1.1. "User," "you," "your" refers to any individual or entity accessing or using our Website.

1.2. "Services" include investment tracking tools, financial data, training sessions, calculators, and other resources available on our Platform - as described in but not limited to Annexure A of this User Agreement, which is a non-exhaustive list.

3.1. You agree that your electronic acceptance of this "User Agreement" and any associated documents, including by checking boxes, clicking buttons, or continuing to use the Platform, constitutes your legally binding electronic signature under applicable electronic transaction laws.

3.2. You further agree that Sarmaaya may rely on such electronic signatures for the purposes of binding contract formation, document execution, and consent capture.

5.1. By registering an account or using our services, you consent to receive communications from Sarmaaya through electronic means including email, SMS, push notifications, and in-app alerts.

5.2. These communications may include administrative notices, legal disclosures, subscription alerts, product updates, and marketing material. You may adjust your communication preferences within your user profile, but some service-related notices are mandatory and cannot be opted out of.

14.1. We do not guarantee uninterrupted access and are not responsible for service disruptions.

14.2. We rely on third-party service providers and data sources for certain information displayed or made available on the Platform. You acknowledge and agree that Sarmaaya shall not be held responsible or liable for any delays, interruptions, inaccuracies, or unavailability of data caused by the actions, omissions, or technical failures of such third-party providers, regardless of when such delays may occur.

14.3. We make no guarantees as to the timeliness, completeness, or accuracy of third-party data and disclaims any liability arising from reliance on such data by you or any other party.

19.1. Our Platform contains links or integrations to third-party services including but not limited to brokerage APIs, financial news feeds and data (real time or otherwise), payment processors, and educational resources.

19.2. These third-party services are not controlled or operated by Sarmaaya. We do not endorse and are not liable for such third-party platforms, including but not limited to their accuracy, availability, or practices. Your use of these services is at your own risk and subject to their own terms of use and privacy policies.

21.1. We reserve the right to temporarily or permanently suspend or terminate user accounts that:

• 21.1.1. Remain inactive for a continuous period of 12 months or more; or
• 21.1.2. Are suspected of engaging in fraudulent, unlawful, or suspicious activities; or
• 21.1.3. Fail to comply with regulatory verification requirements.

21.2. Prior to termination, users will receive notice via their registered email address where applicable. We may retain certain user data in accordance with our legal obligations and internal data retention policies.

22.1. Any dispute, controversy, or claim arising out of or in connection with this "User Agreement", including any question regarding its existence, validity, interpretation, breach, or termination, shall be first resolved via mediation and / or negotiation, in a manner deemed fit by Sarmaaya and User. If the matter remains unresolved for six months since it was formally initiated under mediation and / or negotiation, then it may be taken to arbitration by either Sarmaaya or the User, in accordance with the provisions of the Arbitration Act, 1940 (Pakistan) – which shall serve as the governing arbitration law. However, both Sarmaaya and User may mutually agree to continue the mediation and / or negotiation exercise without opting for arbitration, post six months of initiation of the dispute resolution exercise.

22.2. The procedural rules governing the arbitration, including appointment of arbitrators, conduct of proceedings, evidence, and issuance of the award, shall be in accordance with the UNCITRAL Arbitration Rules, as revised and in effect at the time the arbitration is initiated.

22.3. The following terms shall apply:

• (a) Number of Arbitrators: The arbitral tribunal shall consist of one (1) arbitrator, unless the parties agree otherwise in writing.
• (b) Appointment: If the parties fail to agree on the appointment of the arbitrator within 14 days of a written request to do so, the arbitrator shall be appointed in accordance with the UNCITRAL Rules.
• (c) Place of Arbitration: The seat and venue of arbitration shall be Islamabad, Pakistan, unless otherwise agreed in writing.
• (d) Language: The language of arbitration shall be English.
• (e) Binding Decision: The arbitral award shall be final and binding on both parties and may be enforced in any competent court of jurisdiction, including under the Arbitration Act, 1940.
• (f) Each party shall bear its own costs and share equally the arbitrator's fees, unless the tribunal decides otherwise in the final award.

23.1. Nothing contained on the Sarmaaya platform, including but not limited to data, analysis, commentary, forecasts, charts, or any other content, shall be construed as a recommendation, solicitation, or offer to buy, sell, or hold any security, financial product, digital asset, or other investment instrument.

