TERMS & CONDITIONS
RIZQ is an online platform owned and operated by Naseeb Online Services (Private) Limited
(“RIZQ”) for the provision of various financial, professional development, and insurance-related
services to freelancers and salaried professionals (the “Services”). By browsing or accessing
the RIZQ site/mobile application in any manner whatsoever, you hereby agree and undertake that
the terms and conditions contained herein (the “Terms”) shall govern your use of the provided
Services and that you are in express agreement with the contents of these Terms.
RIZQ may modify/alter/amend the Terms at any point in time at its sole discretion or as required
by law and without any prior notification. RIZQ shall bear no responsibility or liability
towards you or any third party for any variations or modifications to the Terms. You are advised
to regularly review the Terms, and in the event that you consider any modifications/revisions to
be unacceptable, you are advised to discontinue your use of RIZQ and its associated Services, as
your continued use of RIZQ shall constitute acceptance of any modifications/revisions to the
You understand and agree that with regards to the Services, you shall have a direct relationship
with the RIZQ partner institution governing your opted Service(s) RIZQ’s role is limited to that
of an intermediary, whereby RIZQ shall enable you
to view and connect with third-party financial institutions in order to avail various financial
facilities and in no manner and/or form shall RIZQ be liable for ensuring that the availed
facilities and associated privileges accrue in the committed manner; RIZQ is not operating as
its Partner’s representative, agent or employee.
RIZQ shall not be liable for any claims, losses, harm, damage, complaints, or disputes you may
have with respect to availing the Services including without limitation any direct, indirect,
exemplary, punitive, special, or consequential damages, including but not limited to loss of
business, revenue, profits, losses or damages arising out of claims from the use of RIZQ,
howsoever arising and whether under contract, tort or otherwise (including without limitation
third party claims, loss of profits, loss of revenue or damage to reputation or goodwill, etc.).
Setting Up Access
- At the time of registering as a RIZQ user, you must be at least eighteen (18) years of age
and of sound mind.
Upon signing up for RIZQ, you shall be allocated two (2) purpose-specific wallets each
bearing a unique Account ID. The first of these wallets shall be RIZQ’s closed-loop wallet
powered by Finja (the “Spending Wallet”) and shall be opened upon you signing up as a
user. The second shall be a wallet powered by RIZQ’s licensed financial partners (the
“Savings Wallet”). In order to be validated as a bonafide RIZQ user, you understand
agree that you shall:
- Deposit, as specified at the time of signing up for RIZQ, the requisite fee, which shall be
debited by RIZQ for the purposes of verifying you through Know Your Customer (“KYC”)
screening based on the success of which you shall be able to access and utilize the various
services offered through RIZQ including but not limited to setting up your Savings Wallet,
availing loans and/or purchasing insurance.
- Deposit, as specified by RIZQ’s licensed financial partners and amended from time to time,
the initial saving deposit amount.
- Provide RIZQ and its partners, accurate and complete details obtained through successfully
conducted KYC screening.
- Submit an undertaking confirming that you are opening an account for your own use and not
on behalf of any third party and that you have never been denied account opening by any
- Upon successful KYC screening and confirmation of your compliance with all
applicable RIZQ terms & conditions, your Savings Wallet shall be approved and you
shall be provided access to the full spectrum of RIZQ Services. For the avoidance of
doubt, in the event you fail the KYC screening, your Spending Wallet shall be
closed, your RIZQ account shall be deleted, and your access to RIZQ shall be blocked
in its entirety.
- The KYC screening shall be repeated on an annual basis and in this regard you
unconditionally authorize RIZQ to deduct the necessary verification fee from funds
available in your RIZQ account as and when applicable. In the event, any repeat KYC
screening reveals that your provided details are invalid, inaccurate, inauthentic,
or incorrect, and/or in the event you have failed to update your details as per the
manner prescribed by RIZQ, your RIZQ account shall be terminated.
- You understand and agree that your RIZQ account shall be terminated subject to a
twenty-four (24) hour cure notice in the event you fail to maintain the minimum
balance requirements communicated from time to time.
- RIZQ reserves the exclusive right to accept or reject your request to set up a
RIZQ account and gain access to all associated Services.
- You hereby agree and acknowledge that you are a registered mobile user of a
mobile network operator existing and operating in the Islamic Republic of Pakistan,
as a designated mobile number is required by RIZQ to communicate important
information to its users as and when needed as well as for contract information
registration in accordance with applicable laws and regulations.
Usage Limits RIZQ
You understand and agree that your use of RIZQ shall be subject to transaction limits as imposed
by RIZQ, our financial partners, applicable regulators and under any and all applicable laws,
rules and regulations.
