Press Release

JCR-VIS Revises Fund Stability Rating of Meezan Islamic Income Fund

Karachi, December 14, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has revised the Fund Stability Rating of Meezan Islamic Income Fund (MIIF) from ‘A+(f)’ (Single A Plus (f)) to ‘A(f)’ (Single A (f)).

In the backdrop of heightened credit risk in the economy, risk profile of some of the instruments carried by the fund has experienced weakening; overall high risk assets are however still considered at manageable levels. Risk profile of the same will continue to be monitored for any impairment in NAV.

Return risk associated with the fund is considered limited as assets carried by the fund are either short term or re-priceable. However, NAV remains susceptible to fluctuations in prices of income instruments over a short term horizon on account of low marketability of the same and changing perceptions of market with respect to credit profile of instruments.

Largest investor in the fund is a related party, having sizeable investment in the fund. Investor concentration level is moderately high, however with more than 50% of assets comprising either bank deposits or government Sukuks, ability of the fund to meet redemptions in a timely manner is considered strong.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.



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 December 14, 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.