Press Release
VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund
Karachi, December 29, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL-IMMF) at ‘AA+ (f)’ (Double A plus (f)). The medium to long-term rating of ‘AA+ (f)’ denotes high degree of stability in Net Asset Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on March 03, 2025.
Launched in May 10, 2011, HBL IMMF is an open-end fund which offers high liquidity, competitive return by investment in low risk Shariah Compliant securities.
The assigned rating incorporates the Fund’s asset allocation, with Assets Under Management registering a 26% increase during FY25. The portfolio composition remained aligned with the parameters outlined in the offering document. The majority of investments were placed with banks and DFIs, followed by exposures in GOP Ijarah Sukuk and cash. The rating also reflects the Fund’s sound credit quality, with exposures primarily maintained in AA and above-rated instruments, and the largest allocation held in Government Securities and AAA-rated avenues. Market risk remains low. The liquidity profile is assessed as strong, supported by a substantial proportion of liquid assets, accounting for 95% of total assets.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf