PLATFORM DISCLOSURE STATEMENT
Nature of the Digital Platform
Murabaha Inc. (“Manzil”) and WealthBar Financial Services Inc. (“CI Direct Investing”) are offering a digital platform (the “Digital Platform”) to provide you with an opportunity to access the discretionary investment management services of CI Direct Investing, where you can invest in the Manzil Mortgage Fund (the “Fund”) as part of your Halal portfolio.
You may open registered and taxable accounts on the Digital Platform which include but is not limited to registered retirement savings plan, tax-free savings accounts, registered education savings accounts and non-registered accounts. All of your accounts opened on the Digital Platform are subject to this Platform Disclosure Statement. Your contractual relationship with CI Direct Investing is independent of Manzil and any contractual relationship that you may have with Manzil.
Role of Manzil
Manzil is the manager of the Fund and manages and administers the Fund.
Manzil is not authorized to provide services on behalf of CI Direct Investing or to act for or bind it. For greater certainty, Manzil will not have the authority to direct CI Direct Investing to make investments on your behalf or provide any investment advice directly to you.
Role of CI Direct Investing
As a registered portfolio manager, CI Direct Investing is authorized to act as an adviser in respect of any security. CI Direct Investing provides discretionary investment management services to you, not to Manzil or its representatives. CI Direct Investing is not authorized to provide services on behalf of Manzil or to act for or bind it. CI Direct Investing will make investments for you as described in your Managed Investment Account Agreement and all activities requiring adviser registration under the Digital Platform will be provided by CI Direct Investing.
Fees
For services rendered by CI Direct Investing, including management, trading and performance reporting, CI Direct Investing charges an annual total management fee calculated as a percentage of the fair value of your assets under management (“AUM”) and set out in CI Direct Investing’s pricing page https://www.cidirectinvesting.com/pricing.
Manzil will not collect any referral fees or other compensation from CI Direct Investing in connection with your account. However, Manzil will collect management fees calculated as a percentage of your AUM invested in Manzil Fund.
The table below sets out the Halal Portfolios, including the weighted management fee of the Manzil Mortgage Fund in your Halal Portfolio and a link to the description of the management fees paid by the Manzil Mortgage Fund in your Halal Portfolio, as set out in the confidential offering memorandum of such fund.
|
|
Halal Income |
Halal Conservative |
Halal Balanced |
Halal Growth |
Manzil Mortgage Fund |
% |
100% |
75% |
50% |
25% |
|
Mgt fee |
1.50% |
1.50% |
1.50% |
1.50% |
Portfolio |
Weighted fee |
1.50% |
1.13% |
0.75% |
0.38% |
In addition, Manzil may charge fees and/or pass-through expenses to the Fund of up to 0.49% per year.
Potential Conflicts of Interest
CI Direct Investing is not affiliated with Manzil. Each of CI Direct Investing and Manzil has its own policies and procedures which govern conflicts of interest.
The Digital Platform is a joint offering of Manzil and CI Direct Investing and has been designed to provide you with exposure to the Manzil Mortgage Fund, as represented by the Fund and the Halal Portfolios. By favouring the Fund, CI Direct Investing has not considered other securities that may have characteristics, such as cost structure or past performance, similar or superior to the Fund when providing discretionary investment management services to your account.
Manzil may pay CI Direct Investing an annual maintenance fee to compensate CI Direct Investing for servicing the Digital Platform. As such, the Fund may be considered “connected issuers” of CI Direct Investing.
Acknowledgement and Agreement
By maintaining a CI Direct Investing account that holds a Halal Portfolio, you acknowledge that you have read, understood and agree to the terms of this Online Platform Disclosure Statement.