You hereby authorize RIZQ to utilize third-party verification service providers for the purposes
of verifying your identification details provided at the time of registering on RIZQ or later as
part of the information that may be required from time to time. For the avoidance of doubt, such
authorization shall include permission to visit your residential/office premises for
verification purposes. In the aforementioned regard, you (i) agree and undertake to provide full
accurate, authentic, and correct information to such third-party verification service providers
as and when required; and (ii) authorize RIZQ to utilize third-party collection service
providers to visit your residential/office premises and to collect any payments payable by you
You may avail various finance/insurance facilities and/or invest in Mutual Funds offered by
RIZQ’s partners. Subject to the type of facilities you avail, you may earn profit in the
form of markup/interest. RIZQ’s partners shall reserve the exclusive right to accept or
reject your request to avail a financial facility and/or to invest in a Mutual Fund. RIZQ
shall not be held responsible or liable towards you for any loss or harm incurred due to a
RIZQ partner’s exercise of its right to accept or reject your request.
With regards to any RIZQ exclusive features that shall be governed/managed solely and
exclusively by RIZQ, applicable costs & additional terms and conditions shall be applicable
which shall be displayed for your review upon your selecting such a feature for the first
time. Your continuance with the feature subsequent to the closure of the additional terms
and conditions pop-up window shall constitute an express and unequivocal acceptance of the
same by you, thereby binding you without any recourse or right to object to the additionally
applied terms and conditions.
c.Security & Confidentiality
- You undertake and agree that, with regard to your RIZQ credentials, you shall remain solely
and exclusively responsible for maintaining their confidentiality and in this regard RIZQ
shall not be held liable in any manner whatsoever for your credentials ending up in the
wrong hands and/or being misused in wrongful activities including but not limited to money
laundering or terrorism financing.
- You shall ensure, at your own risk and cost, that all devices utilized by yourself for the
purposes of accessing and using RIZQ are adequately protected against any unauthorized
access, misuse, or disclosure of your account and/or related account details. In the event
that the security of such devices or software is breached, RIZQ shall not be held liable in
any manner and/or form for any loss or damage.
- In the event RIZQ determines, at its sole discretion or on the instructions of any
regulatory/governmental authority and/or Court of Law, that your RIZQ account has been
compromised due to any illegal, suspicious, fraudulent activity and/or in the event that the
security of your RIZQ account has been compromised in any manner whatsoever, RIZQ may
suspend/terminate your RIZQ account. You undertake to fully cooperate with RIZQ in any
investigation conducted by RIZQ in the above-mentioned regard and in the event of any
liability being established with regards to the same, indemnify RIZQ and/or any third party
(including without limitation any regulatory authority) for against any claims, loss or harm
incurred due to any illegal, suspicious, fraudulent activity being conducted through your
- In the event of suspension/termination of your RIZQ account, all funds held therein shall
be transferred either (i) to the account from which you originally transferred the funds to
your RIZQ account subject to deduction of any applicable fees/charges; or (ii) to the
account from which loans were dispersed in the event any funds held in your RIZQ account at
the time of suspension/termination were part of dispersed loans or running service cycles
such as KOMMITTEES.
- You undertake and agree that you shall remain liable, at all times, to repay to RIZQ any
amount transferred to you in excess of your rightful ownership regardless of why or how such
transfers were made.
Through signing up for a RIZQ account, you are granted a non-exclusive, limited, revocable
and non-transferable user license (the “License”).
With regards to the License, you undertake and understand that:
- You shall not download (other than page caching), modify, decompile, recompile,
reverse-engineer, translate and/or disassemble any aspect of RIZQ programming for
any reason whatsoever.
- This License shall not include any right of resale/commercial usage of RIZQ or
its contents, any collection and use of product listings, descriptions or prices any
RIZQ derivative, any downloading or copying of account information for the benefit
of another merchant or use of any data mining, robots or similar data gathering and
- Any unauthorized use of the License shall entitle RIZQ to terminate the License with
immediate effect and to seek all remedies actions available to it under the applicable laws.
Additionally, RIZQ reserves the right to terminate this License at any point in time at its
sole discretion and without incurring liability towards you and/or any third-party.
In the event that you create a RIZQ account as the authorized representative of any
business, company, corporate entity and/or organization, the concerned entity shall be taken
to have accepted these Terms in their entirety without objection.
By creating a RIZQ account, you hereby agree and undertake that you shall not utilize your RIZQ
- For any illegal or fraudulent purpose and/or in connection with any unlawful or criminal
activity including but not limited to money-laundering or financing of terrorist activities;
- In a malicious manner, for example, by hacking into the RIZQ ecosystem or inserting a
malicious code or virus into the same and/or associated third-party operating system.
- To transmit any data or material designed to temporarily or permanently damage,
interrupt, corrupt or impair RIZQ’s functionality and/or the functionality of any associated
device or network.
- To gain unauthorized access to other RIZQ accounts or associated computer systems.
