Press Release

VIS Reaffirms Fund Stability Rating of NIT Islamic Money Market Fund

Karachi, January 14, 2026: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of AAA(f) (Triple A (f)) to NIT Islamic Money Market Fund (NIT-IMMF). Medium to long term fund rating of ‘AAA’ signifies highest degree of stability in Net asset value; risk is negligible with very low sensitivity to changing economic conditions. The previous rating action was announced on January 22, 2025.

NIT Islamic Money Market Fund is an open-end Shariah compliant money market fund launched in September 2021 and managed by National Investment Trust Limited (NIT). The fund’s objective is to provide competitive return by primarily investing in low risk and highly liquid Shariah Compliant Money Market & Debt Instruments.

The assigned rating takes into account the Fund's asset allocation, with investments made in accordance with the guidelines outlined in the offering document. The Fund's portfolio primarily focused on low-risk, highly liquid Shariah-compliant money market and debt instruments. The assigned rating is constrained by the observed weakening in overall credit quality. Nonetheless, exposure to AAA/AA+ rated issues/issuers dominate the Fund's portfolio. The Fund's credit exposures remained within the investment criteria, allowing for investments in assets rated AA or higher.

The weighted average time to maturity (WAM) stayed significantly below the limit specified in the offering instrument. The Fund's liquidity profile is backed by a higher proportion of liquid assets. Retail investors account for more than the half of the Fund's AUM, followed by corporate investors. Furthermore, client concentration risk is deemed modest. In terms of performance, the Fund's annualized return remained above the benchmark and peer average.

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 January 14, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.