Press Release

JCR-VIS assigns Preliminary Fund Stability Rating of AA(f) to Meezan Cash Fund

Karachi, June 5, 2009: JCR-VIS Credit Rating Company Limited has assigned ‘Preliminary’ Fund Stability Rating (FSR) of ‘AA(f)’ (Double A (f)) to Meezan Cash Fund (MCF), proposed to be launched by Al-Meezan Investment Management Limited. The rating will be finalized following a review of the final trust deed and offering document.

MCF has been structured as a Shariah compliant open end money market scheme with the objective to earn a reasonable rate of return along with maximum preservation of capital by investing primarily in Shariah compliant money market and debt securities. Risk profile of the fund will be managed by restricting investments in ‘AA’ and above rated instruments. The maximum time to maturity of any exposure may not exceed 6 months while the weighted average time to maturity of all assets combined of the fund will be 90 days.

Present investment avenues may largely be limited to bank deposits though the fund also plans to invest in short term Shariah compliant government paper, as and when these are introduced, which will further improve the risk profile of the fund. Liquidity management policy of the fund in context of the unit-holder mix generated will also be keenly monitored by JCR-VIS.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) 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 June 05, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.