Press Release

VIS Reaffirms Fund Stability Rating to Faysal Islamic Financial Growth Plan-I (Under Faysal Islamic Financial Growth Fund)

Karachi, September 29, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Rating (FSR) of ‘A+(f)’ (Single A Plus (f)) to Faysal Islamic Financial Growth Plan-I (‘FIFGP-I’ or ‘the Plan’). The medium to long-term rating of ‘A+(f)’ denotes moderate degree of stability in net asset value; risk factors may vary with possible changes in the economy. The previous rating action was announced on September 03, 2025.

FIFGP-I is a Shariah Compliant Aggressive Fixed Income Investment Plan with a medium risk profile. The investment objective of the plan is to provide competitive risk adjusted returns to its investors by investing in a diversified portfolio of long, medium and short-term Shariah Compliant instruments.

The Plan’s AUM declined to PKR 7.8 billion at end-FY26 from PKR 10.8 billion at end-FY25, primarily due to net redemptions. The portfolio composition evolved during the year, with greater allocation toward cash and placements with banks, NBFCs and DFIs, while exposure to Sukuk instruments declined. The Plan remained compliant with approved investment limits. Despite the shift in asset allocation, the portfolio remained predominantly invested in high credit quality instruments, supporting a sound overall credit profile.

Assigned ratings also incorporate the Plan’s market and liquidity risk profile. Market risk remains contained through a short duration profile, with average duration well within the prescribed five year Weighted Average Maturity (WAM) limit under the offering document. Liquidity remained strong, supported by a high proportion of liquid assets. Investor concentration, however, remained elevated, with the top ten investors accounting for 96% of AUM. While this may heighten liquidity risk in the event of sizeable redemptions, the Plan’s strong liquidity profile provides mitigation. The Plan’s performance remained below the benchmark and peer average during FY26, placing it in the fourth quartile.


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-2026/FSR-Methodology-2026.pdf
VIS Issue/Issuer Rating Scale
https://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 September 29, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.