The sales charge or commission not exceeding 5% of the net asset value, which may be included in the Offer Price of certain classes of Units or deducted from the Net Asset Value in order to determine the Redemption Price of certain classes of Units.

Completing a trade between brokers acting as agents or between a salesperson and the client. A trade is settled when the required payment is made for securities purchased or the correct documentation has been delivered and the client receives the proceeds from the sale.

Ownership interest of common and preferred stockholders in a company. That is, it represents the difference between the assets and liabilities of a company.

Shall mean any activity that is in accordance with the Islamic Shariah, as may be advised to the Pension Fund Manager by Shariah Advisor.

Means divine guidance as given by the Holy Quran and the Sunnah of Prophet Muhammad (Peace Be Upon Him) and embodies all aspects of the Islamic faith.

(1) The difference between the bid and ask price of a security.

(2) The difference in yields between two bonds or debentures.

(3) The buying and selling of puts or calls on the same underlying security, but with different strike prices and/ or expiration dates.

Means Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock Exchange or any other stock exchange registered under section 5 of the Securities and Exchange Ordinance.