Press Release
VIS Reaffirms Broker Fiduciary Rating of Muhammad Munir Muhammad Ahmed Khanani Securities Limited
Karachi, June 30, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of Muhammad Munir Muhammad Ahmed Khanani Securities Limited at ‘BFR2’. Rating of BFR2 denotes strong fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 01, 2025.
The rating signifies sound internal controls, financial sustainability, ownership and governance framework, and strong management and client services.
Mohammad Munir Muhammad Ahmed Khanani Securities Limited (“MMMAKSL” or “the Company”) is a public unlisted company, providing equity and commodity brokerage services and research to institutional as well as retail clients. Major shareholding of the Company is vested with Mr. Muhammad Munir Khanani, who serves as the Chief Executive Officer (CEO) of the Company. The Company provides both online and assisted trading services to its clients, and have branches in Karachi, Lahore, Islamabad, Sahiwal, Peshawar, Manshera, Swat, and Rawalpindi. The Company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX), registered with SECP to provide Trading & Self Clearing Services. External auditors of the Company are Rehman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants. External auditors belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating takes into account the Company’s governance profile, represented by a five-member Board, including two independent directors, along with four Board committees. The governance framework may be further strengthened through expansion of the Board and more diversified committee composition. The rating also reflects the Company’s client services, including provision of prompt trade alerts upon execution and online availability of client trading positions. Rating further incorporates the contingency measures of the Company, with offsite backups maintained under the Company’s control as well as outsourced to a third-party service provider. Internal policies of the Company are in place. However, further enhancement in the scope of these policies may be considered. Rating continues to take note of the non-compliance highlighted by PSX and the associated penalty imposed in August 2024. However, the Company has undertaken remedial measures to prevent recurrence. Going forward, adherence to applicable regulatory requirements will remain important for the rating.
The assigned rating reflects the Company’s financial profile, with strong profitability supported by growth in brokerage revenue, in tandem with overall positive industry trends, along with capital gains. Operational efficiency is considered sound. The liquidity profile is assessed as adequate, while the Company remains exposed to elevated market risk. The capitalization profile is also assessed as adequate. Going forward, diversification of the earnings profile, along with improvement in market risk, liquidity, and capitalization indicators, will remain important for the assigned rating.
For further information on this rating, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf