Press Release

VIS Upgrades Fund Stability Rating of ABL Islamic Income Fund

Karachi, December 31, 2020: VIS Credit rating Company (VIS) has upgraded the Fund Stability Rating (FSR) of ABL Islamic Income Fund (ABL IIF) to ‘A+ (f)’ ‘(Single A plus (f)) from ‘A (f)’ (Single A (f)). The previous rating action was announced on January 20, 2020.

The rating action incorporates updated FUND STBILITY RATING methodology which can be found on our website https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf for reference.

Launched in 2010 as an open-end Shariah compliant investment scheme, ABL Islamic Income fund aims to provide its investors with high income yields placing its assets in long and short term Shariah Compliant Instruments. At end-June’20, net assets of the fund witnessed a significant increase closing at Rs. 6.1b. (FY19: Rs. 3.7b). The fund’s asset allocation plan remained primarily concentrated in cash balances and Corporate Sukuk holdings, meanwhile other investment avenues comprised of commercial paper and others. Credit quality exposures remained compliant with VIS criteria for the assigned rating. WAM of the fund is capped at 4 years which remained compliant for the period under review. Duration of the fund increased in the review period however exposure to risk is maintained at the lower side. Portfolio contribution held by retailers has been witnessing an increase on historical basis while contribution by corporates also increased at end-June’20.

For further information on this rating announcement, please contact Ms. Asfia Aziz or the undersigned (Ext. 301) at 021-35311861-70 or email at info@vis.com.pk.




Faheem Ahmad
President & CEO


Applicable Rating Criteria: Fund Stability Ratings (December 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.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, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.