Terms & Conditions

These terms and conditions (the Terms and Conditions) regulate the website service offered by MCB-Arif Habib Savings and Investments Limited (MCB-AH) (formerly Arif Habib Investments Limited) to the Customers (as defined below). Whereas, MCB-AH is offering the ISave Facility in compliance with the responsibility imposed upon it pursuant to the trust deeds of the Funds, to facilitate investment and divestment by Unit holders and to make adequate arrangements for receiving and processing applications in this regard.

1. Definitions and Interpretation

All capitalised terms used herein shall have the following meanings:

    • “Activity” means any activity carried out, transaction made or request given by a Customer in relation to availing a Service.
    • “Administrative Plan” means the investment plans offered by the MCB-AH from time to time which allows Unit holders a focused investment strategy in any one or a combination of Collective Investment Schemes managed by MCB-AH.
    • “Customer” means and includes the person using the ISave Facility by registering to the same, who may also be a Unit holder.
    • “Constitutive Documents” means the trust deed, offering documents and other principal documents governing the formation of a Fund, including all related material agreements.
    • “Collective Investment Schemes” has the meaning given to it in the NBFC Rules, 2003.
    • Funds” means the Collective Investment Schemes managed by MCB-AH.
    • “Instruction” means any instruction or command purportedly given by the Customer in reference to any Service by using the ISave Facility.
    • “NAV” means, in relation to a Fund, the per unit value of that Fund arrived at by dividing the Net Assets (being the excess of the assets over the liabilities of the Fund, such excess being computed in the manner provided in the offering document for the relevant Fund) by the number of Units outstanding in that Fund.
    • “Password” shall mean a password selected by a Customer to enable him to log in to iSave and access the Services.
    • “person” shall mean and include individuals, company or corporation, sole proprietorship, partnership firm and any other association of persons whether registered or not.
    • “Service” shall mean and include all facilities and services under ISave Facility including the following:
      • NAV for Funds under management of MCB-AH;
      • enquiry by a Customer to know the value of the units (NAV for a Fund multiplied by the number of units held by the Customer in that Fund) held by a Customer in a particular Fund.
      • General information about the Funds under management of MCB-AH;
      • Registration service for the subscription by SMS alerts of NAV for Funds managed by MCB-AH ;
      • Registration service for the subscription by email alerts of NAV for Funds managed by MCB-AH;
      • Appointment request with sales agent of MCB-AH;
      • Balance inquiry by Customers who are Unit holders;
      • Purchase of Units by Customers who are Unit holders;
      • Redemption of units in a Fund by Customers who are Unit holders; and
      • Conversion of units from one Fund to another Fund within the same Administrative Plan or from one Fund to another Fund of a different Administrative Plan, pursuant to the Constitutive Documents of such Fund, by a Customer who is a Unit holder.
    • “ISave Facility” means the MCB-AH website to be used by the Customers who are registered with MCB-AH to avail the Services.
    • Unit holder” means a legal or natural person whose name has been entered in the register of the Unit holders of the Fund(s) in which he is holding units, who has been allotted and is holding units in one or more of the Funds managed by MCB-AH, including persons jointly holding units in such Funds.

Words importing the singular shall include the plural or vice versa.
A reference to one gender includes a reference to the other gender.

2. General

2.1       By receiving the automatically generated password for the first log in to the ISave Facility, the Customer is deemed to have acknowledged that he has read, reviewed, understood and unconditionally and irrevocably accepted all these Terms and Conditions. These Terms and Conditions form the contract between the Customer and MCB-AH for the use of the ISave Facility. These Terms and Conditions are in addition to and not in derogation of the Constitutive Documents for the relevant Fund(s) of which the Customer is a Unit holder and shall be construed in accordance with the applicable law and regulations from time to time. MCB-AH shall have the absolute discretion to amend or supplement any of these Terms and Conditions pertaining to the ISave Facility at any time and shall be notified by hosting the same on the website of MCB-AH or in any other manner as decided by MCB-AH. Such amended Terms and Conditions stipulated by MCB-AH will thereupon apply to and be binding on the Customer. The Customer shall be responsible for regularly reviewing these Terms and Conditions including amendments thereto as may be posted on the website of MCB-AH.

