Press Release
JCR-VIS Reaffirms Fund Stability Rating of HBL Islamic Income Fund
Karachi, December 29, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Income Fund at ‘A+(f)’ (Single A Plus (f)). The previous rating action was announced on January 05, 2017.
During the ongoing year, PICIC Islamic Income Fund (PICIC IIF) was renamed to HBL Islamic Income Fund (HBL IIF) as a part of rebranding post the amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. Actual asset allocation was in alignment with the fund’s policy guidelines. During the year, average asset allocation was inclined towards bank deposits and Corporate Sukuks, thereby lowering liquidity risk. In compliance with its Investment Policy Statement, the fund deployed resources largely in A+ and AA- rated issue/issuer. Market risk is considered manageable on account of lower duration. As at end-June 2017, net assets of the fund significantly increased to Rs. 4.4b (FY16: Rs. 227m).
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 (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.pdf