Press Release
VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund
Karachi, December 13, 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 January 01, 2022.
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+. In 2022, AUM’s of the fund decreased to Rs.2.8b from Rs.4.01b in FY21. In line with investment policy guidelines (IPS), FISGF has remained largely compliant with requirement. On an average, the fund has diversified its exposure in cash, Sukuks, Term Finance Certificates (TFCs), and short-term Sukuk/Islamic commercial paper. Duration remained within the limit of 180 days. Credit quality of exposures has remained in line with the fund’s investment policy, limiting its exposure to ‘A-’ and above rated issue/issuer. Liquidity profile remains adequate while fund performance has posted improvement in FY21, albeit lagging behind peer average. Going forward, the rating will continue to incorporate maintenance of credit quality of exposures and fund performance in line with the IPS.
For further information on this rating announcement, please contact the Mr. Shaheryar Khan (Ext: 209) or the undersigned (Ext: 207) at (021) 35311861-66 or email at info@vis.com.pk.
Sara Ahmed
Director
Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.pdf