2.2     The Customer shall have no objection to MCB-AH verifying the identity before registering the Customer for ISave Facility. The Customer shall register for ISave Facility by providing such personal details as shall be required by MCB-AH from time to time for the purpose of affecting the registration. MCB-AH shall validate the personal details provided by the Customer to enable the Customer to register to the ISave Facility. In the event that any of the details provided by the Customer are not in conformity with the details available with MCB-AH, MCB-AH shall, at its sole discretion, reject the registration of the Customer and the Customer shall be required to update his personal details with MCB-AH in the manner prescribed by MCB-AH.

2.3      In case of any discrepancy in the details of any transaction carried out in respect of the Customer’s account, the Customer shall be obliged to intimate MCB-AH thereof in writing within 10 (ten) days of receipt of the [statement of account], in respect of the Customer failing to do so, the [statement of account] will be deemed to be correct and accepted by the Customer.

2.4     MCB-AH is authorized to provide any information or details relating to the Customer or his account to any third person so far as is necessary to give effect to any instructions or to comply with any order of the Court or of any competent/ statutory authority or as is required under applicable law.

2.5     The Customer understands and acknowledges that MCB-AH, reserves the right to modify, alter and/or amend, any of the terms and conditions of the ISave Facility at its sole discretion. The Customer undertakes to bind himself [and continue to be so bound] by the terms and conditions of the ISave Facility, unless the same be modified, altered and/or amended. In the event that the terms and conditions of the ISave Facility are so modified, altered and/or amended, the Customer shall not be permitted to proceed with the use of the ISave Facility unless he agrees to such modified, altered and/or amended terms and conditions (as the case may be).

2.6   The Customer hereby confirms that the Customer shall solely be responsible for conducting all activities by using the Services and Password over the ISave Facility and the same will be deemed to have emanated from such Customer. The Customer agrees that all Instructions transmitted by using the ISave Facility, shall be deemed to be written instructions, and agrees not to dispute or challenge the validity or enforceability of any such instruction on the grounds that such instructions were not written documents and hereby waives any such right the Customer may have at law. In addition, such Instructions are considered original documents and the Customer agrees not to challenge the admissibility of any such instruction on the grounds that it is made in electronic or oral form.

2.7     The Customer represents to MCB-AH that the Customer has full power to perform its obligations in accordance with these Terms and Conditions and availing the ISave Facility.

2.8       The Customer agrees that the ISave Facility is being provided by MCB-AH for the Customer’s benefit and in discharge of the duty imposed upon MCB-AH to facilitate investment and divestment by Unit holders and to make adequate arrangements for receiving and processing applications in this regard. The Customer further acknowledges that MCB-AH has the power to provide the ISave Facility pursuant to the Constitutive Documents and the transactions envisaged by the ISave Facility along with these Terms and Conditions shall be legal, valid and binding and in accordance with the provisions of the Constitutive Documents.

3. Security and Confidentiality of Information

3.1   The Password selected by the Customer is confidential in nature and the Customer confirms that he will keep the Password confidential and will not divulge it to anybody else except for the purpose of using it himself for availing of any facilities as may be offered by MCB-AH under ISave Facility from time to time. The Customer also agrees to take all possible care to prevent discovery of the Password by any other person. The responsibility for misuse of the Password of the Customer is solely of the Customer and MCB-AH shall not be responsible for the use/misuse of the Password in any manner whatsoever. Accordingly, the Customer agrees to accept the activities conducted through the use/misuse of or fraudulent use of the Password of the Customer in the same manner as if such activities were duly authorized by the Customer himself.

3.2    The Customer confirms and assures that he will not share his Password with any person(s). Notwithstanding the aforesaid, in the event of the Customer sharing his Password with any other person(s), for availing any facilities offered by MCB-AH under ISave Facility, then for such disclosure and any consequences of use / misuse of Password by such person(s), the Customer shall be solely responsible.

3.3     The Customer shall inform MCB-AH immediately in case his Password becomes known to any other person or is lost. MCB-AH may in its absolute discretion, issue to the Customer a new Password on similar terms and conditions or under such terms and conditions as MCB-AH may deem fit.

