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*s{ I "**x*ry{ **{er-.ni , Ci .rl*January 01,20),7

SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF JS INVESTMENTS LIMITED

Islamic Unit Trusts managed by JS Investments Limited (JSIL) are based on the principle ofInvestment Agency Contract (Wakalat-ul-Istismar) and have been designed strictly in conformitywith the rules of Islamic Shariah.Under the investment agency contract, the unit holder on investing his money becomes the principal(Muakkil) and JSIL acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments of the following unit trusts:

o JS Islamic Funclo JS Islamic Government Securities Fundo JS Islamic Pension Savings Fund

are invested in Shariah Compliant contracts on behalf of the investor(s) uuder the guidance of theShariah Advisor. All mechanisms and procedures of investrnents along with the constitutivedocuments of the Unit Trusts have been vetted by the Shariah Advisor for compliance with Shariahguidelines and principles. Moreover, the investment strategies and operations of the funds are regularlymonitored for their shariah compliance to ensure strict conformity with shariah guidelines.

Hence it is resolved that it is perrnissible to invest in Islamic unit trusts managed by JSIL as these are

being managed as per Shariah guidelines.

,*l* I Stl , "i,*" o*.*l* "il*.rt ,

f of Al-Hilal Shariah Advisors (Pvt.) Limited.

AI-Hilal Shariah Advisors (Pvt) Limited(Formerly Fortune lslamic Services (Pvt) Limited)

3rd Floor, Razi Tower, BC-1 3, Block No. 9, KDA Scheme No. 5, Clifton, Karachi.

7Chief Executive Officer

Tel: +92.21.3530.91'1 9, Fax: +92.21.3530.91 56, Web:www.alhilalsa.com

Al-flilal-Shariah

Advisors-

Faraz VounudTlandukda

@Al-Hilal

-Shariah Advisors-

x,o;*****"$$ g *ry$*,.nE* *-X* emk#t s eWfotr $.6,6*fil,l{ w* *tr,! "**-adt

-u.l r.****ryl$ *tm.*l x *l{,rX*January 01,2017

SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF JS INVESTMENTS LIMITED

Islamic Unit Trusts managed by JS Investments Limited (JSIL) are based on the principle ofInvestment Agency Contract (Wakalat-ul-Istismar) and have been designed strictly in conformitywith the rules of Islamic Shariah.Under the investment agency contract, the unit holder on investing his money becomes the principal(Muakkil) and JSIL acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments of the following unit trusts:

. JS Islamic Fundr JS Islamic Government Securities Fundo JS Islamic Pension Savings Fund

,.are invested in Shariah Compliant contracts on behalf of the investor(s) under the guidance of theShariah Advisor. All mechanisms and procedures of investments along with the constitutivedocuments of the Unit Trusts have been vetted by the Shariah Advisor for compliance with Shariahguidelines and principles. Moreover, the investment strategies and operations ofthe funds are regularlymonitored for their shariah compliance to ensure strict conformity with shariah guidelines.

Hence it is resolved that it is permissible to invest in Islamic unit trusts managed by JSIL as these are

being managed as per Shariah guidelines.

o.r- 1r:J,L 5 m L-- * .Ltt-rf* I

For and on behalf of Al-Hilal Shariah Advisors (Pvt.) Limited.

t

-- . Hi \ rits.-

Dr. Mohsin NaqviShariah Advisor

Al-Hilal Shariah Advisors (Pvt) Limited(Formerly Fortune lslamic Services (Pvt) Limited)

3rd Floor, Razi Tower, BC-13, Block No. 9, KDA Scheme No. 5, Clifton, Karachi.

Tel: +92.21.3530.91 19, Fax: +92.21.3530.91 56, Web:www.alhilalsa.com

ADYT:S,do-

#Faraz tounus BandukdaChief Executive Officer

@Al-Hilal

- Shariah Advisors-

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SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF JS INVESTMENTS LIMITED

Islamic Unit Trusts managed by JS Investments Limited (JSIL) are based on the principle ofInvestment Agency Contract (Wakalat-ul-Istismar) and have been designed strictly in conformitywith the rules of Islamic Shariah.Under the investnient agency contract, the unit holder on investing his money becomes the principal(Muakkil) and JSIL acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments of the following unit trusts:

o JS Islamic Fund 'o JS Islamic Government Securities Fund. JS Islamic Pension Savings Fund

are invested in Shariah Compliant contracts on behatf of the investor(s) under the guidance of theShariah Advisor. All mechanisms and procedures of investments along with the constitutivedocuments of the Unit Trusts have been vetted by the Shariah Advisor for compliance with Shariahguidelines and principles. Moreover, the investment strategies and operations of the funds are regularlymonitored for their shariah compliance to ensure strict conformity with shariah guidelines.

Hence it is resolved that it is permissible to invest in Islamic unit trusts managed by JSIL as these arebeing managed as per Shariah guidelines.

*i- ,;-" . -l* r - _o^- i,*1..,, ,

For and on behalf of Al-Hilal Shariah Advisors (Pvt.) Limited.

a^,Adau.u, Loun,"JBandukdaChief Executive OfficerShariah Advisor

O7- Fcb ->o t7

Al-Hilal Shariah Advisors (Pvt) Limited(Formerly Fortune Islamic Services (Pvt) Limited)

3rd Floor, Razi Towel BC-1 3, Block No. 9, KDA Scheme No. 5, Clifton, Karachi.

Tell. +92.21.3530.911 9, Fax: +92.21.3530.91 56, Web:www.alhilalsa.com

I

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