Terms & Conditions for UBL Funds Services

Mentioned below are the terms & conditions for various UBL Funds Smart Services.

TERMS AND CONDITIONS / DISCLAIMERS

FOR USING UBL FUNDS ONLINE SITE (INCLUDING E-TRANSACTIONS REQUESTS SERVICE)

Please read these Terms and Conditions carefully before using this Site. By accessing this Site and any of its pages, you agree that the following Terms and Conditions apply to your use of this Site, any information obtained from this Site about our products and services. If you do not agree to these Terms and Conditions, do not use this site or download content from it.

References

References to ‘you’, ‘your’ and ‘yours’ are references to the person(s) accessing this Site.

References to ‘we’, ‘us’ and ‘our’ are references to UBL Fund Managers.

Terms

The information, material and content provided on this Site may be changed by us at any time and from time to time without any prior notice. Your continued access to or use of this Site will mean that you agree to all changes. If you have previously used this Site, your first use of the Site after publication of these Terms indicates your acceptance of them.

Service Only Where Lawful

Our products and services are offered only in jurisdictions where and when they may be lawfully offered and the material on this site is not intended for use by persons located in or resident in jurisdictions which restrict the distribution of this material by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions.

Investment Performance

Please note that the value of investments and the income derived from them may fluctuate and an investor may not receive back the amount originally invested. Past performance is not necessarily indicative of future performance and the value and any income arising from any investment referred to on this Site may go down as well as up. In particular you may not get back the full amount invested and we do not guarantee any return on investments made in the products by users.

No Warranties

Neither we nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law

Whilst we have taken reasonable steps to ensure the accuracy, availability, correctness and completeness of the information contained on this Site, information is provided on an “as is”, “as available” basis and we do not give or make any warranty or representation of any kind, whether expressed or implied. Your use of any information or materials on this Site is entirely at your own risk. We shall not be liable for any loss or damage whatsoever and howsoever arising as a result of your use of or reliance on the information contained on this Site. . It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.

We do not represent or warrant that this Site will be available or that it will meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

We make no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with this Site.

Internet E-Mail

Messages sent over the internet cannot be guaranteed to be completely secure or error free as they are subject to possible interception, corruption, delays, loss or possible alteration. We are not responsible for them and will not be liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any message sent by us to you over the internet. If you send E-Mail (encrypted or not) to us over the internet, you are accepting the associated risks of lack of confidentiality.

Trade Marks and Copyright

Copyright of the pages, screens, information, and all material in their arrangement included in this Site is owned by or licensed to UBL Fund Managers unless otherwise stated. You may imprint, copy, download or temporarily store extracts from our Site for your personal information or when you use our products and services. You must not alter anything or distribute it to others. Any other use is prohibited unless you first get our written permission. In particular no one may use our Site or any part of our Site on any other website, or link any other website to our Site, without our prior written permission. Unauthorized use of this website may give rise to a claim for damages and/or be a criminal offence.

Governing Law

This agreement constitutes the entire agreement between you and us with respect to using this Site and it supersedes all prior or contemporaneous communications and proposals, whether electronic, oral or written with respect to this Site. Your use of this website and any dispute arising out of such use of the website is subject to the laws of Pakistan.

General

If you are dissatisfied with any portion of this Site, or with any of these Terms of use, your sole and exclusive remedy is to discontinue using this Site.

We reserve the right in our sole discretion to deny any user access to this Site, any interactive service herein, or any portion of this Site without notice, and the right to change the terms, conditions and notices under which this Site is offered. Any rights not expressly granted herein are reserved.

Statutory Details and Risk Factors

Investors may obtain constitutive documents along with application forms from the offices of UBL Fund Managers or can be downloaded from the company website accessible at www.UBLFunds.com.

Risk Factors

All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of the Scheme(s) of the Mutual Fund.

