Islamic Global Real Estate Securities Fund SPC - National Bank of ...

Private Placement MemorandumPramericameans the Investment Advisor and Pramerica Real Estate Investors Ltd., a company organized under the laws ofthe United Kingdom and regulated by the U.K. Financial Services Authority, and its successors and permittedassigns.Property Leveragemeans leverage, which may be structured on an interest-bearing basis, incurred by the entities in which theWafra-Pramerica Fund invests, subsidiaries or affiliates of such entities, or relating to the properties of suchentities, subsidiaries or affiliates, but excluding Portfolio Leverage.Real Estate Securitiesmeans the securities of real estate investment, development and operating companies, including real estateinvestment trusts, and the securities of companies providing management and investment advisory services toreal estate investment, development and operating companies, which securities may consist of shares, generaland limited partnership interests, membership interests and other equity and quasi-equity instruments.Redemption Applicationmeans the redemption application submitted by a shareholder of the Fund requesting to redeem any or all ofsuch shareholder’s Shares in accordance with this Placement Memorandum.Redemption Valuation Pointmeans 5:00P.M., New York City time, on the applicable Dealing Day.Sharesnon-voting participating shares of the Fund, par value US$0.0001 per share.Shariahmeans Islamic law and precepts as interpreted from time to time by the Shariah Supervisory Board.Shariah Criteriameans, collectively, the Financial Screen, the Industry Screen and such other Shariah criteria or guidelines asmay be adopted by the Shariah Supervisory Board from time to time.Shariah Supervisory Boardmeans the Shariah board of advisors of the Wafra-Pramerica Fund.Short-Term Instrumentsmeans short-term, Shariah-compliant instruments in which the Portfolios may invest pending the making of aninvestment in the portfolios of the Wafra-Pramerica Fund, the funding of redemptions, the payment of fees andexpenses or the making of distributions. Such investments may include income producing accounts that utilizeShariah-compliant investment mechanisms such as murabaha, wakala, mudaraba and ijara.Subscription Applicationmeans the subscription application submitted by a prospective or existing shareholder to subscribe for Sharesof the Fund.Subscription Valuation Pointmeans 4:59P.M., New York City time, on the applicable Dealing Day.Valuation Pointmeans the Redemption Valuation Point or the Subscription Valuation Point, as the context requires.Waframeans the Fund Manager and its affiliates.Wafra-Pramerica Fundmeans Wafra-Pramerica Global Real Estate Securities Fund SPC, an open-ended, Shariah-compliant, exemptedsegregated portfolio company incorporated in the Cayman Islands with limited liability.5