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Effective from Mar 01 2023 - Feb 28 2023 To view other versions open the versions tab on the right
The following must be stated in the contract:
a.
the rights and liabilities of both parties—in particular, the circumstances where losses are to be borne by the IAH;
b.
the implications on the IAH’s contractual rights with regard to the early withdrawal, early redemption or other exit;
c.
the duty of the bank to disclose accurate, relevant and timely information to the IAH on the investment of funds, including its performance, investment strategies, valuation, and frequency of valuation of the PSIA’s assets;
d.
how any losses incurred as a result of negligence, misconduct, fraud or breach of contract on the part of the bank will be dealt with;
e.
how any subsequent changes in the profit-sharing ratio will be disclosed;
f.
any smoothing techniques that the bank uses
g.
whether or not zakat is paid on behalf of the IAH by the bank
