pool ed dl In the Name of Allah, the Most Beneficent the Most Merciful Shari'ah Pronouncement (26/2020/SP/NBC) Subject: Shari’ah Opinion on Launching The Feature of “Mudarabah Capital Protection” Praise be to Allah, Peace and Blessings upon Prophet Muhammad, his family and his companions, hereafter... We have received a request from National Bonds Corporation (NBC) to provide the Shari'ah Supervisory Board opinion in regard of launching the feature of “Mudarabah Capital Protection’ | according the folowing © The Amounts of the customers’ Investment shall be invested In NBC Pool on a Mudarabah basis which Is governed by the NBC Mudarabah T&C's © Customers are relying upon the performance of NBC. NBC acting as Mudarib, with respect to the capital protection, ill provide its best care to the Customers best interest, acts in good faith and shall administer the investment transaction (s) with the same degree of care as it exercises with regard to similar transaction(s) which it would administer forts own account, transactions & investments. © The capital Investment Amount) protection feature is based fon the best effort of NBC in conformity with rules and principles of Shari'ah as per Mudarabah Contract, T&Cs, according to the Company/s absolute discretion and what deems fi by it, © Actual performance of Mudarabah poo! shall be calculated at the yearend as following: = Ifthe actual performance is higher than the invested initial value, then the Company will be entitled ofthe difference as 2 performance incentive - and if itis lower than the invested initial value, then the ‘company may donate the difference from its own resources at its own free will without any obligation to do so. aii gc NATIONAL BONDS Ami jabal assy Your Trusted Savings Partner Covel %5/2020/26) 45,5 sh Se ly Ae” Rael Si) Sp All Al spell "iylall 1 dey at ae Je SL lal lly Bat ceeding gash "Sp ap KAN Sa ll Jo La Uy Mayall Jl sl, Sle" Hele Srbb Kali, § Ges AN canal de Tall ol Ayla leg ball Jel he JEL AO Hula) sae AI, byed a Golly gla we LI Sal Be gle (opal ae "SHEN ALE Je shal uO al phage Uh gait ISHN ol Som Ly GM) CLM) JL 4) Joy at day AJM CALM gh IB Leas Gl Abell ep a carer) eit Ja Solel Je ORLY! he) IN AL le Se pss 0 aye ley (Rl ee Gil aN oe Se ow pit ty (Sy ey Ally Lal ie ae OL Nena oy ila 2520 iN Ap gla doy pl LV GLI a O ENS oy Jel Jal AM QB) = so BS Sa Je pall Sal jr I oo sl gS), wtpThe Shari’ah Opinion After reviewing the proposed feature, we did not find any contradiction on it with the rules and principles of Shari'ah. “Therefore, there Is no objection to us regarding the launch of this feature, provided that the company’s payment for the aiference ofits actual performance of the capital deficiency is by way of donation without any obligation or precondition, May Allah bless Prophet Muhammad and prayer and peace be ‘upon him May Allah bless the efforts Wednesday 1441 H corresponding to Feb 2020 AD e' 7 dying)! gc NATIONAL BONDS Jaap Adal asad Your Trosted Savings Partner pl fl Sel aR Le Jo Wet pie W ogy dell alll Les ag sel hs gl dln Ua Jey OLY days ey Ae BN gH oS 3 bt Jeans te dee Je aye oil oie A AT deg at ba Je aby dey al roy Bel aly 1441 slg 12020 ( 18) Lie i! 4 une = rrr ar Replied gas etl teh ya tl olla gon ane at a 1 Bue yh jell ae piaiel ayers Reid wb