Press Release

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

Karachi, September 29, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Rating (FSR) of ‘AA-(f)’ (Double AA Minus (f)) to Faysal Islamic Financial Growth Plan-II (‘FIFGP-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 August 25, 2025.

FIFGP-II 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 base declined to PKR 17.8 billion from PKR 26.4 billion at end-FY26. The portfolio underwent a significant reallocation from cash toward placements with banks, with the latter becoming the dominant asset class during the year. The Plan remained compliant with its approved instrument limits. Credit quality strengthened during the year, with higher allocations to AAA and AA+ rated exposures, while exposure to AA rated instruments declined. The shift toward higher-rated assets supported the Plan’s overall credit quality profile.

The rating also factors in the Plan’s strong liquidity profile, while market risk remained contained through a short duration profile, well within the prescribed three year Weighted Average Maturity (WAM) limit. Investor concentration remained moderate, with the investor base predominantly comprising retail investors. The Plan generated an annualized return below the benchmark and peer average during FY26, placing it in the second 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.