How can Alfalah Assist?
How can Alfalah Assist?
Please read these Terms and Conditions carefully before using this Digital Platform(s) (Mobile App, Online portal etc). By accessing this Digital Platform(s) and any of its pages, you agree that the following Terms and Conditions apply to your use of this Digital Platform(s), any information obtained from this Digital Platform(s) about our products and services. If you do not agree to these Terms and Conditions, do not use this Digital Platform(s) or download content from it.
I understand that if payment is submitted against the booked investment after the cut off timings, that transaction will be processed on the next working day and I would not hold Alfalah AMC & Trustee responsible for any loss consequent to such processing of investment on the next working day. In addition, I have also read, understood and accepted the Risk Disclaimers & Declaration and Terms & Conditions.
References
References to ‘you’, ‘your’, and ‘yours’ arev references to the person(s) accessing this App/Site.
References to ‘we’, ‘us’ and ‘our’ are references to AAML.
The information, material and content provided on this Digital Platform(s) may be changed by us at any time and from time to time without prior notice. Your continued access to or use of this Digital Platform(s) will mean that you agree to all changes. If you have previously used this Digital Platform(s), your first use of the Digital Platform(s) after publication of these Terms indicates your acceptance of them.
Your first log-in to Alfalah AMC’s Digital Platform(s), initiated by the automatically generated password, signifies your acknowledgment and unconditional acceptance of these comprehensive Terms and Conditions. These terms establish the contractual agreement governing your use of the Digital Platform(s) with Alfalah AMC. Importantly, they complement, rather than diminish, the Constitutive Documents pertaining to any Fund(s) you hold units in, and their interpretation will always align with prevailing laws and regulations. Alfalah AMC reserves the right to modify these Terms and Conditions. Any such updates posted on their website will immediately become binding, and it is your responsibility to consistently review these terms for any revisions.
Identity Verification: Users implicitly consent to Alfalah AMC’s identity verification protocols as a prerequisite for Digital Platform registration. The registration process mandates the submission of personal details as stipulated by Alfalah AMC.
Should any discrepancies arise between the submitted information and Alfalah AMC’s existing records, Alfalah AMC reserves the unequivocal right to deny registration. In such instances, users may be required to update their personal information in accordance with Alfalah AMC’s prescribed procedures. Furthermore, any misrepresentation of details or failure to satisfy Know Your Customer (KYC) mandates may result in account suspension, necessitating the reversal of any payments made or the redemption of purchased Units, with funds being remitted to the originating account.
In case of any discrepancy in the details of any transaction carried out in respect of the User’s Digital Platform(s), the User shall be obliged to intimate to Alfalah AMC thereof in writing within 48 hours of receipt of the statement of account. In the event of the User failing to intimate, the statement of account will be deemed to be correct and accepted by the User.
Your Responsibilities
You are solely responsible for all activities conducted using the Services and your password on the Digital Platform(s). All such activities will be considered to have originated from you. You agree that any instructions sent via the Digital Platform(s) will be treated as written instructions. You will not dispute or challenge the validity or enforceability of these instructions because they were not physical written documents, and you waive any legal right to do so.
Service Provision
The User acknowledges that all prices, rates, conditions, and charges applicable to any Service shall strictly conform to the provisions detailed in the respective Constitutive Documents and are subject to modification in accordance with the terms stipulated therein. Furthermore, the Net Asset Value (NAV) for all investment and redemption transactions will be calculated precisely as per the methodologies outlined in the Constitutive Documents.
Important: It is understood that the provision of the Digital Platform(s) is solely at the discretion of Alfalah AMC, which reserves the unfettered right to alter, suspend, or terminate, either partially or entirely, any or all Services or Digital Platform(s) without prior notice or the obligation to provide any justification thereof.
Redemption and Conversion
Any request for redemption and/or conversion of units from one Fund to another Fund (fund transfer) is expressly contingent upon the availability of sufficient closing Units as recorded in Alfalah AMC’s official records. The Unit Holder further acknowledges and comprehends that any stated balance or amount in PKR (Pakistani Rupees) within the Unit Holder’s account is provisionally based on the preceding working day’s redemption price. The definitive actual amount shall be computed following the final determination of the day-end Net Asset Value (NAV) and after the deduction of any applicable Capital Gains Tax.
