Press Release
VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund
Karachi, January 07, 2022: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘A+ (f)’ (Single A Plus (f)). The previous rating action was announced on October 05, 2020.
Faysal Islamic Savings Growth Fund (FISGF) aims to provide a consistent income stream to investors by investing in Shariah compliant instruments. The fund is managed by Faysal Asset Management Limited (FAML), which has a management quality rating of AM2+. As at end-June’21, AUMs of the fund witnessed amounted to Rs. 4.0b. In line with investment policy guidelines (IPS), FISGF has remained compliant with requirement of maintaining a minimum balance of 25% of net assets in cash & cash equivalents on month-end basis. On an average, the fund parked its exposure in cash, Sukuks, Term Finance Certificates (TFCs), and short-term Sukuk/Islamic commercial paper. Duration remained within the limit of 180 days. The fund has remained compliant with requirement of limiting its exposure in issue/issuer rated below ‘A-’. Liquidity profile remains adequate while fund performance has posted improvement in FY21, in terms of peer rankings. The assigned ratings remains dependent on maintenance of credit quality and fund performance in line with the IPS.
For further information on this rating announcement, please contact Mr. Arsal Ayub, CFA or Ms. Faryal Ahmad Faheem (Ext: 306) at (021) 35311861-66 or email at info@vis.com.pk mailto:info@vis.com.pk.
Saeed Khan
Executive Director
Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.pdf