Applicable Prices

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 Day[s, in line with their constitutive documents. Each fund / plan has its own cut-off timings for submission of transaction requests for purchase of units. Applicable cut-off timings are made available on the company website at https://www.UBLFunds.com.pk/indiviual/cut-off-timings-for-transactions

  • The basis of NAV allocation for units issuance against online investments by new or existing customers for relevant Funds/Plans will be based on the date of amount realization in Funds or the date when customer’s Bank/Wallet account is debited (in case of IBFT payments).
  • There will be a 15 minutes grace period after the prescribed cut-off timings of the relevant Fund(s)/Plan(s), only for execution of online payment(s) against the reference number generated for the online investment(s) during the last 15 minutes before cut-off timings.

In case of submission of an e-transaction, the UBL 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. UBL Fund Managers will not be responsible for any network or system delays in submitting and receiving the application request.

Sales Load Deduction

Sales load will be deducted at the time of transaction as applicable for Funds / Plans.

Other Charges

Other charges if any as per the constitutive documents of the Funds / Plans or as per company policy may be applicable on transactions.

Transaction Fee

No transaction fee will be applicable on the investor on investment made though online channel(s).

Tax Deductions

Tax(es) may be deducted as per prevailing and applicable Tax Laws and as per the constitutive documents of the Funds / Plans.

Zakat Deduction

Zakat will be deducted at the time of redemption of units or dividend distribution, if a duly filled and signed Zakat Affidavit Form is not provided to the company for its records before due date. 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 with the Company, if Zakat status is marked as ‘Not Applicable’ in the company’s records if the Affidavit has been submitted.

Permitted E-Transaction Requests

The following e-transaction requests can be submitted through the UBL Funds Online E-Transaction Request facility:

1. Investment(s) in Fund(s)/Plan(s) and reference number generation, 2. Redemption / Encashment of Units (From Fund or Plan), and 3. Conversion of Units (From Fund to Fund and Plan to Plan).

In case the redemption amount available in a Fund/Plan is less than the requested amount, the entire amount will be redeemed.

In case the conversion amount available in a Fund/Plan is less than the requested amount, the entire amount will be converted.

Disclaimer:

Please note that if payment from existing customer for investment is not received within forty eight (48) hours of generation of Reference Number from the UBL Funds’ online portal or mobile App, the reference number will expire. Upon expiry of Reference Number, fresh online investment request will have to be submitted in order to make online investment transaction(s). This expiry period is subject to revision as per the discretion of UBL Fund Managers, however nay change will be duly notified to the customers in the Reference Number Email and SMS.

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.

Refund of amount in case of Rejection of e-transaction:

In case the discrepancy is not resolved within 15 days of the transaction, the amount credited in the Fund’s Bank account will be refunded. The Trustee upon satisfaction will arrange refund of the amount to the investor through online transfer in customer’s verified Bank account and instrument for unverified Bank account. The Turnaround time for the refunds is 4 business days form the initiation of refund process by UBL Funds.

Dispute Resolution mechanism:

In case of any complaint due to any technical reason, the customer can follow the below mentioned process:

Step 1: Customer(s) can call the Toll Free Helpline Number i.e. 0800-00026 or lodge complaint via UBL Fund Online portal /website/WhatsApp Self-service (021 111 825 262) or email (customercare@UBLFunds.com)

Step 2: After necessary investigation, the complaint will be forwarded to relevant vendor i.e. Payee Bank/1Link to investigate the issue further.

Step 3: Resolution call along with email and SMS will be communicated to the customer.

Payment Instrument for Redemption Proceeds

In case of a redemption / withdrawal e-transaction request, if incorrect or incomplete Bank Account or Payment Details are mentioned in the request for Online Bank Account Transfer, a physical instrument will be made and sent to the investor or deposited in Customer’s registered Bank account maintained with us.

Application Processing Time

E-transaction requests will be processed as per the time frame mentioned in the constitutive documents of the Funds / Plans.

Multiple Transactions

In case multiple transactions (through physical form submission and/or e-transaction request submission) involving a single or multiple Funds / Plans are received from an investor, the applications will be processed in chronological order i.e. the application received first will be processed first.

