust", for sale of Units. Deed for continuous offers Trust constituted by the Deed" means the deed executed between the Managem "Trust exhibits appended thereof. is defined in the preamble hereto. "Trustee" a fraction thereof. "Unit" means one undivided share in the Scheme and where the context so indicates "Zakat" has the same meaning as in the Zakat and Ushr Ordinance, 1980. and expressions used Words but not defined herein shall have the meanings assigned to them in the Rules. importing persons include corporations, words Words importing the masculine gender include the feminine engraving, printing, include writing" "in or "written" words and plural include singular importing words gender, or other means of visible reproduction. lithography, "Supplementary Offering Document" means a document issued by the Management Company, in consultation in Company, Management the by issued document a means Document" Offering "Supplementary with the Trustee after seeking approval of the Commission, describing the special features of new type of investment in the Scheme. Units and offering Costs" means "Transaction the costs incurred or estimated by the Management Company to cover the costs (such as, taxes but charges, or not levies restricted to, on Trustee transactions, brokerage, etc.) related to the investing or disinvesting activity of the Fund's portfolio, necessitated by creation or cancellation of Units. Such costs may be added to the in determining the the NAV Redemption (Repurchase) Price. The Transaction Costs may not normally be applied in determining these prices, however, if the Management Company is of the view that it is in the Offer the to either charge such apply Trustee, the to intimation with may it Holders, Unit the of interest overall determining while Costs Transaction apply however, may, Company Management The Price. Redemption the or or Redemption (Repurchase) Purchase (Offer) 15.71. 15.81. 15.82. 15.83. 15.84. 15.85. 15.80. 15.72. 15.73. 15.74. 15.75. 15.76. 15.77. 15.78. 15.79. ALFALAH GHP ISLAMIC FUND tariff: The Trustee remunerationshallconsistofreimbursementactualcustodialexpenses/charges plusthefollowing ,0 Rs0.7millionor0.20%paofNAV whicheverishigher Rs2.0millionplus0.10%paofNAV exceeding 1,000 &above To >1,000 1 From Rpe nmlin Tariff (Rupees inmillion) Net Assets Tariff Structure for Trusteeship ofOpen-endMutualFunds(Unit Trusts) Central DepositoryCompanyLimited ANNEXURE A Rs. 1,000million 54 OFFERING DOCUMENT twenty five basis points) per twenty five basis points) fees is 2.25% (two hundred and fees is 2.25% (two hundred 55 ANNEXURE B ANNEXURE Effective from Close of Initial Period of Offer Close of Initial Effective from annum of the average daily Net Assets Value of AGIF. of Value Assets daily Net annum of the average Current Level of Front-end, Back-end Loads and Management Fee Back-end Level of Front-end, Current The current level of management upto 2.50% 0.00% Front-end Load: Front-end Back-end Load: Management fee: Any change in the load and fee structure, provided it is within the maximum limit disclosed in Clauses 6.1.1, 6.1.3 Any change in the load and fee structure, to this annexure. and 6.2.1, shall be notified through an addendum ALFALAH GHP ISLAMIC FUND Fax: 051-2879589 Phone: 051-2879581-5 Islamabad. Redco Plaza,Jinnah Avenue, 8-EBlue Area, Islamabad Branch Fax: 091-5701392 Phone: 091-5701385 Jamrud Road,Peshawar. Azam Tower, GroundFloor, Arbab Chowk, Peshawar Branch Fax: 041-2603029 Phone: 041-2603019-20 P-36, KutcheryBazar, Faisalabad. Main Branch Fax: 021-4313581 Tel: 021-4313580 Fortune Centre,Sharah-e-Faisal,Karachi Sharah-e-Faisal Branch Fax: 021-4144653 Tel: 021-4144650-52 Gulshan-e-Iqbal, Karachi. Plot #40-B,Block13-A,KDA SchemeNo.24, Gulshan-e-Iqbal Branch Fax:0212472289 Tel: 021-2472295-98 I.I. ChundrigarRoad,Karachi Ground Floor, Uni Tower Uni - Tower Branch Faisalabad Islamabad Peshawar Karachi Bank Alfalah Limited-IslamicBankingDivision Alfalah GHP InvestmentManagementLimited LIST OF DISTRIBUTIONOFFICES 12th Floor, Tower A, Saima Trade Towers, I. ChundrigarRoad,Karachi ANNEXURE C Tel: 9217600-03 Head Office 56 Fax: 061-6750885 Phone: 061-6750884 2-Bosan Road,Multan. Multan Branch Fax: 