Press Release

JCR-VIS Reaffirms Fund Stability Rating of Al-Ameen Islamic Sovereign Fund

Karachi, January 06, 2016: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of Al-Ameen Islamic Sovereign Fund (AISF) at ‘AA-(f)’ (Double A Minus (f)). The previous rating action was announced on August 12, 2014.

Launched in November 2010, AISF operates as an open end income fund. As per the offering document, the fund is required to maintain a minimum of 70% exposure in Shariah complaint sovereign instruments, while a floor of 25% is also applicable in relation to bank deposits. Fund’s ability to assume credit risk is on the lower side due to cap on minimum rating of instruments at ‘AA-’. On average basis, actual asset allocation of the fund comprised 70% government securities and 27% bank deposits.

Actual WAM and duration of the fund remained on the lower side during the outgoing year. Consequently, exposure of the fund to market risk has decreased. Investor concentration in the fund has observed decline on a timeline basis. Given that most of the fund is invested in liquid avenues, the fund’s ability to meet redemptions in a timely manner remains sound.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 35311861-70 or fax to 35311872.


Jamal Abbas Zaidi
Advisor


Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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 January 06, 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.