Submission of Physical Signed Form or Other Documents

UBL Fund Managers may on a case to case basis require an investor to submit a physical form (of the same transaction) in addition to his / her e-transaction request.

Verifications of E-Transaction Requests

The Management Company from time to time on a case to case basis may require verification from the investor prior to processing the investors’ e-transaction request.

Book Closure Periods

All E-Transaction Request received during the book closure period pertaining to respective Funds / Plans shall be marked Rejected and customers would be required to re-submit his / her request after the Book Closure period is completed.

Submission of Physical Certificates

Investors who are holding physical certificates (as a unit mode of holding) will be required to surrender any such certificates before submitting an e-transaction request for the respective units of holding.

Security of UBL Funds Online Credentials

You agree that any person who supplies UBL Fund Managers with your UBL Funds Online user name, password, and E-transaction request PIN Code (wherever applicable) will be allowed access to the Site and to your Account. It is the responsibility of the investor to keep his / her username, password and E-transaction request PIN secure and take steps to prevent unauthorized use of them. You must not tell or disclose them to another person or allow them to be seen by another person (including family or friends). You must not keep a record of them in a way which can be determined by another person. You must not record them together.

You must notify UBL Fund Managers immediately if a record of your login credentials and PIN is lost or stolen or you become aware or suspect another person knows your online credentials and has attempted to or made unauthorized use of the Site. UBL Fund Managers may cancel your online credentials at any time without notice if it believes either is being misused.

Records and Statements

You should carefully check Account records and statements given on this Site. If you believe that there has been any discrepancy or inconsistency in any transaction on this Site, or an unauthorized transaction, you must notify UBL Funds Managers immediately. Failure to do so may render you liable for unauthorized transaction which you may not otherwise be liable for.

Liability for Unauthorized E-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 UBL Fund Managers 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 or your extreme carelessness in failing to protect their security is the dominant cause of your loss; Or your unreasonable delay in notifying UBL Fund Managers of the misuse, loss or theft of your Online Credentials becoming known to someone else and the loss occurs between the time you did, or should reasonably have, become aware of these matters and the time you notify UBL Fund Managers.

Liability

You will be liable for and agree to indemnify UBL Fund Managers against any loss or damage UBL Fund Managers 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 Site. UBL Fund Managers and any of the Fund (including its Trustee) under its Management will not be responsible for any loss that you may incur if you fail to comply with the terms. The use of the Internet is subject to other risks which are not of a security nature described above but which arise from factors beyond UBL Fund Managers’ control, for example failure of communication networks, mechanical failures, power failures, malfunction, breakdown or inadequacy of equipment. These risks may result in your e-transaction requests being delayed, lost or inaccurately transmitted and may cause you to suffer losses. Unless UBL Fund Managers has been grossly negligent, the company will not be responsible for such losses. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

Termination

You may stop your use of the UBL Funds Online Service in its entirety at any time by giving written notice to UBL Fund Managers. UBL Fund Managers may terminate the Service at any time by giving you a written notice.

Special Note

Due to any technical / operational reason, fund transfer may be delayed. In such case, please contact our customer care help line number 0800-00026 for further facilitation. Funds are transferred as per TATs (Turn-Around-Time) defined by the respective authorities (Bank, SECP, SBP, 1-Link).

Online Payment

Online Account Transfers include Online transfer within same branch, Inter Branch Online Transfer, Inter Bank Fund Transfer (IBFT-For selected banks of 1-link) and Real Time Gross Settlement (RTGS). Registrar (UBL Fund Managers Limited) shall decide appropriate mode of payment for “Online Account Transfers”.

Cooling Off Period:

The Unit holder have the right to obtain a refund of their first time investment (cooling-off right) in a particular Collective Investment Scheme. The cooling-off right shall be available to the individual unit holders only. The cooling-off period shall comprise of three business days commencing from the date of issuance of investment report (transaction statement) to the unit holders only. The cooling-off shall be exercised by the unit holder upon written request to the AMC. The investment amount will be refunded at the applicable NAV on the sate the cooling-off right is exercised which shall be paid to the Unit Holder within six business days of receipt of written request from the unit holder. The AMC shall also refund any sales load paid by the unit holder. However, contingent load (Back End load) shall be payable by the Unit Holder where applicable.

Privacy Policy:

UBL Fund Managers uses certain technology on its websites to collect information from visitors and compiles aggregate statistical information about how visitors use our websites, including information relating to the frequency of visits, the average length of visits, which pages are viewed during a visit, and the effectiveness of advertising on our websites. UBL Fund Managers uses this information to improve the website content and performance. No individually identifiable information is collected for this purpose and UBL Fund Managers does not monitor individual visitor behaviour.

In addition, for users of non-public areas of our websites, “session cookies” allow UBL Fund Managers to recognize your computer each time you return and verify your registration or password information during a particular session so that you do not have to input such information multiple times as you navigate those areas.

Most web browser software allows you to modify your preferences to be notified when a cookie is set, or to reject all cookies. If you choose to reject our cookies, some areas of our websites may not function properly.

I / We acknowledge that Tax status of Individual client (filer / non-filer wherever applicable) will be determined as per the information provided by FBR (Federal Board of Revenue, Pakistan).

I agree to above declarations and Terms & Condition
Proceed

1. Under an arrangement between the United Bank Limited (UBL) and UBL Fund Managers Limited (UBL Fund Managers) for the purpose of redemption of AMC electronic units of the individual unit holders through FauriPaisa facility may apply in accordance with the limits stipulated by UBL Fund Managers.

2. The Unit Holder being the customers of UBL Fund Managers has accepted the above arrangement of automatic encashment of the Units of the Funds based on the redemption price(s) of such Unit(s) of the Eligible Funds (currently UBL Liquidity Plus Fund (ULPF), UBL Money Market Fund (UMMF), Al Ameen Islamic Cash Fund (AICF) and Al Ameen Islamic Sovereign Fund (AISF), UBL Cash Fund (UCF) prevailing on the date of withdrawal within the Cut-off timings. UBL Fund Managers reserves the right to change the Eligible Funds from time to time with intimation of such change through its website.

3. The Customer shall be able to use the facility once he is registered for UBL Funds Online Portal/Smart App and after that uses online PIN to make redemption transaction only.

4. The Unit Holder understands and agrees that he/she shall utilize the FauriPaisa Facility for the purpose of encashment of his/her Units of UBL Fund Managers Funds and for no other purpose. However, UBL Fund Managers reserves the right to change the purpose at its discretion without taking prior approval of the Unit Holder.

5. The Unit Holder hereby grants an irrevocable and unconditional authorization to UBL Fund Managers to debit the Unit Holder’s Account in the Fund as per the qualifying criteria from the Eligible Funds devised by UBL Fund Managers against each drawing of cash by him/her via FauriPaisa Facility and further hereby grants an irrevocable and unconditional authorization to UBL Fund Managers and the Trustee to redeem the Units of the Funds lying to his/her credit in his/her account with UBL Fund Managers, against drawing of cash without the need to file a separate redemption form.

6. The Unit Holder also agrees that CGT, Zakat (if applicable) would be recovered by redeeming the applicable number of units from the Unit Holder’s account.

7. The Unit Holder agrees that he/she can transfer/redeem, through FauriPaisa Facility, a maximum amount equivalent to 60% of the current balance from any single eligible fund per day subject to a cap of Rs. 100,000 and a minimum amount of Rs.1,000. This limit will be available for 24hours of a single day expiring on 12 am in the night, subject to there being sufficient number of Units to his/her credit. The Unit Holder also undertakes that he/she shall not make any activity via FauriPaisa Facility for drawing over and above the prescribed limit.

8. The Unit Holder agrees and understands that transactions conducted from other channels filed by the Unit Holder may render the balance of the Unit Holder insufficient to meet the redemption. In such event, where the redemption request through FauriPaisa facility does not meet the qualifying criteria (as determined by management company from time to time), the Unit holder will have the option to either proceed by opting for the normal redemption or discarding the said request. The Unit Holders shall not challenge such reversals/rejections of the redemption request which does not meet the qualifying criteria.