051-5795189 Phone: 051-5795184-88 125-D, MurreeRoad,RawalpindiCantt. Cantt Branch Fax: 042-5846984 Tel: 042-5846374-85 Town, Lahore. Awami ComplexBlock#1,NewGarden New Garden Town Branch Fax: 042-5746190 Tel: 042-5746190-5 93-Y-Block DHA,Lahore. Y-Block Branch Fax: 042-5781875 Tel: 042-5781841-55 66-Main Boulevard,Gulberg, Lahore Gulberg MainBranch Rawalpindi Multan Lahore OFFERING DOCUMENT 57 The Management Company may appoint additional distributors or investment facilitators or change any one of the to time. existing ones from time The Management Company may also appoint Investment Facilitators at its sole discretion from time to time. Please note that the above number of branch(es) may change from time to time as per the discretion of the will be informed accordingly. Trustee The Management Company. The above selected branch Alfalah of Limited Bank - Islamic Banking Division will facilitate the distribution and collection of all Fund related application forms and marketing material to existing and prospective investors of the Fund. ALFALAH GHP ISLAMIC FUND graduation andpostinJamiaDarulUloom,Karachi infollowingsubject: with theteachingIslamicStudiessince1999.Hehastaught Studiestodifferent levels ofundergraduation, sources ofIslamicShariah, Arabic GrammerandIslamicBanking(Liability Asset side).Hehasbeenassociated Mr. Khalil Ahmad Aazami hasvastexperienceofteachingvarioussubjectslikeHadees,IslamicJurisprudent, Professional Background Mr. Aazami alsoobtainedtwoyearsEnglishlanguagecertificatecoursefromPak American CultureCentre. ULFCTO ERINSTITUTION some ofwhicharementionedhereunder: He wasalsoattendedvariouscoursesandtrainingprogrammesrelatedtoBankingFinancefromtimetime, YEAR Other Qualification HIFZ-e-QURAN SHAHADAH - AL-ALAMIYYAH Prudence) (Specialization inIslamicJurist TAKHASSUS FIL IFTA QUALIFICATION The detailsofhisqualificationareasfollows: Educational Background 4 4 4 4 4 4 4 4 Professional Experience: Islamic Studies. Mr. Khalil Ahmad Aazami islearnedShariahScholar. Heiswellqualifiedandexperiencedpersonnelinthefieldof PresentlyworkingonDoctorate Thesis InternationalConferenceonIslamicFinance&Banking(ByCenterforEconomics)2002. - Courseof AAOIFI's ShariahStandard(ConductedbyMuftiMuhammad Taqi Usmani) - - 4 4 4 Special Courses in - Hadees Sources ofIslamicShariah Islamic Banking(Liability& Asset Side) Titled Visiting facultymemberof Faculty memberof Faculty memberof Faculty memberof Teaching variouscoursesinIslamicStudiesand Arabic at Member Shairah Advisor of Member ofSharaihBoard 'Islam and The ModernEconomic& Trade'. Darul Ifta,JamiaUloomKarachi Islamic Banking & Finance Bank Alfalah IslamicBanking Qannah Associates, Karachi Professional InstituteofExcellence Center for IslamicEconomics,Karachi Phone 0321-2481024,021-2472356,Fax2472141 Takaful PakistanLimited IBP Curriculum Vitae ofShariah Advisors E-mail: [email protected] Korangi Industrial Area, Karachi Jamia Darul-uloomKarachi 97JamiaHammadiaKarachi JamiaDarulUloom,Karachi JamiaDarulUloom,Karachi 1987 1997 1999 Khalil Ahmad Aazami "WAQF" ANNEXURE D-1 (Conducted by Mufti Muhammad Taqi Usmani) In The Series 58 4 4 towardstheawardofPHDfromUniversityKarachi. Islamic Jurisprudent Arabic Grammer (September, 2003todate) Jamia DarulUloomKarachi (1999todate) OFFERING DOCUMENT in all aspect of life. In addition to that, in all aspect of life. 2000 fatwas 59 Wifaq-ul-Madaris Wifaq-ul-Madaris in the 11 years of study of Alamiyyah at Jamia Darul Uloom Karachi. - Among the top three positions holders in all examinations conducted by Jamia Darul Uloom Karachi and -91% marks. in Final year across Pakistan by scoring Secured 2nd position Personnel Information: Father NameDate of BirthReligionAhmad Iftikhar Nationality 05-07-1976 CNIC No. Pakistani Islam 42501-1523504-7 Achievements He has also experience of giving Shariah rulings in the field of Fatwa in all aspect of life since 1997 through Jamia Since 1999 he has giving approximately Darul Uloom, Karachi. Ashraf during the last Usmani and he Mufti has Mahmood worked under the supervision of Taqi Mufti Muhammad five years. ALFALAH GHP ISLAMIC FUND 4 4 4 SPECIALIZEDPROFESSIONAL 4 1. QUALIFICATIONS Faculty memberofQannah Associates, Karachi. Since April 2007 Currently Associate with Alfalah GHP IslamicFund,asShariah Advisor &MemberShariah Advisory Board. Since March 2007 Element IslamicFund(PIEIF). Currently Associate with Arif HabibInvestmentManagementLtd.,asaShariah Advisor forPakistanInternational Since February2007 Visiting facultymemberofProfessionals'InstituteExcellence (PIE)Karachi Since January2007 Faculty memberofCentreforIslamicEconomic(CIE)Karachi. Since October 2004 Associated withHabibBankLtd.(IslamicBankingDivision)asaShariah Advisor. December 2004toNovember 2006 ul-deen inJamiaDarulUloomKarachi. Teaching variouscoursesasIslamicStudies, English, Science, Arabic Language,IslamicJurisprudenceandUsool- Since 2003 Responsible forIssuingFatawasondifferent IslamictopicsinDarulIfta,JamiaUloomKarachi. Since 2001 PROFESSIONAL EXPERIENCE a PROFESSIONAL a 2. "L.L.B." "Hafiz ulQuran" Masters in Arabic &IslamicStudies.(M.A)intheyear2000. "Shahdat ul Alimiyah fial-UloomalIslamiyahwaal-Arabia" "Al-T'khassus fialIftaa" the year2003. Master of Arts (M. A.) inIslamicStudiesfromBahauddin ZakariyaUniversity, Multan,intheyear1998. of IslamicStudies)intheyear2005ontopic Ph .D/MasterofPhilosophy(M.Phil)fromKarachiUniversity(Department ofQuran&Sunnah,Faculty fromSindMuslimLawCollegeintheyearof2006. fromJamiaShamsiaFakhar-ul-Madaris, Ahmed Pur PHONE: +9221-5049774-6;5046885,+920300-2092162 KORANGI 'K' AREA, KARACHI-74400PAKISTAN 3yearsspecializedcourseinIftaaandFiqhfromJamiaDarulUloomKarachi DARUL IFTA JAMIA DARUL ULOOM, Email: [email protected] Dr. Ejaz Ahmed Samdani ANNEXURE D-2 60 8years Alimiyah courseequivalentto Sial DistrictJhang.,in the year1990. OFFERING DOCUMENT 61 Bachelor of Arts (B.A) from University of Punjab in the year 1996. Arts (B.A) from University Bachelor of the year 1993 C. College Lahore, in Medical) from F. Sc. Intermediate (Pre F. from Faisalabad Board, in the year 1991. H. Sc. Matriculation QUALIFICATION NON-VOCATIONAL Usmani. Taqi Muhammad Banking & Finance conducted by Mufti Special courses in Islamic Karachi, conducted by (Falkiat) course held in Jamia Darul Uloom Astronomy the Successfully completed Ahmed Kaka Khail. Syed Shabbir well renowned astronomer held in Jamia Darul Uloom Karachi. the Certificate course in Mufti-al-Meeras Successfully completed and Chrisianity held in Chanab Nagar, the one month course in Khatm-e-Nabowat Successfully completed Chiniot (Punjab). from Jamia course in Ifta & Fiqh (Takhassus) during the three years specialization Always got first position Darul Uloom Karachi. Alimiyah course in mostly got first position during the eight years Among the top three position holders and various Jamias. to M.A. Got throughout high first division from H.Sc in academic and extra curricular activities. Received several Certificates of Excellence Ex-Chief Editor student's magazine "Al-Afkar". for Islamic Centre Bahria University, in Takaful Banking and Has delivered many lectures about Islamic Excellence (PIE), Skill Development Council and other places. Economics (CIE), Professional Institute of Islamic Banking Branches for different Audit member of Center for Islamic Economics Has worked as according to Shariah perspective. Islamic topics especially in Islamic Finance and Meeras. different Has issued about two thousand fatawas on 2000 workstation, Windows Operating systems: (complete). Ms-office Tools: Front-End Arabic, Persian, Urdu and English. Fluent in HONOURS a TECHONOLOGY INFORMATION a LINGUISTIC SKILLS a WRITTEN ON BOOKS 3.a a ACADEMIC a a a a a a a a a a a a a ALFALAH GHP ISLAMIC FUND . RESEARCH TOPICS 3.5 TASHEEH-O-TAHZEEB 3.4 TAKHREEJ 3.3 ZABT-O-TARTEEB 3.2 TRANSLATIONS 3.1 these: Several researchtopicspublishedinvariouswellrenownednewspapersandmagazines.Someofthemare 62 OFFERING DOCUMENT 63 PERSONAL INFORMATION PERSONAL Father's NameDate of BirthNationalityReligionN.I.C. : Mian Mohammad Shafi : February 16, 1976 : Pakistani : Islam : 33203-4013585-3 ALFALAH GHP ISLAMIC FUND eepino nt om AGIF-02 AGIF-01 AGIF -03 Pledge ofUnitsForm Service RequestForm-ChangeinUnitHolderParticulars Redemption ofUnitsForm Account Opening/PurchaseofUnitsForm Type ofForm The followingFormsareattachedherewith: Forms ANNEXURE E 64 Form Reference AGIF -04