Press Release

JCR-VIS Assigns Fund Stability Rating to Al-Ameen Islamic Cash Fund

Karachi, June 2, 2014: JCR-VIS Credit Rating Company Limited has assigned Fund Stability Rating (FSR) of ‘AA(f)’ (Double A (f)) to Al-Ameen Islamic Cash Fund (AICF).

Structured as a money market fund, operational investment policy and asset allocation of AICF reflect low exposure to credit and market risk. While initially the fund had deployed assets in Sukuk, of late no exposure has been witnessed in this avenue as per month-end details; funds have instead been placed in bank deposits. This is on account of better returns in case of bank deposits while prices of Sukuk may also be exposed to volatility. Counterparties are highly rated banks; in line with the investment criteria, exposure to credit risk remains low. As at end-April 2014, AICF’s WAM was 43 days.

Fund size has experienced variation, which is mostly attributable to investment/redemption activity by the Islamic principal preservation funds managed by the AMC, which are invested into this fund.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 or fax to 35311872.



Abdur Rahim, ACII
Advisor

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 June 02, 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.