Press Release
VIS Reaffirms Management Quality Rating of Al Meezan Investment Management Limited
Karachi, January 22, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Management Quality Rating (MQR) of Al Meezan Investment Management Limited (‘AMIML’ or the ‘AMC’) at ‘AM1’ (AM One). The MQR of ‘AM1’ indicates that the asset manager exhibits excellent management characteristics. Outlook on the assigned ratings remains ‘Stable.’ Previous rating action was announced on December 31, 2024.
The assigned rating reflects AMIML’s sound corporate governance framework, supported by a well-structured Board and effective committees’ oversight, in line with governance best practices. The senior management team, comprises seasoned professionals with industry specific expertise and a, long tenure with the company, have contributed to the AMC’s sustained growth and operational continuity. AMIML remains the largest AMC in Pakistan, with a market share of 15.6% as of Jun’25, maintaining a sizeable lead over the second-largest player and underscoring its market leadership.
The rating is further supported by AMIML’s disciplined investment processes, efficient operations, structured decision-making, comprehensive research capabilities, and effective risk management framework. Strong profitability is driven by the AMC’s large operational scale and stable management fee income. AMIML maintains a strong competitive position, particularly in retail penetration, which improved further in the period under review, supported by targeted outreach initiatives including digital transformation efforts.
AMIML’s has a diversified Shariah-compliant product portfolio catering a broad spectrum of investor needs. Fund performance, however, continues to present, room for improvement. For the 3-month period ended Sep’25, 23 out of 40 funds/plans of AMIML ranked in the first two quartiles (FY25: 19; FY24: 8), vis-à-vis other Shariah Compliant funds, while 9 funds fell in the last quartile (Jun’25: 8, Jun’24: 6). Some of the underperformance is explained by higher management fee / expense ratios, and structural limitations including lack of Shariah compliant investable instruments in the market.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Asset Manager Rating
https://docs.vis.com.pk/Methodologies%202024/AMC-Methodology-201906.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf