Press Release

VIS Reaffirms Fund Stability Rating of Faysal Islamic Cash Fund

Karachi, Dec 31, 2025: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) of Faysal Islamic Cash Fund (‘FICF’ or ‘the Fund) at ‘AA (f)’ (Double A (f)). The medium to long-term 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 December 27, 2024.

Launched in August 2020, FICF is an open-end money market fund. The objective of the fund is to seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in Shariah Compliant money market securities.

The assigned rating reflects the Fund’s asset allocation strategy, which remained fully compliant with approved limits throughout FY25. Assets Under Management (AUM) increased substantially, driven predominantly by retail inflows. On average, the portfolio was predominantly allocated to placements with banks and DFIs, followed by cash and short-term sukuk. The Fund’s credit quality remained strong, with exposures maintained strictly within the AA and above investment requirement. The proportion of AAA-rated instruments increased, indicating a sustained shift toward higher-quality assets.

The Fund remained compliant with Weighted Average Maturity (WAM) limits, consistently operating below the 90-day cap outlined in the offering document. Liquidity remained strong, with average liquid assets at 86% underpinned by short-term placements. FY25 also saw a notable shift in the investor profile, with retail participation rising and a relatively higher concentration among the top ten investors. The Fund delivered a total return of 14.08% in FY25, outperforming its benchmark and peer group average and ranking in the first quartile among comparable funds.

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 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.