PIFI definition
Examples of PIFI in a sentence
The PIFI shall hold SBP’s share in profit separately for and on SBP’s behalf.
For the avoidance of doubt, if the management fees of PIFI and OPER are an annual rate of 0.45% and 0.20%, respectively, of the applicable Fund’s average net assets, the Adviser will be entitled to receive a management fee (net of waivers) with respect to the assets of PIFI invested in OPER of 0.25% from PIFI (reflecting the difference between PIFI’s and OPER’s management fees) and 0.20% from OPER (the normal management fee), for a total of 0.45%.
The PIFI further agrees that SBP or any official authorized by SBP shall have the right of inspection of the PIFI’s records and documents for which mudarabah investment has been made by SBP.
The PIFI also agrees and undertakes to keep all such documents in trust for a reasonable period as per provisions of the scheme.
Community and its Subsidiaries’ collection and use of PIFI and the use of such PIFI by Community or any of its Subsidiaries complies in all material respects with all applicable Law.
SBP shall have the right to seek and obtain full assistance and cooperation from the PIFI for discharging SBP’s duties and performing SBP’s functions.
Each of the OCIO Waiver and the PIFI Waiver shall remain in effect until at least September 30, 2024, unless sooner terminated as provided herein.
The PIFI agrees that all income of general pool of assets shall be applied in deriving the profit to the mudarabah participants in the general pool including SBP and that the profit allocation would be according to “Instructions for Profit & Loss Distribution and Pool Management” for Islamic banking Institutions (IBIs) issued vide IBD Circular No.3 dated November 19, 2012, as amended from time to time.
The PIFI agrees and undertakes that the PIFI shall at all times execute or maintain separate legal documentation and records including letters of credits/inland letters of credit and further security documents, notes, indemnity bonds, agreements etc., including the assignment deed of securities now held by the PIFI or which may be obtained by the PIFI from its customers subsequently, as are adequate to safeguard the PIFI’s interest against the finances for which this agreement has been executed.
At maturity(ies) the PIFI shall redeem SBP’s share in the general pool by purchasing SBP’s proportionate share in the general pool as per redemption / repayment schedule, after taking into consideration profit and loss, as the case may be.