Press Release

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

Karachi, September 29, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Rating (FSR) of ‘AA(f)’ (Double AA(f)) to Faysal Islamic Sovereign Plan-I (‘FISP-I’ or ‘the Plan’). The medium to long-term rating of ‘AA(f)’ 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 September 05, 2025.

FISP-I is a Shariah Compliant Sovereign Income Scheme with a low risk profile. The investment objective of the plan is to generate a competitive return with a low risk, by investing primarily in Shariah Compliant Government Securities and Islamic Banks and licensed Islamic Banking Windows of Conventional Banks.

The assigned ratings consider the Plan’s AUM, which declined to PKR 1.0 billion from PKR 2.6 billion at end-Jun’25. The portfolio remained primarily invested in Ijarah Sukuk, with a corresponding reduction in cash allocation. While average allocations remained within the prescribed ranges, the portfolio experienced deviations from approved limits during certain periods. The Plan maintained a strong credit quality profile, with the portfolio predominantly comprising AAA and AA rated instruments, supporting its overall credit quality.

The rating also incorporates strong liquidity profile, with liquid assets comprising a high proportion of AUM, while the maturity and duration profile remained within the prescribed four year Weighted Average Maturity (WAM) limit. Investor concentration remained elevated, with the portfolio significantly concentrated among a limited investor base. While the liquid asset profile provides some mitigation, such concentration may heighten liquidity risk in the event of sizeable redemptions by key investors. The Plan generated an annualized return below the benchmark and peer average, 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.