Press Release
VIS Reaffirms Fund Stability Rating of Al Ameen Islamic Cash Fund
Karachi, December 31, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA+(f)’ (Double A Plus (f)). The medium to long-term fund rating of ‘AA+’ 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. The previous rating action was announced on January 09 2025.
Launched in September 2012, Al Ameen Islamic Cash Fund (AICF) is an open-ended, Shariah compliant money market fund, managed by UBL Fund Managers Limited. The objective of the scheme is 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 fund recorded strong growth in AUM during FY25. Assigned rating incorporates the Fund’s asset allocation and credit quality with investments primarily concentrated in cash, GoP Ijarah Sukuk, and placements with banks and DFIs, rated AA or AAA. Rating draws support from the Fund’s strong liquidity indicators and low market risk. Duration remained conservative, with WAM staying well below the specified limit and liquid assets comprising a substantial portion of the portfolio. The investor base, remains largely concentrated with retail investors, and overall client concentration risk is considered low. Fund performance improved during FY25.
For further information on this ratings announcement, please contact at 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