- To transmit or upload any comments, posts or materials that are illegal, vulgar, abusive,
threatening, defamatory, misleading, obscene, pornographic and/or discriminatory towards any
individual or groups of individual on the basis of their sex, race, ethnicity, nationality,
disability, age and/or any other such characteristic.
- To cyber-stalk or harass other RIZQ users.
- To impersonate any person or misrepresent that you are affiliated with any company,
organization or entity.
- To engage in any behavior which interferes with other users’ enjoyment of the Site and
- To upload any comments, posts or materials that infringe the trademarks, copyrights,
designs, patents or other intellectual property rights of RIZQ and/or any third-party.
- For any other behavior which RIZQ determines, at its sole discretion and without prior
notification, is incompatible with its values and policies.
Failure to comply with the above listed conditions shall entitle RIZQ to remove any post,
comment or material that it deems to be objectionable, suspend/terminate your RIZQ account
and to pursue against you all remedies and actions permissible under the law.
Reporting Objectionable Material
In the event that you deem any material available through RIZQ to be objectionable, you may
report the same to RIZQ on receipt of which RIZQ’s team shall endeavor to review and resolve any
such report. In this regard, you understand and waive any and all rights of objection to RIZQ
being the sole judge of determining whether or not the concerned material is objectionable in
nature and incompatible with the Terms and RIZQ values &.
g. Collection & Use of Data
By creating a RIZQ account, you agree and waive all rights of objection to collection and use of
authorize RIZQ to collect and utilize your data for its business purposes which shall include
but not be limited to sharing your data with its partners providing the Services.
h. Intellectual Property Rights
The ownership of all rights associated with RIZQ including but not limited to names, titles,
trademarks, copyrights, design rights, patent rights, source codes, data, servers, platforms,
software applications, confidential information, domains, other applications, databases, and,
networks ( the "Intellectual Property Rights") shall at all times remain exclusively vested in
and under the ownership of RIZQ. Nothing contained in these Terms shall be construed to confer
or create a right in your favor or in favor of any other RIZQ user to use or appropriate the
Intellectual Property Rights unless authorized in writing by RIZQ. All products and materials
associated with RIZQ, whether existing now or created later, shall constitute RIZQ’s work
product and form part of RIZQ’s intellectual property rights. At no point in time shall you be
permitted/entitled to directly or indirectly, infringe, reverse engineer, decompile,
disassemble, or otherwise attempt to derive source code or other trade secrets associated in any
manner or form with RIZQ, its related platforms, applications or software and/or from any other
Intellectual Property Rights. Failure to comply with the provisions contained herein shall
entitle RIZQ to seek against you any and all relief permissible under the law.
i. Zakat Deductions
Subsequent to you being successful in the KYC screening and being provided with access to the
full spectrum of RIZQ Services, you shall provide to RIZQ your Zakat Declaration Form for onward
provision to the relevant RIZQ partner institution. The Zakat Declaration Form must be duly
signed and submitted within fifteen (15) days of you being provided with access to the full
spectrum of RIZQ Services. Upon receipt of the Zakat Declaration Form, RIZQ shall provide the
Zakat Declaration Forms to its relevant partner institutions so that they may mark your account
and make no Zakat deductions. Notwithstanding, you understand and agree that while RIZQ shall
provide the Zakat Declaration Forms to the relevant partner institutions, RIZQ cannot ensure
that your accounts are marked and in this regard, you shall hold RIZQ indemnified and free of
any liability in the event of any failure on the part of RIZQ’s partner institutions for acting
in a timely and required manner.
You shall be responsible for payment of all direct and indirect federal, provincial, or local
taxes, duties, cess, fees, levies, or charges of whatsoever nature payable with respect to your
usage of the Services as may be prescribed or levied from time to time under any applicable law.
In the event that you have been granted an exemption from payment of a particular tax by a
relevant authority, you shall provide RIZQ with all duly signed and executed documentary
evidence required by RIZQ and/or its financial partners. Upon successful verification of the
same, RIZQ shall notify the relevant financial partner so that no tax deductions are made. For
any and all tax deductions made through the use of the Services, you shall be entitled to obtain
a Tax Deduction Certificate for which you shall log a request with RIZQ following which RIZQ
shall request the relevant financial partner for the release of the same.
k. Indemnification & Limitation of Liability
- You agree to defend, indemnify and hold harmless RIZQ, its partners, shareholders,
employees, directors, officers, agents and their successors and assigns from and against any
and all claims, liabilities, damages, losses, costs and expenses, including attorney’s fees,
caused by or arising out of claims based upon your actions or inactions, which may result in
any loss or liability to RIZQ, its partners and/or any third party including but not limited
to the breach of any warranties, representations or undertakings, or in relation to the
non-fulfillment of any of your obligations under these Terms or arising out of the your
violation of any applicable laws, regulations including but not limited to the Intellectual
Property Rights, payment of statutory dues and taxes, claim of libel, defamation, violation
of rights of privacy or publicity, loss of service by other subscribers and infringement of
intellectual property or other rights. In this regard, you undertake and agree that as and
when required by RIZQ, you shall appear before a relevant court of law or regulatory
governmental authority to discharge your indemnification obligations. RIZQ shall be entitled
to set-off all claims, losses or harm incurred by RIZQ due to your actions, omissions,
negligence or breach of these terms and conditions from the money available in your RIZQ
- You shall be solely and directly liable to any regulatory authority, RIZQ’s partners,
and/or third party for payment of any penalties or charges due to your non-compliance with
these Terms, applicable laws, rules, and regulations. You hereby unconditionally authorize
RIZQ to deduct the penalties/charges from the amount available in your RIZQ account.
Furthermore, you agree to indemnify and hold harmless RIZQ against all loss, harm, or
damages incurred by RIZQ and/or any suits, claims, investigations, proceedings, or disputes
initiated against RIZQ with regards to non-compliance by you of applicable laws, rules, and
- Access to RIZQ and all associated material provided through RIZQ including but not
limited to content, software, functions, materials and information is provided on an "as-is"
basis and you undertake and agree that you shall access and use RIZQ at your own risk and
- Under no circumstances shall RIZQ be liable to you and/or any other RIZQ user for delays
or failures in real time update of balances held in your wallets and in this regard you
understand that such updations are controlled by RIZQ’s partners and are beyond RIZQ’s
control or supervisory purview.
- RIZQ hereby disclaims: (i) any representations or warranties regarding the Services being
offered through RIZQ including any implied warranties of merchantability or fitness for a
particular purpose, (ii) implied warranties arising out of course of dealing, course of
performance or usage of trade and (iii) any obligation, liability, right, claim or remedy in
tort, whether or not arising from RIZQ’s negligence. No representation or warranty is
provided by RIZQ pertaining to the adequacy of available Services for your intended purposes
nor does RIZQ take any responsibility for provision of the Services in a timely, secure,
uninterrupted or error free manner. In this regard you acknowledge and agree that access to
RIZQ and/or the Services may be suspended in whole or part from time to time, whether due to
any factors including but not limited to routine maintenance, downtime, errors, glitches or
other interruptions and that RIZQ shall not, in any manner and/or form, be held liable for
any service interruptions, including but not limited to system failures or other
interruptions that may affect the receipt, processing, acceptance, completion or settlement
of any transaction undertaken through RIZQ.
- In no event shall RIZQ be liable to you or any third party for any direct, indirect,
exemplary, punitive, special or consequential damages, including but not limited to loss of
business, revenue, profits, losses or damages arising out of claims from your access to RIZQ
and the Services provided through it, howsoever arising and whether under contract, tort or
otherwise (including without limitation third party claims, loss of profits, loss of revenue
or damage to reputation or goodwill etc.)
- The provisions of this clause shall survive suspension/termination of your RIZQ account.
l. Force Majeure
RIZQ shall not be liable for any loss suffered by you or any third party for failure to perform
whole or part of its obligations resulting from acts or causes beyond its reasonable control or any
acts of God including but not limited to COVID-19, pandemics, strikes, forces on the internet,
floods, earthquakes, war, terrorism, national or local emergency, storms, hackers, cyber-crime,
cyber-warfare, cyber-terrorism, weather conditions, enactment of new laws and/or amendment of
existing laws, or regulations of any governmental or supra-national authority.
RIZQ may, at its sole discretion, indefinitely suspend and/or terminate your account and/or access
to the Services without prior notification. In such case, RIZQ shall not be held liable towards you
or any third-party for any loss, harm or damage arising of such suspension/termination. RIZQ may
exercise this right in addition to any other remedies and actions available to it under applicable
laws. In the event of any suspension of access to your account and/or the Services due to downtime,
maintenance or repairs, RIZQ shall use its best efforts to ensure restoration of access in a timely
manner. For the avoidance of doubt, during the period of any suspension/termination of your access
to RIZQ and/or the Services, you shall not be entitled to earn any mark-up/ profits or claim
punitive damages against any funds invested through RIZQ and use of the Services.
RIZQ shall, at its discretion, utilize any appropriate method to route communication from RIZQ’s
partners to you for your information, record and/or necessary action.
o. Complaints Handling
Any complaints pertaining to your RIZQ
account and/or the provided Services can be forwarded through:
- The In-App complaint system available through the Contact Us option.
- Emailing at [email protected].
- Calling at 08000-7497 between 08:00AM
to 08:00PM including weekends.
To initiate a complaint, you shall be required to confirm your identity through answering a
series of revolving questions based on information you provided at the time of registering as a
- UBL Funds