Press Release

Fund Stability Rating of Al-Ameen Islamic Aggressive Income Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Al-Ameen Islamic Aggressive Income Fund (AIAIF) at ‘BBB+(f)’ (Triple B Plus (f)). The previous rating action was announced on January 06, 2016.

The actual asset allocation of the fund remained in compliance with the stipulated limits, with sizeable exposure in bank deposits and Sukuk on average basis. Majority of the exposure has been built in ‘A’ and above rated investment avenues. The rating are constrained in view of the fund’s ability, under its investment policy, to assume risk is on the higher side, with no minimum threshold defined for credit risk in addition to which there is no restriction on time to maturity of a single security.

Investment policy has capped Weighted Average Maturity (WAM) of the fund at 5 years. WAM has remained in line with the specific limit in the outgoing year. Duration of the fund has witnessed a declining trend and stood at 0.25 years at end-October’2016, indicating low exposure to market risk. Investor concentration in the fund has remained within manageable levels. Ability of the fund to meet redemptions in a timely manner is adequate given the asset mix of the fund.

Size of the fund has increased to Rs. 1.3b (FY16: Rs. 643m; FY15: Rs. 829m) at end-October’2016.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 35311861-70 or fax to 35311872.

Jamal Abbas Zaidi

Applicable Rating Criteria: Fund Stability Ratings (February 2012)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited