Press Release

JCR-VIS reaffirms Fund Stability Rating of ABL Islamic Income Fund

Karachi, December 31, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Islamic Income Fund from at ‘A(f)’ (Single A (f)). The previous rating action was announced on October 16, 2014.

The reaffirmation of rating takes into account the actual investment allocation and composition of the fund portfolio. The fund has introduced a change in the investment policy placing maximum 15% sub-limit for investment in instruments with an ‘A-’ credit quality rating. Approximately half of the fund’s assets, as per month-end averages, have been held as cash & bank balances, to mitigate investor risk. Despite increased holdings in Shari'ah compliant Sukuks (sovereign and private), interest rate risk remains manageable due to the re-pricing model of Islamic instruments. Investor concentration of the fund has improved on account of increased acceptance of the fund by retail investors.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 510) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.pdf

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 31, 2015 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.