Insufficient Funds
In the event that there is an insufficient number of Units credited to the Unit Holder’s account with Alfalah AMC, or the drawing limit is exhausted, or insufficient funds are lying in the Account, no fund transfer or investment transaction shall be permissible. The Unit Holder, therefore, undertakes not to initiate any transaction via the Digital Platform(s) that would result in investing or redeeming in excess of the prescribed limits, and any such request shall not be honored by Alfalah AMC.
Online Payments
The digital payment services are made available by Alfalah Asset Management Company (AMC) in collaboration with its authorized third-party service providers. By utilizing this facility, the User affirms that they are duly authorized to initiate and execute payments through the platform.
Alfalah AMC shall not be held responsible for unsuccessful payment transactions due to:
• Any legal directive or court order restricting transactions from the specified account
• Closure, suspension, or freezing of the account
• Incorrect account numbers or erroneous personal or transactional details provided by the Unit Holder
Voucher Validity: Investors are advised that payment must be made within twenty-four (24) hours from the time a Voucher Number is generated through the AAML Funds online platform. Failure to complete the payment within this timeframe will result in the automatic expiration of the Voucher Number.
Fund transfer via Kuickpay will be subject to transaction fees as follows:
| Transaction Slab (PKR) | Commission (PKR) Excluding Tax |
|---|---|
| 1.00 – 10,000.00 | 40.00 |
| 10,001.00 – 100,000.00 | 80.00 |
| 100,001.00 – 250,000.00 | 100.00 |
| 250,001.00 – 1,000,000.00 | 250.00 |
| 1,000,001.00 – 2,500,000.00 | 450.00 |
| 2,500,001.00 – 5,000,000.00 | 550.00 |
| 5,000,001.00 – 9,999,999,999.00 | 650.00 |
The transaction fee is payable to Kuickpay and 1LINK and will be deducted from the investor’s respective bank account. AAML will receive funds after deduction of transaction fees from Kuickpay and 1Link.
Risk Warning: All investments in Mutual Funds and Voluntary Pension Schemes are subject to market risks. Past performance is not necessarily indicative of future results.
I clearly understand, agree, acknowledge, and accept that my investment is subject to market price fluctuations and other risks inherent in all such investments. The risks emanate from various factors which include, but are not limited to:
• Market Risks
• Government regulation risks
• Credit risks
• Liquidity risks
• Settlement risks
• Redemption risks
• Shari’ah non-compliance risks
• Dividend distribution taxation risks
• Changes in risks associated with trading volumes, liquidity and settlement systems
Investment in mutual funds are not bank deposits and are neither issued by, insured by, obligation of, nor otherwise supported by SECP, any Government Agency, Trustee (except to the extent specifically stated in the constitutive documents) or any of the shareholders of Alfalah Asset Management Limited or any of the Pre-IPO Investors or any other bank or financial institution.
Sales Load Disclosure
I acknowledge that I accept maximum rate of Sales Load applicable on fund as disclosed under Annexure A available at https://alfalahamc.com/downloads/forms/
NAV and Pricing
Units of the Scheme(s) are being offered at NAV based prices. The AMC calculates and publishes Net Asset Values (NAV’s); offer and redemption prices on all Business Days, in line with their constitutive documents. Each fund/plan has its own cut-off timings for submission of transaction requests for purchase of units.
In case of submission of an e-transaction, the AAML Funds Online system date and time stamp will solely be considered and given precedence to determine the cut-off time in which the application request is submitted and the applicability of the NAV on the transaction. AAML will not be responsible for any network or system delays in submitting and receiving the application request.
Load Deduction
The AAML may charge sales load 0% to 1.5% of NAV per unit or any amount as directed by SECP and/(or) defined in constitutive documents of the fund, where transactions are done online or through a website in the funds under management of Alfalah Asset Management Limited.
Zakat Deduction
Zakat will be deducted at the time of redemption of units if a duly filled and signed Zakat Affidavit Form is not provided to the company for its records. It will be the investors’ responsibility to provide the Affidavit if he/she wishes that Zakat may not be deducted. It is also the investors’ responsibility to confirm if Zakat status is marked as ‘Not Applicable’ in the company’s records if the Affidavit has been submitted.
Cooling Off Rights
The unit holders have the right to obtain a refund of their first time investment (Cooling off) in a particular open end mutual fund:
This right is available to individual unit holder only
The cooling off period shall comprise of three business days commencing from the date of issuance of initial Account Statement to the unit holder
The cooling off right shall be exercised by the unit holder upon written request to AAML within the time specified above
The refund of every unit held by the unit holder pursuant to the exercise of a cooling off right should be an amount equal to NAV per unit applicable on the date the cooling off right is exercised which is payable within six business days from the receipt of written request
AAML shall refund the Front end load (Sales Load) paid by the unit holder, however contingent load (Back end load) will be payable by the unit holder where applicable
Dispute Resolution Mechanism
In case of any complaint due to any technical reason the investor can follow the below mentioned process:
Step 1: Investor can call 111-090-090 or lodge complaint via AAML Funds Online Portal
Step 2: After lodging complaint in system, complaint will be forwarded to relevant department. Investor will be provided with a reference number via email and SMS for tracking
Step 3: After necessary investigation, the complaint will be forwarded to Vendor i.e. 1-link to investigate the issue further
Step 4: Resolution call along with email and SMS will be communicated to investor
The turnaround time for resolution by AAML Funds is 3 business days, however, cases which are referred to the vendor i.e. 1-link may take an additional 3 business days for resolution.
Rejection of E-Transaction Requests:
Your e-transaction request may be rejected if there is any discrepancy or incomplete information in the request that is submitted. In case an e-transaction request is rejected, the rejected request will be cancelled, and a new request will have to be submitted and a refund of amount process will be initiated as per Constitutive document.
Refund Process:
In case the discrepancy is not resolved within 15 days of the transaction, the amount so credited in the fund’s bank account will be refunded. The turnaround time for refunds is 4 business days from the initiation of the refund process by AAML Funds.
Third Party Payments:
In the event the investment proceeds are received from a third party, then AAML will refund the amount to the relevant individual from whose bank Account the payment proceeds initiated. For the refund, AAML will require the system generated Payment acknowledgment and/or the Bank statement from the relevant third party to establish the payment has been made from the bank account of the third party himself.
No Warranties
Neither we, the Trustee, nor any affiliated third party provide any warranty or assurance regarding the accuracy, timeliness, performance, completeness, or appropriateness of the information and materials made available on this application or website for any specific purpose. You acknowledge and accept that such content may contain errors or inaccuracies, and we explicitly disclaim any liability for such discrepancies to the fullest extent permitted under applicable law.
Your Liability
You will be liable for and agree to indemnify AAML against any loss or damage AAML and any of the Fund (including its Trustee) under its Management may suffer because you did not observe your obligations under these Terms or acted negligently or fraudulently when using this Digital Platform(s).
Unauthorized Transactions
You will be liable for any loss of funds arising from any unauthorized e-transaction on your Account if the loss occurs before you notify AAML that your Online Credentials have been misused, lost or stolen or become known to someone else and if you contribute to the loss because of your failure to look after and keep your Online credentials secure.
Trade Marks and Copyright
Unless otherwise specified, all rights, including copyright, in the content, layout, pages, screens, information, and materials displayed on this digital platform are owned by or licensed to Alfalah Asset Management Limited (AAML). You are permitted to print, copy, download, or temporarily store portions of the content solely for your personal reference or while availing of our products and services. However, you must not modify, reproduce, or distribute any content without obtaining prior written consent from AAML.
Governing Law
This agreement constitutes the entire agreement between you and us with respect to using this Digital Platform(s) and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written with respect to this Digital Platform(s). Your use of this website and any dispute arising out of such use of the website is subject to the laws of Pakistan.
Termination
You may stop your use of the AAML Funds Online Service in its entirety at any time by giving written notice to AAML. AAML may terminate the Service at any time by giving you written notice within 3 working days.
https://alfalahamc.com/downloads/key-fact-statement/
I acknowledge that I have read the Key Fact Statement at the time of investment, and I have read and understood the terms and conditions to the best of my knowledge and have retained copy of the same.
Customer Care Help Line: 111-090-090
Website: www.alfalahamc.com
Downloads: Forms and Documents
Important Notice: The use of the name and logo of Bank Alfalah Limited does not mean it is responsible for the liabilities/obligations of the Company (Alfalah Asset Management Limited) or any investment scheme managed by it.
