Press Release

VIS Reaffirms Fund Stability Rating to Faysal Halal Amdani Fund-II

Karachi, September 29, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed Fund Stability Rating (FSR) of ‘AA- (f)’ (Double A Minus (f)) to Faysal Halal Amdani Fund-II (‘FHAF-II’ or ‘Fund’). The medium to long-term rating of ‘AA- (f)’ denotes high degree of stability in Net Assets 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.

FHAF-II is a Shariah Compliant Income Scheme with a medium risk profile. The investment objective of the fund 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 while taking into account liquidity considerations.

FHAF-II’s AUM increased notably during FY26, reaching PKR 38.7 billion at end-FY26 from PKR 7.4 billion at launch in July 2025. The portfolio evolved from its initial cash-heavy position, with funds subsequently deployed across placements with banks, NBFCs and DFIs and Sukuk instruments. Cash remained the dominant component at end-June 2026, while the Fund maintained a sound credit profile, with ~97.5% of the yearly average portfolio invested in AA- and above rated instruments. Asset allocation remained within the prescribed limits under the offering document.

The rating also incorporates the Fund’s market and liquidity risk profile. The average duration remained well within the four year limit outlined in the investment policy, while the liquidity profile remained strong, supported by a high proportion of liquid assets. Investor concentration remained relatively high, with the top ten investors accounting for ~40% of AUM. The Fund generated a return exceeding the benchmark and peer average, with the Fund ranking 2nd among 36 peers.


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.