Press Release

VIS Reaffirms Fund Stability Rating to Faysal Islamic Sovereign Fund Plan-II (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-II (‘FISP-II’ 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 03, 2025.

FISP-II 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 rating incorporated the Plan’s AUM, which declined notably to PKR 0.9 billion from PKR 3.7 billion at end-FY25, primarily reflecting net redemptions. The portfolio remained predominantly invested in Ijarah Sukuk, with a corresponding decline in cash allocation. The Plan maintained a strong credit quality profile, with exposure concentrated in AAA rated instruments, which increased during the year. The portfolio’s high credit quality provides support to the overall risk profile.

The rating also factors in the market and liquidity risk profile of FISP-II. The Plan maintained a relatively short maturity profile, with average Weighted Average Maturity (WAM) remaining within the prescribed limit. Liquidity remained supported by the portfolio’s high quality and predominantly liquid assets. The investor base remained concentrated, with associates representing a significant proportion of net assets. The Plan generated a 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.