@Al-Hilal

Shariah Advisors

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SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF PRIMUS INVESTMENTS

MANAGEMENT LIMITED

Islamic Unit Trusts managed by Primus Investments Management Limited (PIML) are based on

the principle of Investment Agency Contract (Wakalat-ul-Istismar) and have been designed strictlyin conformity with the rules of Islamic Shariah.Under the investment agency contract, the unit holder on investing his money becomes the principal(Muakkil) and PIML acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments.of the following unit trusts:

r PIML Islamic Equity Fundr PIML Islamic Income Fund

are invested in Shariah Compliant contracts on behalf of the inirestor(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 PIML as these are

being managed as per Shariah guidelines.

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f of A1-Hilal Shariah Advisors (Pvt.) Limited.

Faraz Younu*lndukdaChief Executive Officer

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

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

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

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@Al-flilal

-Shariah Advisors-

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January 01,2017

SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF PRIMUS INVESTMENTS

MANAGEMENT LIMITED

Islamic Unit Trusts managed by Primus Investments Management Limited (PIML) are based on

the principle of Investment Agency Contract (Wakalat-ul-Istismar) and have been designed strictly

in conformity with the rules of Islamic Shariah.

Under the investment agency contract, the unit holder on investing his money becomes the principal

(Muakkil) and P-IML acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments of the following unit trusts:

r PIML Islamic Equity Fund

,,. ;".:::: ffi :ffi:ntracts on beharr or the',,.,,,<,r under the guidance or the

Shariah Advisor. All mechanisms and procedures of investments along with the constitutive

documents of the Unit Trusts have been vetted by the Shariah Advisor for compliance with Shariah

guidelines and principles. Moreover, the investment strategies and operations of the funds are regularly

monitored 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 PIML as these are

being managed as per Shariah guidelines.

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

,t*Y#-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: +92.21.3530.9119, Fax: +92.21.3530.9156, Web:www.alhilalsa.com

7Faraz Younus BandukdaChief Executive Officer

@Al-Hilal

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Shariah Advisors-

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SHARIAH APPROVAL FOR INVESTMENTS OF FUNDSUNDER MANAGEMENT OF PRIMUS INVESTMENTS

MANAGEMENT LIMITED

Islamic Unit Trusts managed by Primus Investments Management Limited (PIML) are based on

the principle of Inyestment Agency Contract (Wakalat-ul-Istismar) and have been designed strictly

in conformity with the rules of Islamic Shariah.Under the investment agency contract, the unit holder on investing his money becomes the principal

(Muakkil) and"PIML acts as the agent (Wakeel) to manage the investments of the Muakkil.All investments of the following unit trusts:

o PIML lslamic Equity Fundo PIML Islamic Income Fund

are invested in Shariah Compliant contracts on behalf of the investor(s) under the guidance of the

Shariah Advisor. All mechanisms and procedures of investments along with the constitutive

documents of the Unit Trusts have been vetted by the Shariah Advisor for compliance with Shariah

guidelines and principles. Moreover, the investment strategies and operations of the funds are regularly

monitored 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 PIML as these are

being managed as per Shariah guidelines.

-i* , ,*-- ,. I q t* -r- "i' *"r*, ,

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

Shariah Advisor07- Fe) -

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Al-Hilal Shariah Advisors (Pvt) Limited(Formerly Fortune lslamic S6ryices (Pvt) Limited)

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

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Chief Executive Officer