Press Release

JCR-VIS upgrades Fund Stability Rating of Meezan Islamic Income Fund to A+(f)

Karachi, April 24, 2009: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Fund Stability Rating of Meezan Islamic Income Fund (MIIF) from ‘A(f)’ (Single A (f)) to ‘A+(f)’ (Single A Plus (f)). The ‘Rating Watch – Developing’ status assigned in December 2008 has been removed.

Launched in 2007, the fund has an objective to provide investors with a high and stable rate of current income consistent with long term preservation of capital in a Shariah compliant manner. The fund’s assets have remained deployed in unlisted Sukuks, bank placements and deposits. The credit risk profile of the fund has so far remained sound with no instance of non-performance. A recent change in internal investment policy has restricted the fund from taking any exposure in ready deferred sale transactions

The fund size of MIIF stood at Rs. 4.27b at December 31, 2008. Redemption requests were largely matched with fresh issue of units. Total number of investors increased to 1,985 by the end of December 2008 with significant rise in retail investors. The availability of sufficient near cash assets allowed the fund to meet redemptions in a comfortable fashion and the fund did not need to utilize borrowings at any time during the calendar year 2008.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.



Faheem Ahmad
President & CEO

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 April 24, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.