23.2. All content is provided for general informational and educational purposes only and does not take into account your individual objectives, financial situation, investment horizon, or risk tolerance. You acknowledge and agree that any investment decision made by you is based solely on your own independent evaluation, and that you assume full responsibility for all investment decisions and outcomes.

23.3. Sarmaaya does not provide personalized investment advice, portfolio management, or brokerage services, and nothing on the Platform should be interpreted as constituting such services. You are strongly encouraged to consult with a licensed financial advisor, tax consultant, or legal professional before making any investment or financial decision.

25.1. You must be at least 18 years of age to use the Services. By agreeing to these Terms of Use, you represent and warrant that: (a) you are at least 18 years of age; (b) you have not previously been suspended or removed from the Services; and (c) your registration and your use of the Services complies with all applicable laws and regulations. To access some features of the Services, you may be required to register for an account and agree to a product's terms, to the extent applicable to that service, which may be incorporated herein or available on a separate Platform site. When you register for an account you will be asked to provide us with some information about yourself, such as email address, phone number, or other contact information.

25.2. You agree that the information you provide is accurate and that you will keep it accurate and up-to-date at all times. When you register, you will be asked to provide a password. You are solely responsible for maintaining the confidentiality of your account and password, and you are responsible for all actions taken via your account. You may not share your user account(s) with others. Unless you have entered into a commercial agreement with us permitting you to use the Services for transactions on behalf of another person, you may use the Services only for transactions on your own behalf.

26.1. By using the services, you agree not to:

• 26.1.1. reproduce, modify, distribute, display or otherwise provide access to, create derivative works from, decompile, disassemble, or reverse engineer any portion of the Services, except as explicitly permitted by any product's terms to the extent applicable to that product's Services;
• 26.1.2. remove or modify any copyright or other intellectual property notices that appear in the Services;
• 26.1.3. use the Services in any way that is unlawful, or harms Sarmaaya, its service providers, suppliers, affiliates, or any other user;
• 26.1.4. distribute or post spam or other unsolicited messages, chain letters, pyramid schemes, or similar communications through the Services;
• 26.1.5. impersonate another person, misrepresent your affiliation with another person or entity, or make any representation to any third party under false pretenses;
• 26.1.6. reproduce, publicly display, or otherwise make accessible on or through any other website, application, or service any information or other data or content available through Sarmaaya
• 26.1.7. upload invalid data, viruses, worms, or other software agents to the Platform;
• 26.1.8. post, reproduce, publicly display, or otherwise make accessible any content, which we, in our sole judgement and discretion, consider illegal
• 26.1.9. interfere with, or compromise the system integrity or security of the Platform, or otherwise bypass any measures we may use to prevent or restrict access to the Platform;
• 26.1.10. conduct automated queries (including screen and database scraping, spiders, robots, crawlers, bypassing "captcha" or similar precautions, or any other automated activity with the purpose of obtaining information from the Platform) on the Platform;
• 26.1.11. use any of the Sarmaaya trademarks as part of your screen name or email address on the Platform or otherwise;
• 26.1.12. access or use any of the services and information made available, to develop competitive products or services; or
• 26.1.13. attempt to, or permit or encourage any third party to, do any of the above.

27.1. If the Platform allows user comments, messages, uploads, or forum participation, you agree not to post content that:

• 27.1.1. Is defamatory, harassing, obscene, or offensive;
• 27.1.2. Violates any intellectual property rights or privacy rights;
• 27.1.3. Contains viruses, malware, or other harmful code;
• 27.1.4. Is misleading or impersonates another person;
• 27.1.5. Advertises third-party products or contains spam.

27.2. We reserve the right to remove such content and suspend the associated user accounts at our discretion, without prior notice.

28.1. Certain services provided by Sarmaaya, including but not limited to

• (a) Mahir – a digital learning platform offering structured financial education, and
• (b) Zar – a personal budgeting and expense-tracking tool,

are governed by their respective Terms of Reference ("ToRs"), which define the scope, eligibility, conduct, and limitations specific to those services.

28.2. By accessing or using Mahir or Zar via sarmaaya.pk or zar.sarmaaya.pk, you expressly agree to the provisions set out in: Annexure B: Zar Terms of Reference and Annexure C: Mahir Terms of Reference. These annexures shall be read as integral components of this "User Agreement". In the event of any inconsistency or conflict between this "User Agreement" and either "ToR", the provisions of the relevant "ToR" shall prevail for matters specifically related to that service.