3.4     The Customer shall be fully liable to MCB-AH for every Activity conducted into using the ISave Facility, whether with or without the knowledge of the Customer and consequences thereof.

3.5     The Customer is aware of all security risks including possible third party interception of his account and the content of his account becoming known to third parties. The Customer accepts that the use of Website is not the most secure method of accepting and transmitting information and that it involves security hazards and the risk of any loss of information or obtaining of information by any third party will be to his account and MCB-AH shall, in no way, be held responsible for the same and this shall not be considered as a breach of its or its constituent company.

3.6   Any Instructions given using the Customer’s Password shall be deemed to be an Instruction received from the Customer and the Customer accepts sole responsibility for use, confidentiality and protection of the Password, as well as for all activities carried out using such the ISave Facility.

3.7    A Customer’s access to ISave Facility will be disabled if a wrong Password or identification information is entered successively for 3 times or as decided by MCB-AH in its sole discretion from time to time.

3.8       To ensure that the Customer is alone able to access and give Instructions, he must at all times:

  • safeguard his Password and not disclose any details of his Password to anyone else (including to a member of MCB-AH staff);
  • not record the Password in a way whereby it will be legible or accessible to any third party;
  • preferably memorise the Password and then destroy any record of it;
  • not allow anyone to operate the ISave Facility on his behalf;
  • not leave the device on which he is accessing the Website unattended while he is using the ISave Facility; and
  • undertake any other security measures which a person of reasonable prudence will follow/exercise to keep his most valuable articles/goods safe and ensure that the same are not misused.

4. Service

4.1     The Customer acknowledges that the price, rates, conditions and charges applicable for  a Service shall be in accordance with the applicable Constitutive Documents and susceptible to change in accordance with the terms thereof.

4.2     The calculation of the NAV for redemption transactions will be done in accordance with the Constitutive Documents.

4.3     The Customer understands that MCB-AH may, at its absolute discretion, alter, suspend or terminate any of the Services completely or partially without any notice to the Customer and without assigning any reasons thereof and the Customer agrees that MCB-AH will not be liable for any consequences in connection thereof and the Customer agrees that MCB-AH will not be liable for any consequences in connection thereof.

4.4       The ISave Facility shall be provided by MCB-AH at the sole discretion of MCB-AH who reserves the right to add, revise, suspend in whole or in part any of the Services provided by it.

4.5       Copyright in the images, text, screens and web pages appearing at the Website is owned by MCB-AH or others as indicated. The Customer may copy information from the Website for the Customer’s personal or educational use only, provided that each copy includes any copyright, trademark or service mark notice as they appear on the pages copied. The information and materials may not otherwise be copied, displayed, distributed, downloaded, licensed, modified, published, reposted, reproduced, reused, sold, transmitted, or otherwise used for public or commercial purposes, except as provided in these terms and conditions without the express written permission of MCB-AH.

5. Charges

5.1     The Customer agrees that he may be charged transaction cost for using any Service, up to Rs. 25 per Service. However, MCB-AH may increase the transaction cost from time to time in consideration for the Services provided herein and will notify the same through its website.

6. Liability

6.1     MCB-AH shall have no obligation to verify the authenticity of any Activity conducted or Instruction received or purported to have been received from the Customer other than by means of verification of the Password. The Customer understands that MCB-AH disclaims all and any liability, whether direct or indirect, whether arising out of loss of profit or otherwise arising out of any failure or inability by MCB-AH to honour any instruction from the Customer for whatsoever reason. The Customer understands and accepts that MCB-AH shall not be responsible for any of the risks. The Customer also accepts that MCB-AH has disclaimed all liability in respect of the said risks.

6.2   The Customer acknowledges that the Service is dependent on the infrastructure, connectivity and services provided by the network service providers and other factors. The Customer accepts that timeliness, accuracy and readability of SMS/alerts/information shall depend on factors affecting the network service providers. MCB-AH shall not be liable for non-delivery or delayed delivery of SMS/alerts/instructions/information, payments, error, loss or distortion in transmission of information and Instructions to/from the Customer.