9. Notwithstanding this condition, in case for any reasons, if the Unit Holder somehow overdraws cash over and above his prescribed limit, then the Unit Holder agrees to authorize UBL Fund Managers to redeem such number of units equal to the withdrawn amount from the balance of units currently lying or from the future investment with UBL Fund Managers.

10. In case the transaction is completed and the Unit Holder’s units are redeemed and funds are not transferred, the Unit Holder is required to lodge a claim form/complaint with the UBL Fund Managers for respective transaction amount. The matter shall be resolved as per the dispute resolution criteria of respective bank including calling for satisfactory evidence and proper verification. UBL will intimate to UBL Fund Managers all such cases as per the agreed process. It is reiterated that the NAV awarded would be the transaction date and not the NAV as on the date of actual resolution of the dispute or any other date and bank,

UBL Fund Managers, Trustees and the respective Eligible Funds do not take responsibility of any movement in NAV during the resolution of the dispute.

11. The Unit Holder undertakes to indemnify and hold the bank, UBL Fund Managers and the Trustee harmless from and against all losses, costs and damages that may be suffered or sustained in the performance of FauriPaisa transaction.

12. The Unit Holder agrees for the safe custody of the Online Log-in credentials, theft or handing over the credentials to an unauthorized person and its subsequent misuse in any manner shall be the responsibility of the Unit Holder and he/she shall be responsible to pay for all charges incurring due to the aforementioned circumstances. In case of any breach of log-in credentials, the Unit Holder also agrees to report to UBL Fund Managers immediately on UBL Funds Managers Contact Center.

13. UBL Fund Managers shall have the right to disable any or all Eligible Funds for FauriPaisa transaction with intimation of such change on its website.. This shall however have no impact on the Unit Holders usual right to redeem their units as per the redemption procedures mentioned in the offering documents.

14. The cutoff timings of the transaction will be the same as mentioned in the Offering Documents of the Eligible Funds, if any transaction executed after the cut off time, the next applicable NAV would be applicable.

15. These Terms and conditions shall remain valid and binding on the Unit Holder unless cancelled/terminated by the UBL Fund Managers. Unit Holder agrees not to challenge any such cancellation/termination and will not contest this in anyway.

16. In the event that the FauriPaisa transaction cannot be performed or the obligations fulfilled for any reason beyond the reasonable control of UBL Fund Managers, Trustee and the UBL or other bank including communication malfunctions, connectivity failures, war, strike, act of any civil or military or governmental authority or industrial action, terrorism, suicide bombing, floods or Acts of God, then such non-performance of failure or non-fulfillment of obligations shall be deemed not to be breach of these terms.

17. The Unit Holder agrees and understands that UBL Fund Managers would be maintaining liquidity in UBL to cover the daily redemption transactions and the Unit Holder may not be able to withdraw cash due to utilization of that day’s liquidity.

18. All government taxes, duties and levies etc. on such redemption transactions shall apply and shall be deducted/ recovered by UBL Fund Managers by redeeming equivalent number of units from the Unit Holder’s account based on the redemption price applicable on the redemption proceeds for onward remittance to the bank and /or revenue authorities.

19. The Unit Holder agrees that in the event of book closure, closed periods or due to any situation where the transactions could not take place in the respective Eligible Funds the FauriPaisa facility would also not be available to him/her. The intimation of such events would be posted on the website of UBL Fund Managers for Unit Holders’ information.

20. The facility of redemption of units via FauriPaisa is applicable to UBL Fund Managers electronic units of the individual Unit Holders only.

21. The above Terms and Conditions shall be subject to change from time to time and would be intimated to Unit Holders by posting on the website of UBL Fund Managers; www.ublfunds.com. The Unit Holder agrees that he/she will update himself/herself with the revisions in the above Terms and Conditions.

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