Press Release

VIS Upgrades Fund Stability Rating of Al-Ameen Islamic Cash Fund

Karachi, January 06, 2021: VIS Credit Rating Company Limited (VIS) has upgraded Fund Stability Rating (FSR) of Al-Ameen Islamic Cash Fund (AICF) to ‘AA+ (f)’ (Double A plus (f)) from ‘AA (f)) (Single A (f)). The previous rating action was announced on December 31, 2019.

The rating action incorporates updated FUND STBILITY RATING methodology which can be found on our website or on the following link
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf.\

AICF aims to provide high liquidity and competitive returns while seeking maximum possible preservation of capital by investing in low risk and liquid Shariah Compliant instruments. The rating reflects the fund's risk profile emanating from its portfolio allocation towards low risk avenues. Fund size substantially increased to Rs. 8.2b (FY19: Rs. 4.2b) by end-FY19. Throughout FY20, the fund’s assets remained concentrated in its cash balances.
Weighted Average Maturity of the fund is capped at 90 days with the same remaining below the stipulated limits during the period under review. Resultantly, exposure to market risk is on the lower side.



For further information on this rating announcement, please contact Mr. Arsal Ayub (Ext: 216) or the undersigned (Ext: 306) at (021) 35311861-66 or email at info@vis.com.pk.



Faryal Ahmed Faheem
Deputy CEO



Applicable Rating Criteria: Fund Stability Ratings (December 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.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 January 07, 2021 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.