Press Release
VIS Assigns Initial Fund Stability Rating to Faysal Islamic Mehdood Muddat Plan-XXI
Karachi, July 08, 2026: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA+ (f)’ (Double A Plus (f)) to Faysal Islamic Mehdood Muddat Plan-XXI (‘FIMMP-XXI’ or ‘the Plan’). 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.
Launched on May 21, 2026, with a tenor of twelve months, the Plan remains in its initial stage and had already attracted an AUM of Rs. 10,061m as of the ongoing month of June 2026. The Plan’s investments is in line with its offering document, with allocations concentrated in Ijara Sukuk. Since its inception, the Plan’s investment is primarily in government securities, while the offering document restricts exposures to AA and above rated instruments. Maintenance of asset allocation and credit quality will remain important for the rating. Over one month since inception, the Plan’s weighted average maturity is within the maturity of the Plan. The Plan’s AUM are entirely held in corporate investors, exposing the Plan to elevate concentration risk. As of June 22, 2026, the Plan’s YTD return has outperformed the peer average.
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-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf