Press Release
VIS Reaffirms Fund Stability Rating of HBL Islamic Income Fund
Karachi, December 29, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Income Fund (HBL-IIF) at ‘A+ (f)’ (Single A plus (f)). The medium to long-term rating of ‘A+ (f)’ denotes moderate degree of stability in Net Asset Value. Risk factors may vary with possible changes in the economy. Previous rating action was announced on March 03, 2025.
Launched in May 29, 2014, HBL IIF is an open-end fund which aims to provide competitive risk adjusted returns to its investors by investing in a diversified portfolio of long, medium, and short-term Shariah compliant debt instruments while taking into account liquidity considerations.
The assigned rating incorporates the Fund’s asset allocation, with Assets Under Management increasing by 18% during FY25. The Fund’s investments remained largely aligned with the guidelines set out in the offering document. Exposures were primarily maintained in cash and government-backed and government-guaranteed securities, followed by placements with banks and DFIs and short-term Sukuk. The assigned rating also reflects the Fund’s credit quality, with investments concentrated in government securities and AAA-rated avenues. The liquidity profile is supported by a sizable proportion of liquid assets, which represent 81% of total assets. Additionally, client concentration is assessed as low.
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