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JCR-VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund

Karachi, December 26, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HIMMF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on December 29, 2017.

HIMMF is a Shariah compliant open end fund which is designed to provide investors with maximum possible return and high liquidity while ensuring capital preservation. Net assets of the fund increased to Rs. 957m (FY17: Rs. 835m) at end-FY18. Exposures of the fund have largely remained compliant with credit quality and asset allocation stipulation for the assigned ratings. Duration of the fund remained on the lower side posing low interest rate risk. Investor concentration in the fund remains on the higher side. However, given the liquidity profile of assets, ability to meet redemptions is considered sound.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.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 26, 2018 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.