6.3     The Customer shall not interfere with, alter, amend, tamper with or misuse in any manner whatsoever the ISave Facility and in the event of any damage or loss due to improper or fraudulent use by the Customer, he / she shall be liable himself.

6.4    The technology for enabling the Services offered by MCB-AH using the ISave Facility can be affected by virus or other malicious, destructive or corrupting code, programme or interceptions. This could result in delays in the processing of Instructions or failure in the processing of Instructions and other such failures and inabilities. The Customer shall not hold MCB-AH liable for any such instance.

6.5     The Customer understands and accepts that the offer price or redemption price of units of the Funds may change from time to time and that MCB-AH shall not be responsible or held liable for quoting or misquoting any price whatsoever.

6.6    The Customer acknowledges having read and understood these terms and conditions. The Customer accepts and agrees to be bound by these terms and conditions including those excluding MCB-AH’s liability.

6.7       MCB-AH shall not be liable for any loss or damage to the Customer as a result of making or not making the ISave Facility available to the Customer, including direct, indirect, consequential or special loss, even if MCB-AH has been advised of the same.  Circumstances where MCB-AH will not be liable will include (but not be limited to):

  • acting on Instructions received by MCB-AH through the use of the Password;
  • any reliance on financial information provided as part, or by means of, the ISave Facility; and
  • loss or distortion of data during transmission or other faults in the telecommunication network or a network failure.

6.8       The content on the Website is for convenience and information purposes only. The Customer should consult his financial, tax and legal advisors, and independently verify all content provided through the Website before he makes decisions. Nothing on the Website constitutes an offer to sell or buy any product. Nothing on the Website should be construed as rendering tax, legal, investment or accounting advice. The posting of any prospectus or any other information on the Website is not a recommendation or opinion for the Customer to buy or sell any product or participate in any transaction.

6.9       In addition to and without limiting the foregoing, MCB-AH shall not be liable for any harm caused by the transmission, through the services or information, of a computer virus, or other computer code or programming device that might be used to access, modify, delete, damage, corrupt, deactivate, disable, disrupt, or otherwise impede in any manner the operation of the services or any of the Customer’s software, hardware, data or property.

7. Indemnity

7.1   The Customer indemnifies and agrees to keep MCB-AH, including its officers, employees and agents, at all times saved, defended, harmless and indemnified from and against any and all loss, costs, outgoings, expenses, claims, actions, damages or consequences whatsoever on a full indemnity basis that they may suffer as a result of or in consequence of MCB-AH providing the ISave Facility.

7.2     In consideration of MCB-AH providing the Customer with the ISave Facility, the Customer agrees to keep MCB-AH, its associated companies, their officers, employees, successors and assigns safe, harmless and indemnified from and against all actions, claims, demands, proceedings, loss, damages, costs, charges and expenses whatsoever which MCB-AH or its constituent companies may at any time incur, sustain, suffer or be put to as a consequence of or arising out of the Customer’s use of the said Services.

8. Governing Law

8.1   The validity, construction and performance of these Terms and Conditions shall be governed by and be interpreted in accordance with the laws of the Pakistan. Any dispute arising in connection with these Terms and Conditions shall be decided by a sole arbitrator appointed by the Chairman of MUFAP in accordance with the Arbitration Act, 1940, whose decision shall be final and binding. The place of arbitration shall be Karachi and the language of the arbitration shall be English.

9. Waiver

9.1     No forbearance, delay or indulgence by MCB-AH in enforcing the provision of these Terms and Conditions  between MCB-AH and the Customer shall prejudice or restrict the rights of MCB-AH nor shall any waiver of its rights in relation to a breach of these Terms and Conditions operate as a waiver of any subsequent breach and no right, power or remedy given to or reserved to the MCB-AH under the agreement is exclusive of any other right, power or remedy available to MCB-AH and each such right, power or remedy shall be cumulative.

10. Severability

10.1    If any provision of these Terms and conditions is held to be ineffective, unenforceable or illegal for any reason, such decision shall not affect the validity or enforceability of any or all of the remaining provisions of these Terms and conditions.