Press Release

VIS Reaffirms Fund Stability Rating of Meezan Rozana Amdani Fund

Karachi, December 16, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Rozana Amdani Fund at ‘AA+(f)’ (Double A Plus (f)). Medium to long-term fund rating of ‘AA+(f)’ reflects high degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 06, 2025.

Launched in December 2018, Meezan Rozana Amdani Fund (MRAF) is an open-end Shariah compliant money market fund, managed by Al-Meezan Investment Management Limited. The objective of the fund is to meet liquidity needs of investors by providing investors a daily payout through investment in Shariah Compliant money market instruments.

The rating reflects the Fund’s asset allocation profile, which remained diversified across placements with banks and DFIs, government-guaranteed securities, cash holdings, Bai Muajjal placements, Sukuk, and commercial papers. The Fund’s credit quality remained aligned with the parameters of the offering document, with exposure predominantly in AA and higher rated securities. The credit profile showed a shift toward a larger allocation in AAA rated securities during FY25. Market and liquidity risks remained within manageable levels. Liquidity profile remained strong, supported by a significant proportion of liquid assets. The investor base stayed balanced between retail and corporate participants, with low client concentration. The Fund outperformed both the benchmark and peers in the first half of the period but remained in the third quartile overall and lagged the benchmark on a month-on-month basis in the latter half.


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

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 December 16, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.