Effective: October 2026
Last Revised: 6th October 2026
Thamani recognises that some customers may wish to invest or save in accordance with Islamic financial principles. This Disclosure applies to products and investment opportunities designated by Thamani as Shariah-compliant, Halal, non-interest or otherwise faith-aligned. It explains the general basis of Thamani's Shariah-compliant offerings, the applicable Shariah governance framework and the principal risks and limitations associated with such products. This Disclosure supplements and does not replace the applicable Product Terms, Investment Agreement, Savings Terms, Risk Disclosure, Campaign Terms or other documentation governing a specific product. Where there is any conflict between this Disclosure and the specific documentation applicable to a product, the specific product documentation shall prevail.
Thamani's products designated as Shariah-compliant are intended to be structured and operated in accordance with applicable Shariah principles and the governance arrangements applicable to the relevant product. Thamani may engage appropriately qualified Shariah advisers, scholars or a Shariah Advisory Panel to review the structure, underlying activities, transactions and documentation of its Shariah-compliant products. Where applicable, a Shariah adviser or advisory body may provide an opinion, review or certification in relation to the relevant product. Any statement that a product is Shariah-compliant applies only to the specific product or investment structure to which it relates and does not represent that all Thamani products, services or activities are Shariah-compliant.
Thamani's Shariah-compliant products are intended to operate in accordance with applicable Shariah principles, including avoiding riba (interest) and prohibited activities and transactions. Funds may be deployed into investments, projects, businesses, assets or other opportunities that have been assessed as appropriate for the relevant Shariah-compliant product. The structure and permitted use of funds will depend on the particular product and will be set out in its applicable Product Terms, Investment Agreement or other governing documentation.
Depending on the product, Thamani may pool funds received from investors for deployment into specified investment opportunities, projects, asset classes or counterparties. The existence of an underlying asset does not necessarily mean that an investor acquires direct ownership of that asset. In some structures, an asset may serve as security or support for an investment, while in other structures investors may have a direct or beneficial interest in an underlying asset. The nature and extent of an investor's interest, the use of funds and the applicable ownership or security arrangements will be determined by the specific product documentation.
Where a product is structured as Mudarabah, the applicable Product Agreement will set out the respective roles and obligations of the parties, the permitted investment activities, the agreed profit sharing arrangement, the basis for calculating and distributing profits and the treatment of losses. Funds under a Mudarabah arrangement will be deployed into investments or transactions intended to comply with applicable Shariah principles. Returns under a Mudarabah arrangement are dependent on the performance of the underlying investments or business and are not guaranteed. The treatment of profits and losses will be governed by the applicable Mudarabah Product Agreement and the relevant Shariah principles.
Returns from a Shariah-compliant product will depend on the structure and performance of the relevant underlying investment or transaction. Where the product provides for profits to be shared between Thamani and investors, the applicable Product Terms or Investment Agreement will specify the basis and ratio for such sharing. Any indicative, projected or target return disclosed in relation to a product is not a guarantee of performance or repayment unless expressly provided for and permitted under the applicable legal and regulatory framework. Customers should review the applicable product documentation for the specific basis of calculating and distributing returns.
Shariah compliance does not eliminate investment risk. Depending on the relevant product, investors may be exposed to business, market, counterparty, project, liquidity, operational, asset-value and other risks. The allocation of losses will depend on the structure of the relevant product and the applicable contractual arrangements. Where investors bear the investment risk, capital may be lost in whole or in part, except to the extent otherwise provided under the applicable agreement or arising from circumstances for which Thamani is legally responsible, including applicable negligence or misconduct. Customers should review the specific Risk Disclosure and Product Terms before investing.
Where Thamani offers a product designated as Halal Saving, Shariah-compliant savings or otherwise identified as faith-aligned, the product will be structured and operated in accordance with the applicable Shariah principles and the relevant Savings Terms or Product Agreement. The applicable product documentation will specify the structure of the arrangement, treatment of funds, applicable profit, return or benefit, fees and charges, withdrawal arrangements and relevant risks and obligations. The Shariah-compliant or Halal designation applies only to the specific product and structure to which it relates.
Shariah interpretation may differ among scholars, schools of thought, jurisdictions and individuals. Thamani's description of a product as Shariah-compliant reflects the basis and applicable review or governance arrangements relating to that product. It is not intended to constitute personal religious, theological or Shariah advice. Customers who require guidance based on their individual religious circumstances should consult their own qualified religious adviser or Shariah scholar. Customers should also independently consider the financial suitability and risks of an investment before investing.
Before investing in or subscribing to a Shariah-compliant product, customers should review the applicable: • A. Product Terms; • B. Investment or Product Agreement; • C. Risk Disclosure; • D. Savings Terms, where applicable; • E. Campaign or transaction-specific disclosure, where applicable; and • F. Any applicable Shariah opinion, certification or other product-specific disclosure. Where there is a material change to the structure, Shariah governance arrangements or other material features of a Shariah-compliant product, Thamani will take reasonable steps to update the relevant documentation and notify affected customers where required or appropriate. Where there is any conflict between this Disclosure and the specific documentation applicable to a product, the specific product documentation shall govern.
